<SEC-DOCUMENT>0001712543-25-000016.txt : 20250410
<SEC-HEADER>0001712543-25-000016.hdr.sgml : 20250410
<ACCEPTANCE-DATETIME>20250410160124
ACCESSION NUMBER:		0001712543-25-000016
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250410
DATE AS OF CHANGE:		20250410

FILER:

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

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		25828285

	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>10-K
<SEQUENCE>1
<FILENAME>f10k_equus12312024.htm
<DESCRIPTION>FORM 10-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 17pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>FORM&nbsp;10-K</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt"><B>(Mark One)</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Segoe UI Emoji,sans-serif"><B>&#9746;</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL
REPORT UNDER SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>For the year ended December 31, 2024</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><B>Or</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT><B>&nbsp;&nbsp;TRANSITION
REPORT PURSUANT TO SECTION&nbsp;13 OR 15(d)&nbsp;OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center"><B>Commission File Number 814-00098</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of registrant as specified in its charter)</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: center"><FONT STYLE="font-size: 9pt"><B><U>Delaware</U></B></FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 9pt"><B><U>76-0345915</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>(State or other jurisdiction of</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>(I.R.S. Employer Identification No.)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>incorporation or organization)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt"><B><U>700 Louisiana St. 41<SUP>st</SUP> Floor, Houston, Texas</U></B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 9pt"><B><U>77002</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>(Zip Code)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B><U>__________________________________________</U></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(former address, if changed since last report)</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Registrant&rsquo;s telephone number, including area
code: (713) 529-0900</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Title of Each Class</B></FONT></TD>
    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Trading Symbol</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Name of Each Exchange</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>on Which Registered</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>Common Stock</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>EQS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 9pt"><B>New York Stock Exchange</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities registered pursuant to Section&nbsp;12(g)&nbsp;of
the Act: None.</B></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 3pt">Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act. Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark if the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act. Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 5pt">Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.
Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 9pt/97% Times New Roman, Times, Serif; margin: 6.15pt 7.4pt 0 0">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or such shorter period that the registrant was required to submit and post
such files). <FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6pt 0 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of &ldquo;large accelerated filer,&rdquo;
&ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 9pt">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-size: 9pt">Accelerated filer&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 9pt">Non-accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">Smaller reporting company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 9pt">Emerging growth company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/97% Times New Roman, Times, Serif; margin: 5.9pt 0 0">Indicate by check mark whether the registrant has filed a report
on and attestation to its management&rsquo;s assessment of the effectiveness of its internal control over financial reporting under Section
404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
<FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9746;</B></FONT></P>

<P STYLE="font: 9pt/95% Times New Roman, Times, Serif; margin: 6.1pt 0 0">If securities are registered pursuant to Section 12(b) of the
Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error
to previously issued financial statements. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif"><B>&#9744;</B></FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.8pt 0 0">Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive- based compensation received by any of the registrant&rsquo;s executive officers
during the relevant recovery period pursuant to &sect;240.10D-1(b) <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.8pt 0 0"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt/11.55pt Segoe UI Symbol,sans-serif; margin: 0 0 0 7.9pt"><B></B></P>

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act). Yes <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT> No <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9746;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.75pt 7.4pt 0 0">Approximate aggregate market value of common stock held by
non-affiliates of the registrant: $8,388,688 computed on the basis of $1.32 per share, the closing price of the registrant&rsquo;s common
stock on the New York Stock Exchange on June 30, 2024. For purposes of calculating this amount only, all directors and executive officers
of the registrant have been treated as affiliates. There were 13,586,173 shares of the registrant&rsquo;s common stock, $.001 par value,
outstanding as of April 10, 2025. The net asset value of a share of the Registrant as of December 31, 2024 was $2.17.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.65pt 7.4pt 0 0">Portions of the Proxy Statement (to be filed) for the 2025
Annual Shareholder&rsquo;s meeting are incorporated by reference in Parts II and III.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 80%; text-indent: 1.5in; line-height: 11.05pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="TableOfContents" TITLE="Table Of Contents"></A>TABLE OF CONTENTS</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 15pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 0 3.3pt"><A HREF="#a_001">PART I</A></P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-top: 5.65pt; padding-right: 1.45pt; padding-left: 23.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_002">Business</A></FONT></TD>
    <TD STYLE="padding-left: 21.75pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1A</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_003">Risk Factors</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1B</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_004">Unresolved Staff Comments</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 1C</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_005">Cybersecurity</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 2</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_006">Properties</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 3</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_007">Legal Proceedings</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 4</FONT></TD>
    <TD STYLE="padding-left: 6.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Mine Safety Disclosures</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <A HREF="#a_009">PART II</A>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 3.3pt">Item 5</P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><A HREF="#a_010">Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</A></P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0 1.45pt 0 23.2pt; text-align: center">26</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 6</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_011">[Reserved]</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_012">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 7A</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_013">Quantitative and Qualitative Information About Market Risk</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 8</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_014">Financial Statements and Supplementary Data</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_015">Changes in and Disagreements with Accountants on Accounting and Financial Disclosure</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9A</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_016">Controls and Procedures</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9B</FONT></TD>
    <TD STYLE="padding-left: 6.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_017">Other Information</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">73</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 9C</FONT></TD>
    <TD STYLE="padding-left: 6.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_018">Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 3.3pt"><A HREF="#a_019">PART III</A></P>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 3.3pt">Item 10</P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><A HREF="#a_020">Directors, Executive Officers and Corporate Governance</A></P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0 1.45pt 0 23.2pt; text-align: center">74</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 11</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_021">Executive Compensation</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 12</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_022">Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 13</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_023">Certain Relationships and Related Transactions, and Director Independence</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 14</FONT></TD>
    <TD STYLE="padding-left: 6.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_024">Principal Accountant Fees and Services</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 3.3pt">PART IV</P>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0.5pt 0 0 3.3pt">Item 15</P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 0 6.3pt"><A HREF="#a_026">Exhibits and Financial Statement Schedules</A></P></TD>
    <TD>
    <P STYLE="font: 15.5pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>
    <P STYLE="font: 10pt/10.95pt Times New Roman, Times, Serif; margin: 0 1.45pt 0 23.2pt; text-align: center">74</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2.5pt; line-height: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Item 16</FONT></TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_027">Form 10-K Summary</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.5pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_001"></A>PART <FONT STYLE="letter-spacing: -0.5pt">I</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_002"></A><B>Item 1. <FONT STYLE="letter-spacing: -0.1pt"><I>Business</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Equus Total
Return, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Equus&rdquo; the &ldquo;Company&rdquo; or the &ldquo;Fund&rdquo;),
a Delaware corporation, was formed by Equus Investments II, L.P. (the &ldquo;Partnership&rdquo;) on August 16, 1991. On July 1, 1992,
the Partnership was reorganized and all of the assets and liabilities of the Partnership were transferred to the Fund in exchange for
shares of common stock of the Fund. On August 11, 2006, our shareholders approved the change of the Fund&rsquo;s investment strategy to
a total return investment objective. This strategy seeks to provide the highest total return, consisting of capital appreciation and current
income. In connection with this strategic investment change, the shareholders also approved the change of name from Equus II Incorporated
to Equus Total Return, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We attempt
to maximize the return to stockholders in the form of current investment income and long-term capital gains by investing in the debt and
equity securities of companies with a total enterprise value between $5.0 million and $75.0 million, although we may engage in transactions
with smaller or larger investee companies from time to time. We seek to invest primarily in companies pursuing growth either through acquisition
or organically, leveraged buyouts, management buyouts and recapitalizations of existing businesses or special situations. Our income-producing
investments consist principally of debt securities, including bonds, subordinated debt, debt convertible into common or preferred stock,
or debt combined with warrants and common and preferred stock. Debt and preferred equity financing may also be used to create long-term
capital appreciation through the exercise and sale of warrants received in connection with a financing. We seek to achieve capital appreciation
by making investments in equity and equity-oriented securities issued by privately-owned companies or smaller public companies in transactions
negotiated directly with such companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">Equus is
a closed-end management investment company that has elected to be treated as a business development company (&ldquo;BDC&rdquo;) under
the Investment Company Act of 1940 (&ldquo;1940 Act&rdquo;). In order to remain a BDC, we must meet certain specified requirements under
the 1940 Act, including investing at least 70% of our assets in eligible portfolio companies and limiting the amount of leverage we incur.
Prior to the fourth quarter of 2024, Equus was also a regulated investment company (&ldquo;RIC&rdquo;) under Subchapter M of the U.S.
Internal Revenue Code of 1986. A BDC that is also a RIC is not required to pay corporate-level income tax on its investment income. During
the fourth quarter of 2024, we elected to not qualify as a RIC. Consequently, in the event that we incur operating income or net investment
income, we will be taxed at regular corporate rates. Notwithstanding our present election, we may seek to requalify as a RIC in the future.
For a discussion of requirements necessary to maintain our status as a BDC and as a RIC, please see &ldquo;<I>Business Development Company
Requirements</I>&rdquo; and &ldquo;<I>Regulated Investment Company Tax Status</I>,&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our principal
office is located at 700 Louisiana St., 41<SUP>st</SUP> Floor, Houston, Texas, 77002, and the telephone number is 1-800-856-0901. Our
corporate website is located at <I>www.equuscap.com</I>. We make available free of charge on our website our annual report on Form 10-K,
quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports as soon as reasonably practicable after
such material is electronically filed or furnished to the Securities and Exchange Commission (&ldquo;SEC&rdquo;). Our shares are traded
on The New York Stock Exchange (&ldquo;NYSE&rdquo;) under the ticker symbol &ldquo;EQS&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Significant <FONT STYLE="letter-spacing: -0.1pt">Developments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Recent
Financing and Investment Transactions</I>. In the first quarter of 2025, we undertook the following transactions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.8pt"><U>Issuance of Convertible Note and Warrants</U>. On February 10, 2025, we issued
a 1-year senior convertible promissory note bearing interest at the rate of 10.0% per annum in exchange for $2.0 million in cash (&ldquo;Equus
Note&rdquo;). The Equus Note is convertible into shares of the Fund&rsquo;s common stock at a conversion price of $1.50 per share. Contemporaneously
with the issuance of the Note, the Fund also issued two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of
the Fund&rsquo;s common stock at an exercise price of $1.50 per share.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.8pt"><U>New Portfolio Investment</U>. On February 10, 2025, we purchased from General
Enterprise Ventures, Inc., a developer of fire suppression products (&ldquo;GEVI&rdquo;), a 1-year senior convertible promissory note
bearing interest at the rate of 10% per annum, in exchange for $1.5 million in cash (&ldquo;GEVI Note&rdquo;). The GEVI Note is convertible
into shares of GEVI&rsquo;s common stock at a conversion price of $0.40 per share. Contemporaneously with the purchase of the GEVI Note,
the Fund also received a common stock purchase warrant to acquire an aggregate of 1,875,000 shares of GEVI common stock at an exercise
price of $0.50 per share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 83.8pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 83.8pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 83.8pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11.4pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 65.8pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.8pt"><U>Sale of Equus Energy</U>. On March 3, 2025, we sold Equus Energy to North American
Energy Opportunities Corp., a developer of upstream oil and gas assets (&ldquo;NAEOC&rdquo;). The consideration provided by NAEOC consisted
of $1.25 million in cash and 27,500 shares of preferred stock, redeemable within 6 months of the date of issuance at $100.00 per share,
or an aggregate of $2.75 million, conditional upon Equus facilitating NAEOC&rsquo;s acquisition of operating rights with respect to Equus
Energy&rsquo;s holdings in the Conger Field, as well as the acquisition of the working interests associated with the Conger Field not
already held by Equus Energy.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Impact
of Geopolitical Events on the Oil and Gas Sector</I>. The substantial volatility in world markets has been prominent in the oil and gas
sector, with WTI and gas prices reaching multi-year highs in 2022, largely due to increased post-Covid demand and the buildup and subsequent
invasion of Ukraine by Russian forces. Prices began to moderately rise and fall in successive quarters between the third quarter of 2023
and the fourth quarter of 2024, and stood at $72.44 as of December 31, 2024. Natural gas prices experienced high volatility in 2022 before
collapsing in 2023 and have thereafter remained relatively stable, finishing the year ended December 31, 2024 at $3.40 per MMBTU. Recent
oil price stability has been a significant factor in increased consolidation activity in the Williston Basin region in North Dakota where
Morgan E&amp;P, LLC holds its development rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Authorization
to Withdraw BDC Election</I>. Holders of a majority of our outstanding common stock have previously approved our cessation as a BDC under
the 1940 Act and have authorized our Board to cause the Fund&rsquo;s withdrawal of its election to be classified as a BDC, effective as
of a date designated by the Board and our Chief Executive Officer. Although this authorization has since expired, we expect to receive
an additional authorization from our stockholders in the future. This authorization is a consequence of our expressed intent to transform
Equus into an operating company or a permanent capital vehicle. Notwithstanding any such authorization to withdraw our BDC election, we
will not submit any such withdrawal unless and until Equus has entered into a definitive agreement to effect a transformative transaction.
Further, even if we are again authorized to withdraw our election as a BDC, we will require a subsequent affirmative vote from holders
of a majority of our outstanding voting shares to enter into any such definitive agreement or change the nature of our business. While
we are presently evaluating various opportunities that could enable us to accomplish this transformation, we cannot assure you that we
will be able to do so within any particular time period or at all. Moreover, we cannot assure you that the terms of any such transformative
transaction would be acceptable to us.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Outlook</I>.
Our Board and management of the Fund (&ldquo;Management&rdquo;) continue to believe that current market conditions and recent portfolio
performance dictate the need to pursue a more active role in the management of our remaining investments and to seek liquidity events
at the appropriate time to protect and enhance shareholder value. These activities include continuous monitoring and intensive reviews
of portfolio company performance and expectations, providing follow-on capital when necessary, and the exploration of liquidity events
for certain portfolio companies to position the Fund to maximize investment returns and, to the extent we intend to remain a BDC, actively
pursuing suitable new investments for the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Investment <FONT STYLE="letter-spacing: -0.1pt">Objective</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">To the extent
we remain a BDC and do not complete the transformation of Equus into an operating company as described above, our investment objective
is to maximize the total return to our stockholders in the form of current investment income and long-term capital gains by investing
in the debt and equity securities of small and middle market capitalization companies that are generally not publicly traded at the time
of our investment. As a result of our endeavors in the energy sector, we may also seek to purchase or develop working interests, mineral
interests, and revenue leasehold interests in oil and gas properties, although we remain open to exploring investment opportunities in
a variety of other sectors. Should we continue to grow and develop Equus as a closed-end fund or permanent capital vehicle instead of
an operating company, we intend to include investments in progressively larger enterprises.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Investment <FONT STYLE="letter-spacing: -0.1pt">Strategy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.6pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our investment
strategy attempts to strike a balance between the potential for gain and the risk of loss. With respect to capital appreciation, Equus
is a &ldquo;growth-at-reasonable-price&rdquo; investor that seeks to identify and acquire securities that meet our criteria for selling
at reasonable prices. We give priority to cash producing investments wherein we invest principally in debt or preferred equity financing
with the objective of generating regular interest and dividend income back to the Fund. Debt and preferred equity financing may also be
used to create long-term capital appreciation through the exercise and sale of warrants received in connection with a financing. Given
market conditions over the past several years and the performance of our portfolio, our Management and Board believe it prudent to continue
to review alternatives to refine and further clarify the current strategies.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Investment <FONT STYLE="letter-spacing: -0.1pt">Criteria</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Consistent
with our investment objective and strategy, our Management evaluates prospective investments based upon the criteria set forth below.
We may modify some or all of these criteria from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Management
Competency and Ownership</I>. We seek to invest in companies with experienced management teams who have demonstrated a track record of
successful performance. Further, we desire to invest in companies with significant management ownership. We believe that significant management
ownership in small capitalization and middle market companies provides appropriate incentives and an alignment of interests for management
to maximize shareholder value. In addition, we will seek to design compensation and incentive arrangements that align the interests of
the portfolio company&rsquo;s management with those of the Fund to enhance potential returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Substantial
Target Market</I>. We desire to focus on companies whose products or services have favorable growth potential and strong competitive positions
in their respective markets. These positions may be as leadership positions within a given industry or market niche positions in which
the product or service has a demonstrated competitive advantage. The market in which a potential portfolio company operates should either
be sizeable or have significant growth potential.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>History
of Profitability and Favorable Growth Potential</I>. We target companies that have demonstrated a history of profitability or a reasonable
expectation of a return to profitability in the near future.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Ability to Provide
Regular Cash Interest and Distributions</I>. We look for companies with strong cash flow models sufficient to provide regular and consistent
interest and/or preferred dividend payments.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Management
Assistance and Substantial Equity</I>. Given the requirements of a BDC under the 1940 Act, we seek to invest in companies that will permit
substantial managerial assistance, including representation on the board of directors of the company or its equivalent. With regard to
equity investments, we desire to obtain a substantial investment position in portfolio companies. This position may be as a minority shareholder
with certain contractual rights and powers, or as a majority shareholder, and should otherwise allow us to have substantive input on the
direction and strategies of the portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Plausible
Exit and Potential for Appreciation</I>. Prior to investing in a portfolio company, we will seek to analyze potential exit strategies
and pursue those investments with such strategies as may be achievable.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Investment <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></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 0 0 45.5pt">Our investment operations consist principally of the following
basic <FONT STYLE="letter-spacing: -0.1pt">activities:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Investment
Selection.</I> Historically, many of our investment opportunities have come from Management, members of our Board, other private equity
investors, direct approaches from prospective portfolio companies and referrals from investment banks, business brokers, commercial, regional
and local banks, attorneys, accountants and other members of the financial community. Subject to the approval of our Board, we may compensate
certain referrals with finder&rsquo;s fees to the extent permissible under applicable law and consistent with industry practice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Due Diligence.
</I>Once a potential investment is identified, we undertake a due diligence review using information provided by the prospective portfolio
company and publicly available information. Management may also seek input from consultants, investment bankers and other knowledgeable
sources. The due diligence review will typically include, but is not limited to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 5.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.45pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Review of historical and prospective financial information, including audits and <FONT STYLE="letter-spacing: -0.1pt">budgets;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.45pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">On-site <FONT STYLE="letter-spacing: -0.1pt">visits;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 7.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.45pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Interviews with management, employees, customers and <FONT STYLE="letter-spacing: -0.1pt">vendors;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.45pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Review of existing loan documents and credit arrangements, if <FONT STYLE="letter-spacing: -0.2pt">any;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 7.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.45pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Background checks on members of management; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 7.95pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 10.5pt"><FONT STYLE="font-size: 10pt">&bull;</FONT></TD><TD STYLE="padding-right: 50.1pt"><FONT STYLE="font-size: 10pt">Research relating to the company, its management, industry, markets, products
and services and <FONT STYLE="letter-spacing: -0.1pt">competitors.</FONT></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: 0.5pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.4pt 0 20.9pt; text-indent: 23pt"><I>Structuring Investments. </I>We typically
negotiate investments in private transactions directly with the owner or issuer of the securities acquired. Management structures the
terms of a proposed investment, including the purchase price, the type of security to be purchased and our future involvement in the portfolio
company&rsquo;s business. We seek to structure the terms of the investment to provide for the capital needs of the portfolio company while
maximizing our opportunities for current income and capital appreciation. In addition, we may invest with other co-investors including
private equity firms, business development companies, small business investment companies, venture capital groups, institutional investors
and individual investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 8.05pt 0 21pt; text-indent: 22.9pt"><I>Providing Management Assistance
and Monitoring of Investments</I>. Successful private equity investments typically require active monitoring of, and significant participation
in, major business decisions of portfolio companies. In several cases, officers and directors of the Fund serve as members of the governing
boards of portfolio companies. Such management assistance is required of a BDC under the 1940 Act. We seek to provide guidance and management
assistance with respect to such matters as capital structure, acquisitions, budgets, profit goals, corporate strategy, portfolio management
and potential sale of the company or other exit strategies. In connection with their service as directors of portfolio companies, officers
and directors of the Fund may receive and retain directors&rsquo; fees or reimbursement for expenses incurred, and may participate in
incentive stock option plans for non-employee directors, if any. When necessary and as requested by any portfolio company, Management,
on behalf of the Fund, may also assign staff professionals with financial or management expertise to assist portfolio company management.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt">Follow-On <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Following our
initial investment, a portfolio company may request that we make follow-on investments by providing additional equity or loans needed
to fully implement its business plans to develop a new line of business or to recover from unexpected business problems or other purposes.
In addition, follow-on investments may be made to exercise warrants or other preferential rights granted to the Fund or otherwise to increase
our position in a portfolio company. We may make follow-on investments in portfolio companies from cash on hand or borrow all or a portion
of the funds required. If we are unable to make follow-on investments due to lack of available capital, the portfolio company in need
of the investment may be negatively impacted, we may be required to subordinate our debt interest in the portfolio company to a new lender,
and/or our equity interest in the portfolio company may be diluted if outside equity capital is required.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt">Disposition of <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The method and
timing of the disposition of our investments in portfolio companies are critical to our ability to realize capital gains and minimize
capital losses. We may dispose of our portfolio securities through a variety of transactions, including recapitalizations, refinancings,
management buyouts, repayments from cash flow, acquisitions of portfolio companies by a third party and outright sales of the Fund&rsquo;s
securities in a portfolio company. In addition, under certain circumstances we may distribute our portfolio securities in-kind to our
stockholders. In structuring our investments, we endeavor to reach an understanding with the management of the prospective portfolio company
as to the appropriate method and timing of the disposition of the investment. In some cases, we seek registration rights for our portfolio
securities at the time of investment which typically provide that the portfolio company will bear the cost of registration. To the extent
not paid by the portfolio company, the Fund typically bears the costs of disposing of our portfolio investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Current Portfolio <FONT STYLE="letter-spacing: -0.1pt">Companies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 7pt 0 21pt; text-align: justify; text-indent: 24.45pt">For a description
of our portfolio company investments as of December 31, 2024, see &ldquo;<I>Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations&ndash;Portfolio Securities</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Valuation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">On a quarterly
basis, Management values our portfolio investments. These valuations are subject to the approval and adoption of the Board. Valuations
of our portfolio securities at &ldquo;fair value&rdquo; are performed in accordance with accounting principles generally accepted in the
United States (&ldquo;GAAP&rdquo;).</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The fair value
of investments for which no market exists (which includes most of our investments) is determined through procedures established in good
faith by the Board. As a general principle, the current &ldquo;fair value&rdquo; of an investment is the amount the Fund might reasonably
expect to receive upon its sale in an orderly manner. There are a range of values that are reasonable for such investments at any particular
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We base our
adjustments to fair value upon such factors as the portfolio company&rsquo;s earnings, cash flow and net worth, the market prices for
similar securities of comparable companies, an assessment of the company&rsquo;s current and future financial prospects and various other
factors and assumptions. In the case of unsuccessful or substantially declining operations, we may base a portfolio company&rsquo;s fair
value upon the company&rsquo;s estimated liquidation value. Fair valuations are inherently subjective, and our estimate of fair value
may differ materially from amounts actually received upon the disposition of our portfolio securities. Also, any failure by a portfolio
company to achieve its business plan or obtain and maintain its financing arrangements could result in increased volatility and result
in a significant and rapid change in its value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our general
intent is to hold our loans to maturity when appraising our privately held debt investments. As such, we believe the fair value will not
exceed the cost of the investment; however, we perform a yield analysis to determine if a debt security has been impaired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Management
may engage independent, third-party valuation firms to conduct independent appraisals and review Management&rsquo;s preliminary valuations
of each privately-held investment in order to make their own independent assessment. Any third- party valuation data would be considered
as one of many factors in a fair value determination. Management would then present its fair value recommendations to the Audit Committee
of the Board of Directors for review. Following review and any adjustments required thereby, the Audit Committee would, in turn, recommend
the fair values for all of the Fund&rsquo;s portfolio investments to the Board of Directors for final approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 20.85pt; text-align: justify; text-indent: 24.5pt">To the
extent that market quotations are readily available for our investments and such investments are freely transferable, we value them at
the closing market price on the date of valuation. For securities which are of the same class as a class of public securities but are
restricted from free trading (such as Rule 144 stock), we establish our valuation by discounting the closing market price to reflect the
estimated impact of illiquidity caused by such restrictions. We generally hold investments in debt securities to maturity. Accordingly,
we determine the fair value of debt securities on the basis of the terms of the debt securities and the financial condition of the issuer.
We value certificates of deposit at their face value, plus interest accrued to the date of valuation.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Board reviews
the valuation policies on a quarterly basis to determine their appropriateness and reserves the right to hire and, from time to time,
utilizes independent valuation firms to review Management&rsquo;s valuation methodology or to conduct an independent valuation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Competition</FONT></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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We compete with
a large number of public and private equity and mezzanine funds and other financing sources, including traditional financial services
companies such as finance companies and commercial banks. Many of our competitors are substantially larger and have considerably greater
financial, technical and marketing resources. Our competitors may have a lower cost of funds and many have access to funding sources not
available to us. In addition, certain of our competitors may have higher risk tolerances or different risk assessments, which could allow
them to consider a wider variety of investments and establish more relationships and build their respective market shares. In addition,
many of our competitors are not subject to the regulatory restrictions imposed by the 1940 Act imposes on <FONT STYLE="letter-spacing: -0.1pt">BDCs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We cannot
assure you that the competitive pressures we face will not have a material adverse effect on our business, financial condition and results
of operations. In addition, because of this competition, we may not be able to take advantage of attractive investment opportunities and
may not be able to identify and make investments that satisfy our investment objectives or meet our investment goals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Properties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/100% Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our principal
executive offices are located at 700 Louisiana St., 48<SUP>th</SUP> Floor, Houston, Texas 77002. Should we remain a BDC and not transform
into an operating company or a permanent capital vehicle, we believe our office facilities are suitable and adequate for our operations
as currently conducted and contemplated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.35pt 0 0 21pt">Business Development Company <FONT STYLE="letter-spacing: -0.1pt">Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Qualifying Assets</I>.
As a BDC, we may not acquire any asset other than qualifying assets, as defined by the 1940 Act, unless, at the time the acquisition is
made, the value of our qualifying assets represents at least 70% of the value of our total assets. The principal categories of qualifying
assets relevant to our business are the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 28.35pt"><FONT STYLE="font-size: 10pt">Securities purchased in transactions not involving any public offering
from an issuer that is an eligible portfolio company. An eligible portfolio company is any issuer that (a) is organized and has its principal
place of business in the United States, (b) is not an investment company other than a small business investment company wholly-owned by
the BDC, and (c) either (i) (A) does not have any class of securities with respect to which a broker or dealer may extend margin credit,
(B) is controlled by the BDC either singly or as part of a group and an affiliated person of the BDC is a member of the issuer&rsquo;s
board of directors, or (C) has total assets of not more than $4 million and capital and surplus of at least $2 million, or (ii) does not
have any class of securities listed on a national securities exchange, unless the total market capitalization of such issuer does not
exceed $250 million. Qualifying assets may also include follow-on
investments in a company that was a particular type of eligible portfolio company at the time of the BDC&rsquo;s initial investment, but
subsequently did not meet the definition;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.4pt 0 81.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 46.7pt"><FONT STYLE="font-size: 10pt">Securities received in exchange for or distributed with respect to securities
described above, or pursuant to the exercise of options, warrants or rights relating to such securities; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 63.4pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 27.75pt"><FONT STYLE="font-size: 10pt">Cash, cash items, government securities, or high quality debt securities
maturing in one year or less from the time of investment.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">To include certain
securities above as qualifying assets for the purpose of the 70% test, a BDC must make available to the issuer of those securities significant
managerial assistance, such as providing significant guidance and counsel concerning the management, operations, or business objectives
and policies of a portfolio company. We offer to provide significant managerial assistance to each of our portfolio companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may not
change the nature of our business so as to cease to be, or withdraw our election as, a BDC unless authorized by vote of the holders of
the majority of our outstanding voting securities, as defined in the 1940 Act. As noted above, we have previously received this authorization
from our shareholders to withdraw our BDC election and, although this authorization has expired, we expect to receive an additional authorization
by our stockholders in the future. This authorization was a consequence of our plan to effect a transformation of Equus by: (i) acquiring
or merging with an operating company based in the energy, natural resources, technology, or financial services sectors, and (ii) terminating
the Fund&rsquo;s election to be classified as a BDC under the 1940 Act. Notwithstanding any future authorization to withdraw our BDC election,
we will also require a separate affirmative vote of the holders of a majority of our outstanding voting securities to consummate a transformation
of Equus and change the nature of our business (see &ldquo;<I>Significant Developments&minus;Authorization to Withdraw BDC Election&rdquo;
</I>above).</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 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Temporary Investments.
</I>Pending investment in portfolio companies, we invest our available funds in interest- bearing bank accounts, money market mutual funds,
U.S. Treasury securities and/or certificates of deposit with maturities of less than one year (collectively, &ldquo;Temporary Investments&rdquo;).
Temporary Investments may also include commercial paper (rated or unrated) and other short-term securities. Temporary Investments constituting
cash, cash items, securities issued or guaranteed by the U.S. Treasury or U.S. Government agencies and high quality debt securities (commercial
paper rated in the two highest rating categories by Moody&rsquo;s Investor Services, Inc. or Standard &amp; Poor&rsquo;s Corporation,
or if not rated, issued by a company having an outstanding debt issue so rated, with maturities of less than one year at the time of investment)
will qualify for determining whether we have 70% of our total assets invested in qualifying assets or in qualified Temporary Investments
for purposes of the BDC provisions of the 1940 <FONT STYLE="letter-spacing: -0.2pt">Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Leverage.
</I>We are permitted by the 1940 Act, under specified conditions, to issue multiple classes of senior debt and a single class of preferred
stock senior to the common stock if our asset coverage, as defined in the 1940 Act, is at least 150% after the issuance of the debt or
the senior stockholders&rsquo; interests. In addition, provisions must be made to prohibit any distribution to common stockholders or
the repurchase of any shares unless the asset coverage ratio is at least 150% at the time of the distribution or repurchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Fund Share
Sales Below Net Asset Value</I>. To the extent we remain a BDC, we generally may sell our common stock at a price that is below the prevailing
net asset value per share only upon the approval of the policy by stockholders holding a majority of our issued shares, including a majority
of shares held by nonaffiliated stockholders. We may, in accordance with certain conditions established by the SEC, sell shares below
net asset value in connection with the distribution of rights to all of our stockholders. We may also issue shares at less than net asset
value in payment of dividends to existing stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.65pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>No Redemption
Rights</I>. Since we are a closed-end BDC, our stockholders have no right to present their shares to the Fund for redemption. Recognizing
the possibility that our shares might trade at a discount, our Board has determined that it would be in the best interest of our stockholders
for the Fund to be authorized to attempt to reduce or eliminate a market value discount from net asset value. Accordingly, from time to
time we may, but are not required to, repurchase our shares (including by means of tender offers) to attempt to reduce or eliminate any
discount or to increase the net asset value of our shares.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Affiliated
Transactions</I>. Many of the transactions involving the Fund and its affiliates (as well as affiliates of such affiliates) require the
prior approval of a majority of the independent directors and a majority of the independent directors having no financial interest in
the transactions. However, certain transactions involving closely affiliated persons of the Fund require the prior approval of the SEC.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt">Regulated Investment Company Tax <FONT STYLE="letter-spacing: -0.1pt">Status</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As a BDC,
we have historically operated to qualify as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the &quot;Code&quot;),
although RIC qualification is not a prerequisite to qualifying as a BDC. During the fourth quarter of 2024, we elected to not qualify
as a RIC, although we may seek to requalify at a later date. Because we do not presently qualify as a RIC, in the event that we generate
operating income or net investment income, we will be subject to regular corporate rates of taxation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we requalify
as a RIC and annually distribute to our stockholders in a timely manner at least 90% of our investment company taxable income, we will
not be subject to federal income tax on the portion of our taxable income and capital gains we distribute to our stockholders. Taxable
income generally differs from net income as defined by accounting principles generally accepted in the United States due to temporary
and permanent timing differences in the recognition of income and expenses, returns of capital and net unrealized appreciation or depreciation.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">While we are not
required to qualify as a RIC to maintain our BDC status, we must continue to qualify as an investment company to obtain RIC status under
the Code, among other requirements. To obtain (or maintain, as the case may be) RIC status, we must (i) continue to qualify as an investment
company; (ii) distribute to our stockholders in a timely manner at least 90% of our investment company taxable income, as defined by the
Code; (iii) derive in each taxable year at least 90% of our gross investment company income from dividends, interest, payments with respect
to securities loans, gains from the sale of stock or other securities or other income derived with respect to our business of investing
in such stock or securities as defined by the Code; and (iv) meet investment diversification requirements. The diversification requirements
generally require us, at the end of each quarter of the taxable year, to have (a) at least 50% of the value of our assets consist of cash,
cash items, government securities, securities of other RICs and other securities if such other securities of any one issuer do not represent
more than 5% of our assets and 10% of the outstanding voting securities of the issuer and (b) no more than 25% of the value of our assets
invested in the securities of one issuer (other than U.S. government securities and securities of other RICs), or of two or more issuers
that are controlled by us and are engaged in the same or similar or related trades or businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In addition,
should we choose not to distribute at least 98.2% of our net income consisting of capital gains for each one-year period ending on October
31, we will be subject to a 4.0% nondeductible Federal exercise tax.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we fail to satisfy
the 90% distribution requirement or otherwise fail to requalify as a RIC in any taxable year, we will be subject to tax in such year on
all of our taxable income, regardless of whether we make any distribution to our stockholders. In addition, in that case, all of our distributions
to our stockholders will be characterized as ordinary income (to the extent of our current and accumulated earnings and profits). We have
distributed and currently intend to distribute sufficient dividends to eliminate our investment company taxable income; however, none
have been necessary in recent years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Custodian</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We act as the
custodian of our securities to the extent permitted under the 1940 Act and are subject to the restrictions imposed on self- custodians
by the 1940 Act and the rules and regulations thereunder. We have also entered into an agreement with Amegy Bank with respect to the safekeeping
of our securities. The principal business office of Amegy Bank is 1717 West Loop South, Houston, Texas 77027.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Transfer and Disbursing <FONT STYLE="letter-spacing: -0.1pt">Agent</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">We employ
Equiniti Group as our transfer agent to record transfers of our shares, maintain proxy records and to process distributions. The principal
business office of our transfer agent is 6201 15th Avenue, 2nd Floor, Brooklyn, NY 11219.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Certifications</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In July
2024, pursuant to Section 303A.12(a) of the NYSE Listed Company Manual, we submitted to the NYSE an unqualified certification of our Chief
Executive Officer. In addition, certifications by our Chief Executive Officer and Chief Financial Officer have been filed as exhibits
to this annual report on Form 10-K as required by the Securities Exchange Act of 1934, as amended, and the Sarbanes-Oxley Act of 2002.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.9pt"><FONT STYLE="letter-spacing: -0.1pt">Forward-Looking Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>All statements
contained herein that are not historical facts including, but not limited to, statements regarding anticipated activity are &ldquo;forward-looking
statements&rdquo; within the meaning of the federal securities laws, involve a number of risks and uncertainties, and are based on the
beliefs and assumptions of Management, based on information currently available to Management. Actual results may differ materially. In
some cases, readers can identify forward- looking statements by words such as &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo;
&ldquo;expect,&rdquo; &ldquo;objective,&rdquo; &ldquo;plan,&rdquo; &ldquo;intend,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
&ldquo;Management believes,&rdquo; &ldquo;estimate,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo; &ldquo;potential,&rdquo; &ldquo;forecast,&rdquo;
&ldquo;continue,&rdquo; &ldquo;strategy,&rdquo; or &ldquo;position&rdquo; or the negative of such terms or other variations of them or
by comparable terminology. In particular, statements, express or implied, concerning future actions, conditions, or events, future operating
results, or the ability to generate sales, income, or cash flow are forward-looking statements.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Among the
factors that could cause actual results to differ materially are the following: (i) changes in the economic conditions in which we operate,
including changes related to the evolving impact of the coronavirus, which might negatively impacting our financial resources; (ii) the
substantially greater resources of certain of our competitors than the Fund, potentially reducing the number of suitable investment opportunities
offered or reducing the yield necessary to consummate the investment; (iii) the uncertainty regarding the value of our privately held
securities that require a good faith estimate of fair value for which a change in estimate could affect the Fund&rsquo;s net asset value;
(iv) the illiquidity of our investments in securities of privately held companies which could affect our ability to realize a gain; (v)
the default of one or more of our portfolio companies on their loans or the failure of such companies to provide any returns on our investments
which could affect the Fund&rsquo;s operating results; (vi) our dependence on external financing to grow our business; (vii) our ability
to retain key management personnel; (viii) an economic downturn or recession that could impair our portfolio companies and therefore harm
our operating results; (iv) our borrowing arrangements, which could impose certain restrictions; (x) changes in interest rates that may
affect our cost of capital and net operating income; (xi) our inability to incur additional indebtedness unless the Fund maintains an
asset coverage of at least 150%, which may affect returns to our stockholders; (xii) the possible failure of the Fund to continue to qualify
for our pass-through treatment as a RIC which could have an effect on stockholder returns; (xiii) the volatility of the price of our common
stock; (xiv) general business and economic conditions and other risk factors described in its reports filed from time to time with the
SEC; and (xv) risks related to our plan to transform Equus into an operating company or a permanent capital vehicle. We caution readers
not to place undue reliance on any such forward-looking statements, which statements are made pursuant to the Private Securities Litigation
Reform Act of 1995 and, as such, speak only as of the date made.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.4pt"><A NAME="a_003"></A><B>Item 1A. <I>Risk <FONT STYLE="letter-spacing: -0.1pt">Factors</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">An investment
in our securities involves certain risks relating to our structure and investment objectives. The risks and uncertainties described below
are not the only ones facing Equus. You should carefully consider these risks, together with all of the other information included in
our annual report on Form 10-K, including our financial statements and the related notes thereto.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Additional risks
and uncertainties not presently known to us, or not presently deemed material by us, may also impair our operations and performance.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">If any of the following
risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens,
the trading price of our common stock could decline and you may lose all or part of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.2pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Risks Related to Our <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Investments
in small capitalization companies present certain risks that may not exist to the same degree as investments in larger, more established
companies and will cause such investments to be volatile and speculative<FONT STYLE="font-style: normal; font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have invested
and may continue to invest, in private, small and/or new companies that may be in their early stages of development. Investments in these
types of companies involve a number of significant risks, including the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 47.3pt"><FONT STYLE="font-size: 10pt">They typically have shorter operating histories, narrower product lines
and smaller market shares than public companies, which tend to render them more vulnerable to competitors&rsquo; actions and market conditions
as well as general economic downturns;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/96% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 40.05pt"><FONT STYLE="font-size: 10pt">They may have no earnings or experienced losses or may have limited financial
resources and may be unable to meet their obligations under their securities, which may be accompanied by a deterioration in the value
of their equity securities or any collateral or guarantees provided with respect to their debt;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 36.45pt"><FONT STYLE="font-size: 10pt">They are more likely to depend on the management talents and efforts
of a small group of persons and, as a result, the death, disability, resignation or termination of one or more of those persons could
have a material adverse effect on their business and prospects and, in turn, on our investment;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">They may have difficulty accessing the capital markets to meet future capital <FONT STYLE="letter-spacing: -0.1pt">needs;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/96% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 33.45pt"><FONT STYLE="font-size: 10pt">They generally have less predictable operating results, may from time
to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence
and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 31.85pt"><FONT STYLE="font-size: 10pt">Generally little public information exists regarding these companies,
and investors in these companies generally must rely on the ability of the equity sponsor to obtain adequate information for the purposes
of evaluating potential returns and making a fully informed investment decision.</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: 1.65pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">There is uncertainty regarding the value of our
privately held <FONT STYLE="letter-spacing: -0.1pt">securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our net asset
value is based on the value we assign to our portfolio investments. For investments that are not listed on a securities exchange or quotation
medium, we determine the value of our investments in securities for which market quotations are not available as of the end of each calendar
quarter, unless there is a significant event requiring a change in valuation in the interim. Because of the inherent uncertainty of the
valuation of portfolio securities that do not have readily ascertainable market values, our fair value determination may differ materially
from the value that would have been used had a ready market existed for the securities. We determine the fair value of investments for
which no market quotations are available based upon a methodology that we believe reaches a reasonable estimation of fair value. However,
we do not necessarily apply multiple valuation metrics in reaching this determination and, in some cases, we do not obtain any third-party
valuations before reaching this determination. Our determinations of the fair value of our investments have a material impact on our net
earnings through the recording of unrealized appreciation or depreciation of investments as well as our assessment of interest income
recognition. Our net asset value could be affected materially if our determinations of the fair value of our investments differ significantly
from values based on a ready market for these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">We depend upon Management for our future investment
<FONT STYLE="letter-spacing: -0.1pt">success.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We depend
upon the diligence and skill of our Management to select, structure, close and monitor our investments. Management is responsible for
identifying, structuring, evaluating, monitoring, and disposing of our investments, and the services they collectively provide significantly
impact our results of operations. Our future success will depend to a significant extent on the continued service and coordination of
Management. Our success will depend on our ability to retain our existing Management and to recruit additional other highly qualified
individuals. If we are unable to integrate new investment and management personnel, we may be unable to achieve our desired investment
results.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.55pt">Management may not be able to implement our
investment objective <FONT STYLE="letter-spacing: -0.1pt">successfully.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Board
is taking a more opportunistic approach to our portfolio investment strategy, shifting our investment emphasis to sectors such as energy.
In order to implement our investment strategy, Management must analyze, conduct due diligence, invest in, monitor and sell investment
interests in industries in which many of them have not previously been involved. Also, we expect that our investment strategy will continue
to require Management to investigate and monitor investments that are much more broadly dispersed geographically. In addition, Management
is required to provide valuations for investments in a broader range of securities, including debt securities, which may require expertise
beyond that previously required. We cannot assure investors that the overall risk of their investment in the Fund will be reduced as a
result of our investment strategy. If we cannot achieve our investment objective successfully, the value of your investment in our common
stock could decline substantially.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.35pt 0 0 45.55pt">We may not realize gains from our equity
<FONT STYLE="letter-spacing: -0.1pt">investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We frequently
invest in the equity securities of our portfolio companies. Also, when we make a loan, we sometimes receive warrants to acquire stock
issued by the borrower. Ultimately, our goal is to sell these equity interests and realize gains. These equity interests may not appreciate
and, in fact, may depreciate in value. For our present portfolio and other investments we may make in the future, the market value of
our equity investments may fall below our estimate of the fair value of such investments before we sell them. Given these factors, there
is a risk that we will not realize gains upon the sale of those or other investment interests that we hold.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our
holdings in Morgan E&amp;P are subject to commodity price declines endemic to oil and gas companies.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The oil and gas
business is fundamentally a commodity-based enterprise. This means that the operations and earnings of Morgan E&amp;P, LLC (&ldquo;Morgan&rdquo;)
may be significantly affected by changes in prices of oil, gas and natural gas liquids. The prices of these products are also dependent
upon local, regional and global events or conditions that affect supply and demand for the relevant commodity. In addition, the pricing
of these commodities is highly dependent upon technological improvements in energy production and development, energy efficiency, and
seasonal weather patterns. Moreover, as a worldwide commodity, the price of oil and natural gas is also influenced by global demand, changes
in currency exchange rates, interest rates, and inflation. Morgan does not employ any hedging strategies in respect of its oil and gas
holdings and is therefore subject to price fluctuations resulting from these and other factors. The operational results and financial
condition of Morgan, as well as the economic attractiveness of future capital expenditures for new drilling, may be materially adversely
affected as a result of lower oil and gas prices.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
may not be able to make additional investments in our portfolio companies from time to time, which may dilute our interests in such companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">After our
initial investment in a portfolio company, we may be called upon from time to time to provide additional funds to such company, or may
have the opportunity to increase our investment in that company through the exercise of a warrant to purchase common stock or through
follow-on investments in the debt or equity of that company. We cannot assure you that we will make, or have sufficient funds to make,
any such follow-on investments. Any decision by us not to make a follow-on investment or any inability on our part to make such an investment
may have a negative impact on a portfolio company in need of investment and may result in a missed opportunity for us to increase our
participation in a successful operation. A decision not to make a follow-on investment may also require us to subordinate our debt interest
to a new lender or dilute our equity interest in, or reduce the expected yield on, our <FONT STYLE="letter-spacing: -0.1pt">investment.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">We have invested in a limited number of portfolio
<FONT STYLE="letter-spacing: -0.1pt">companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The Fund
is classified as a &ldquo;non-diversified&rdquo; investment company under the 1940 Act, which means we are not limited in the proportion
of our assets that may be invested in the securities of a single issuer. As a matter of policy, we generally have not initially invested
more than 25% of the value of our net assets in a single portfolio company. However, we would expect that any new investments may exceed
this percentage for the immediate future. Moreover, follow-on investments, disproportionate increases or decreases in the fair value of
certain portfolio companies or sales of investments may result in more than 25% of our net assets being invested in a single portfolio
company at a particular time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">A consequence of
a limited number of investments is that changes in business or industry trends or in the financial condition, results of operations or
the market&rsquo;s assessment of any single portfolio company will affect our net asset value and the market price of our common stock
to a greater extent than would be the case if we were a &ldquo;diversified&rdquo; company holding a greater number of investments.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.5pt">The lack of liquidity of our privately held securities
may adversely affect our <FONT STYLE="letter-spacing: -0.1pt">business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our portfolio investments
consist principally of securities that are subject to restrictions on sale because they are not listed or publicly traded securities.
If any of these securities were to become publicly traded, our ability to sell them may still be restricted because we acquired them from
the issuer in &ldquo;private placement&rdquo; transactions or because we may be deemed to be an affiliate of the issuer. We will not be
able to sell these securities publicly without the expense and time required to register the securities under the Securities Act and applicable
state securities laws, unless an exemption from such registration requirements is available. In addition, contractual or practical limitations
may restrict our ability to liquidate our securities in portfolio companies because those securities are privately held and we may own
a relatively large percentage of the issuer&rsquo;s outstanding securities. Sales also may be limited by market conditions, which may
be unfavorable for sales of securities of particular issuers or generally. The illiquidity of our investments may preclude or delay any
disposition of such securities, which may make it difficult for us to obtain cash equal to the value at which we record our investments
if the need arises.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In
situations where we hold junior priority liens, our ability to control decisions with respect to our portfolio companies may be limited
by lenders holding superior liens. In a default scenario, the value of collateral may be insufficient to repay us after the senior priority
lenders are paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may make
certain loans to portfolio companies that are secured by a junior priority security interest in the same collateral pledged to secure
debt owed to lenders with liens senior to ours. Often, the senior lender has procured covenants from the portfolio company prohibiting
the incurrence of additional secured debt without the senior lender's consent. As a condition of permitting the portfolio company to incur
junior secured indebtedness, the senior lender will require that we, as junior lender, enter into an intercreditor agreement that, among
other things, will establish the senior lender's right to control the disposition of any collateral in the event of an insolvency proceeding
or other default situation. In addition, intercreditor agreements generally will expressly subordinate junior liens to senior liens as
well as the repayment of junior debt to senior debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Because of
the control we may cede to senior lenders under intercreditor agreements, we may be unable to control the manner or timing of collateral
disposition. In addition, the value of collateral securing our debt investment will ultimately depend on market and economic conditions
at the time of disposal, the availability of buyers and other factors. Therefore, we cannot assure you that the proceeds, if any, from
the sale or sales of all of the collateral would be sufficient to satisfy the loan obligations secured by our liens. There is also a risk
that such collateral securing our investments will be difficult to sell in a timely manner or to appraise. If the proceeds of the collateral
are insufficient to repay our loans, then we will have an unsecured claim to the extent of the deficiency against any of the company's
remaining assets, which claim will likely be shared with many other unsecured creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As
a debt or minority equity investor in a portfolio company, we may have little direct influence over the entity. The stockholders and management
of the portfolio company may make decisions that could decrease the value of our portfolio holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may make
both debt and minority equity investments. Should a portfolio company make business decisions with which we disagree, of the stockholders
and management of that company take risks or otherwise act in ways that do not serve our interests, the value of our portfolio holdings
could decrease and have an adverse effect on our financial position and results of operations.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
may choose to waive or defer enforcement of covenants in the debt securities held in our portfolio, which may cause us to lose all or
part of our investment in these companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may structure
the debt investments in our portfolio companies to include business and financial covenants placing affirmative and negative obligations
on the operation of the company&rsquo;s business and its financial condition. However, from time to time we may elect to waive breaches
of these covenants, including our right to payment, or waive or defer enforcement of remedies, such as acceleration of obligations or
foreclosure on collateral, depending upon the financial condition and prospects of the particular portfolio company. These actions may
reduce the likelihood of our receiving the full amount of future payments of interest or principal and be accompanied by a deterioration
in the value of the underlying collateral as many of these companies may have limited financial resources, may be unable to meet future
obligations and may go bankrupt. This could negatively impact our ability to pay dividends, could adversely affect our results of operation
and financial condition and cause the loss of all or part of your investment.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">We expect to have limited public information regarding
the companies in which we may <FONT STYLE="letter-spacing: -0.1pt">invest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our portfolio
consists entirely of securities issued by privately-held companies. There is generally little or no publicly available information about
such companies, and we must rely on the diligence of Management to obtain the information necessary for our decision to invest in them
and in order to monitor them effectively. We cannot assure you that such diligence efforts will uncover all material information about
such privately held businesses necessary to make fully informed investment decisions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.55pt">Our prospective portfolio companies may be
highly <FONT STYLE="letter-spacing: -0.1pt">leveraged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Investments
in leveraged buyouts and in highly leveraged companies involve a high degree of business and financial risk and can result in substantial
losses. A leveraged company&rsquo;s income and net assets will tend to increase or decrease at a greater rate than if borrowed money were
not used. The use of leverage by portfolio companies also magnifies the increase or decrease in the value of our investment as compared
to the overall change in the enterprise value of a portfolio company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Some of our
portfolio companies have incurred substantial debt in relation to their equity capital. Such indebtedness generally has a term that will
require that the balance of the loan be refinanced when it matures. If a portfolio company cannot generate adequate cash flow to meet
the principal and interest payments on its debt or is not successful in refinancing the debt upon its maturity, our investment could be
reduced or eliminated through foreclosure on the portfolio company&rsquo;s assets or by the portfolio company&rsquo;s reorganization or
bankruptcy.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">A substantial portion
of the debt incurred by portfolio companies may bear interest at rates that fluctuate in accordance with a stated interest rate index
or the prime lending rate. The cash flow of a portfolio company may not be sufficient to meet increases in interest payments on its debt.
Accordingly, the profitability of our portfolio companies, as well as the value of our investments in such companies, will depend significantly
upon prevailing interest rates. An increase in prevailing interest rates may have an adverse effect on the ability of our portfolio companies
to service their floating rate debt and on their profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Leverage
may impair the ability of our portfolio companies to finance their future operations and capital needs. As a result, the ability of our
portfolio companies to respond to changing business and economic conditions and to business opportunities may be limited.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.4pt">Our business depends on external <FONT STYLE="letter-spacing: -0.1pt">financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our business
requires a substantial amount of cash to operate. We may borrow funds to pay contingencies or expenses or to make investments, or to reinstate
our pass-through tax status as a RIC under Subchapter M of the Code. We are permitted under the 1940 Act to borrow if, immediately after
the borrowing, we have an asset coverage ratio of at least 150%. That is, we may borrow an amount equal to double the fair value of our
total net assets (including investments made with borrowed funds). The amount and nature of any such borrowings depend upon a number of
factors over which we have no control, including general economic conditions, conditions in the financial markets and the impact of the
financing on the tax treatment of our stockholders. The use of leverage, even on a short-term basis, could have the effect of magnifying
increases or decreases in our net asset value.</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 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">While the &ldquo;spread&rdquo;
between the current yields on our investments and the cost of any loan would augment the return to our stockholders, if the spread narrows
(because of an increase in the cost of debt or insufficient income on our investments), our net investment income, and consequently our
ability to provide distributions to our stockholders, could be adversely affected. This may also render us unable to meet our obligations
to our lenders, which might then require us to liquidate some or all of our investments. We cannot assure you that we would realize full
value for our investments or recoup all of our capital if we needed to liquidate our portfolio investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Many financial
institutions are unwilling to lend against a portfolio of illiquid, private securities. The make-up of our portfolio has made it more
difficult for us to borrow at the level and on the terms that we desire. Our borrowings have historically consisted of a revolving line
of credit which has since expired, and a margin account used quarterly to enable us to achieve adequate diversification to maintain our
previous pass-through tax status as a RIC. We are attempting to secure liquidity through various means, including the sale of our portfolio
assets, as well as debt and equity financing. Although we believe we will be able to obtain sufficient liquidity for our operating expenses
for the next twelve months, we could be wrong. If we are wrong, we would have to obtain capital from other sources to pay Fund expenses.
We may also be required to sell our portfolio holdings at an inopportune time and at a price that may be less than would be received if
such holdings were sold in a more competitive and orderly manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The costs of borrowing
money may exceed the income from the portfolio securities we purchase with the borrowed money. We will suffer a decline in net asset value
if the investment performance of the additional securities purchased with borrowed money fails to cover their cost to the Fund (including
any interest paid on the money borrowed). A decline in net asset value could affect our ability to make distributions on our common stock.
If we seek to requalify as a RIC and obtain pass-through tax status as a result, our failure to distribute a sufficient portion of our
net investment income and net realized capital gains could result in a loss of such pass-through tax status or subject us to a 4% excise
tax. If the asset coverage for debt securities issued by the Fund declines to less than 150% (as a result of market fluctuations or otherwise),
we may be required to sell a portion of our investments when it is disadvantageous to do so. See <I>Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations</I>.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.45pt">We have had net investment losses in the past five
<FONT STYLE="letter-spacing: -0.1pt">years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have had
net investment losses in the past five years, with a net investment loss of $15.6 million for the year ended December 31, 2024. We cannot
assure you that we will be able to increase our net assets or generate net investment income. If we fail to increase the Fund&rsquo;s
net assets or generate net investment income, such failure will likely have a material adverse effect upon the Fund, our results of operation,
and our financial condition. You could lose all or a substantial amount of your investment in the Fund as a result.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
do not currently intend to recommence our managed distribution policy and you might not receive dividends on your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">On March
24, 2009, we announced a suspension of our managed distribution policy and payment of quarterly dividends for an indefinite period. As
originally implemented, the policy provided for quarterly dividends at an annualized rate equal to 10% of the Fund&rsquo;s market value
per share as at the end of the preceding calendar year. We subsequently undertook certain changes in our Board and Management. These changes
have been pursued, in part, with the objective of increasing the number of attractive investment opportunities to us and revising our
investment strategy to include more recurrent cash income producing investments, all of which could ultimately result in the resumption
of our managed distribution policy at some time in the future. The implementation of these revisions to our investment strategy and the
recurrent generation of cash income from our investments, however, cannot be guaranteed and will not occur if we complete the transformation
of Equus into an operating company. If we were unable to resume our managed distribution policy and were further unable to profitably
sell or otherwise dispose of our portfolio company investments, you might not receive dividends on your shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.4pt">We operate in a highly competitive market for investment
<FONT STYLE="letter-spacing: -0.1pt">opportunities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We compete
with a large number of private equity funds and mezzanine funds, investment banks and other equity and non-equity-based investment funds,
investment entities, foreign investors and individuals and other sources of financing, including traditional financial services companies
such as commercial banks. In recent years, the number of investment vehicles seeking small capitalization investments has increased dramatically.
Many of our competitors are substantially larger and have considerably greater financial resources than we do, and some may be subject
to different and frequently less stringent regulation. As our portfolio size increases, we expect that some of our investments will be
larger. We believe that we will face increased competition to participate in these larger transactions. These competitors may have a lower
cost of funds and many have access to funding sources that are not available to us. In addition, some of our competitors may have higher
risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships
and build their market shares. As a result of this competition, we may not be able to take advantage of attractive investment opportunities
from time to time. We cannot assure you that the competitive pressures we face will not have a material adverse effect on our business,
financial condition and results of operations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 45.55pt">An economic downturn could affect our operating
<FONT STYLE="letter-spacing: -0.1pt">results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">An economic
downturn may have a particularly adverse effect upon small and medium-sized companies, which are our primary market for investments. During
periods of volatile economic conditions, these companies often experience decreased revenues, financial losses, difficulty in obtaining
access to financing and increased funding costs. During such periods, these companies also may have difficulty expanding their businesses
and operations and may be unable to meet their debt service obligations or other expenses as they become due. Any of the foregoing developments
could cause the value of our investments in these companies to decline. In addition, during periods of adverse economic conditions, we
may have difficulty accessing financial markets, which could make it more difficult or impossible for us to obtain funding for additional
investments. Any of these events could have a material adverse effect on our business, financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.5pt">We may experience fluctuations in our quarterly
<FONT STYLE="letter-spacing: -0.1pt">results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may experience
fluctuations in our quarterly operating results due to a number of factors, including variations in, and the timing of, the recognition
of realized and unrealized gains or losses, the degree to which we encounter competition in our markets, the ability to find and close
suitable investments and general economic conditions. The volatility of our results is exacerbated by our relatively small number of investments.
As a result of these factors, you should not rely on our results for any period as being indicative of performance in future periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 13.25pt 0 21pt; text-indent: 24.45pt">The due diligence process
that we undertake in connection with our investments may not reveal all facts that may be relevant in connection with an investment.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Before making our
investments, we conduct due diligence that we deem reasonable and appropriate based on the facts and circumstances applicable to each
investment. The objective of the due diligence process is to identify attractive investment opportunities based on the facts and circumstances
surrounding an investment and to prepare a framework that may be used from the date of an acquisition to drive operational achievement
and value creation. When conducting due diligence, we evaluate a number of important business, financial, tax, accounting, environmental
and legal issues in determining whether or not to proceed with an investment. Our due diligence review with respect to a potential portfolio
company typically includes, but is not limited to, a review of historical and prospective financial information including audits and budgets,
on-site visits and interviews with management, employees, customers and vendors, a review of business plans and an analysis of the consistency
of operations with those plans, and other research relating to the company, management, industry, markets, products and services, and
competitors. Outside consultants, legal advisers, accountants and investment banks are expected to be involved in the due diligence process
in varying degrees depending on the type of investment. Nevertheless, when conducting due diligence and making an assessment regarding
an investment, we are required to rely on resources available to us, including information provided by the portfolio company and, in some
circumstances, third party investigations. The due diligence process may at times be subjective, including with respect to newly organized
companies for which only limited information is available. Accordingly, we cannot assure you that the due diligence investigation that
we will carry out with respect to any investment opportunity will reveal or highlight all relevant facts that may be necessary or helpful
in evaluating such investment opportunity. We also cannot assure you that such an investigation will result in an investment being <FONT STYLE="letter-spacing: -0.1pt">successful.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt">Risks Related to Our Potential Use of <FONT STYLE="letter-spacing: -0.1pt">Leverage</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">The use of leverage may adversely affect our <FONT STYLE="letter-spacing: -0.1pt">performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We may utilize
leverage for the Fund or its subsidiaries by borrowing or issuing preferred stock or short-term debt securities. Borrowings and other
capital generated from leverage will result in lenders and other creditors with fixed dollar claims on our assets that are superior to
the claims of our common shareholders. If the value of our assets increases, then leveraging would cause the net asset value attributable
to our common stock to increase more sharply than it would have had we not leveraged. Conversely, if the value of our assets decreases,
leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged. Similarly, any increase
in our income in excess of interest payable on the borrowed funds would cause our net income to increase more than it would without the
leverage, while any decrease in our income would cause net income to decline more sharply than it would have had we not borrowed. Leverage
is generally considered a speculative investment technique.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 51.7pt">The use of leverage may cause us to sell our
portfolio interests <FONT STYLE="letter-spacing: -0.1pt">prematurely.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we remain a
BDC and borrow monies for our additional portfolio investments, we may secure loans or otherwise borrow funds from conventional banks,
other lending institutions, or private parties, which parties may include the sellers of the investment interests being acquired. In the
event Equus defaults under any of these borrowing arrangements, our business could be adversely affected as we may be forced to sell a
portion of our investments quickly and prematurely at what may be disadvantageous prices to us in order to meet our outstanding payment
obligations, the result of which would have a material adverse effect on our business, financial condition, results of operations and
cash flows.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.4pt">The use of leverage will increase our exposure to
changes in market rates of <FONT STYLE="letter-spacing: -0.1pt">interest.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 20.9pt; text-align: justify; text-indent: 24.5pt">To date, we have
not incurred leverage to acquire portfolio investments. If we begin to take on leverage to make portfolio investments, we will be subject
to risks associated with the current interest rate environment and changes in interest rates will affect our cost of capital and net investment
income. The use of leverage will also affect our net investment income, which will depend, in part, upon the difference between the rate
at which we borrow funds and the rate at which we invest those funds. As a result, we cannot assure you that a significant change in market
interest rates would not have a material adverse effect on our net investment income.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt">Risks Related to Our Business and <FONT STYLE="letter-spacing: -0.1pt">Structure</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 45.55pt">Our ability to invest in private companies
may be limited in certain <FONT STYLE="letter-spacing: -0.1pt">circumstances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As noted
elsewhere herein, we have previously received an authorization from our stockholders to withdraw our election to be classified as a BDC.
Although this authorization has since expired, we expect to receive an additional authorization from our stockholders in the future. Accordingly,
our management is currently evaluating potential transactions that would result in the transformation of Equus into an operating company
instead of a BDC and the withdrawal of our BDC election within this time frame, but we may nevertheless not consummate any such transformation
and remain a BDC. If we maintain our status as a BDC and do not complete the transformation to become an operating company or a permanent
capital vehicle, we must not acquire any assets other than &ldquo;qualifying assets&rdquo; unless, at the time of and after giving effect
to such acquisition, at least 70% of our total assets are qualifying assets. A principal category of qualifying assets relevant to our
business is securities purchased in transactions not involving any public offering from issuers that qualify as eligible portfolio companies
under the 1940 Act. Investments in companies organized outside of the United States or having a principal place of business outside of
the United States are also not considered eligible portfolio companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 43.9pt">Any failure on our part to maintain the Fund&rsquo;s
status as a BDC could reduce our operating <FONT STYLE="letter-spacing: -0.1pt">flexibility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we do
not maintain the Fund&rsquo;s status as a BDC and we do not complete the transformation of Equus into an operating company, we might be
regulated as a closed-end investment company under the 1940 Act, which would subject us to substantially more regulatory restrictions
under the 1940 Act. This could impose tighter limitations on Equus in terms of the use of leverage and transactions with affiliated entities.
Such developments could correspondingly decrease our operating flexibility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 45.5pt">We <FONT STYLE="letter-spacing: -0.15pt">are
not currently qualified as</FONT> a RIC under the <FONT STYLE="letter-spacing: -0.1pt">Code and will be subject to corporate level income
tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As described
under <I>Regulated Investment Company Tax Status</I> above, during the fourth quarter of 2024, we elected to not qualify as a RIC. As
a result, we will be subject to regular corporate level income tax on our income and gains and will not be permitted to deduct distributions
paid to our stockholders. To requalify as a RIC and be entitled to the tax benefits accorded to RICs under the Code, we must meet certain
income source, asset diversification and annual distribution requirements applicable to RICs. Further, we must also derive, each taxable
year, at least 90% of our gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale
of stock or other securities or foreign currencies, or other income derived with respect to our business of investing in such stock or
securities or currencies and net income from interests in certain &ldquo;qualified&rdquo; publicly traded partnerships. The annual distribution
requirement for a RIC is satisfied if we distribute at least 90% of our ordinary net taxable income and realized net short-term capital
gains in excess of realized net long-term capital losses, if any, to our stockholders on an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As discussed
above in <I>&ldquo;Our business depends on external financing,&rdquo; </I>we historically have borrowed funds necessary to make qualifying
investments to satisfy the Subchapter M diversification requirements. We undertook no such borrowings during the fourth quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In addition
to corporate levels of tax on our income and gains as a non-RIC, our distributions will be taxable as dividends to the extent paid from
earnings and profits. We may also be subject to income tax and/or a 4% excise tax, if we fail to distribute a sufficient portion of our
net investment income and net realized capital gains. To the extent that we generate such income and gains and do not requalify as a RIC,
our tax treatment as a regular Subchapter C corporation would have a material adverse effect on the total return, if any, obtainable from
an investment in our common stock.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Because
we intend to distribute substantially all of our income and net realized capital gains to our stockholders, if we continue to operate
as a BDC, we will need additional capital to finance our <FONT STYLE="letter-spacing: -0.1pt">growth.</FONT></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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As noted above,
inasmuch as we expect to receive a future authorization from our stockholders to withdraw our election to be classified as a BDC, such
withdrawal also means that we will not requalify as a RIC. Our management is currently evaluating potential transactions that would result
in the transformation of Equus into an operating company and the withdrawal of our BDC election and RIC status within this time frame,
but we may nevertheless not consummate any such transformative transaction and remain a BDC and continue to seek to requalify as a RIC.
In order to requalify as a RIC, to avoid payment of excise taxes and to minimize or avoid payment of income taxes, for so long as we maintain
our status as a BDC, we intend to distribute to our stockholders substantially all of our net ordinary income and realized net capital
gains except for certain net long- term capital gains (which we may retain, pay applicable income taxes with respect thereto, and elect
to treat as deemed distributions to our stockholders). As a BDC, we are generally required to meet a coverage ratio of total assets to
total senior securities, which includes all of our borrowings and any preferred stock we may issue in the future, of at least 150%. This
requirement limits the amount that we may borrow. Because we will continue to need capital to grow our investment portfolio, this limitation
may prevent us from incurring debt and require us to issue additional equity at a time when it may be disadvantageous to do so. We cannot
assure you that debt and equity financing will be available to us on favorable terms, or at all, and debt financings may be restricted
by the terms of any of our outstanding borrowings. In addition, as a BDC, we are generally not permitted to issue equity securities priced
below net asset value without stockholder approval. If additional funds are not available to us, we could be forced to curtail or cease
new lending and investment activities, and our net asset value could decline.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our
Board of Directors may change our investment objective, operating policies and strategies without prior notice or stockholder approval.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Board of Directors
has the authority to modify or waive certain of our operating policies and strategies without prior notice (except as required by the
1940 Act) and without stockholder approval. However, absent stockholder approval, we may not change the nature of our business so as to
cease to be, or withdraw our election as, a BDC. As described above under &ldquo;<I>Significant Developments &ndash; Authorization to
Withdraw BDC Election</I>&rdquo;, our shareholders have previously provided this authorization and may do so again in the future, although
we will not withdraw our election as a BDC unless and until we have entered into a definitive agreement to effect the transformation of
Equus into an operating company. We cannot predict the effect any changes to our current operating policies and strategies would have
on our business, operating results and value of our stock. Nevertheless, any such effects may adversely affect our business and impact
our ability to make distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Risks Related to Our Operation as a <FONT STYLE="letter-spacing: -0.25pt">BDC</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.55pt">Our ability to enter into transactions with
our affiliates is <FONT STYLE="letter-spacing: -0.1pt">restricted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As noted
above, our stockholders have previously authorized our Board and Chief Executive Officer to withdraw our election to be classified as
a BDC and, although this authorization has expired, we expect to receive a further authorization from our stockholders in the future.
Accordingly, our management is currently evaluating potential transactions that would result in the transformation of Equus into an operating
company and the withdrawal of our BDC election within this time frame, but we may nevertheless not consummate any such transformative
transaction and remain a BDC. If we maintain our status as a BDC and do not complete a transformation into an operating company or a permanent
capital vehicle, we will continue to be subject to the 1940 Act. As an investment company, we are prohibited under the 1940 Act from participating
in certain transactions with certain of our affiliates without the prior approval of our independent directors and, in some cases, the
SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities is our affiliate for purposes of the
1940 Act, and we generally are prohibited from buying or selling any security from or to such affiliate, absent the prior approval of
our independent directors. The 1940 Act also prohibits certain &ldquo;joint&rdquo; transactions with certain of our affiliates, which
could include investments in the same portfolio company (whether at the same or different times), without prior approval of our independent
directors and, in some cases, the SEC. If a person acquires more than 25% of our voting securities, we are prohibited from buying or selling
any security from or to such person or certain of that person&rsquo;s affiliates, or entering into prohibited joint transactions with
such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors
or their affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Regulations
governing our operation as a BDC affect our ability to, and the way in which we, raise additional <FONT STYLE="letter-spacing: -0.1pt">capital.</FONT></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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our business requires
a substantial amount of additional capital. We may acquire additional capital from the issuance of senior securities or other indebtedness,
the issuance of additional shares of our common stock or from securitization transactions. However, we may not be able to raise additional
capital in the future on favorable terms or at all. We may issue debt securities or preferred securities, which we refer to collectively
as &ldquo;senior securities,&rdquo; and we may borrow money from banks or other financial institutions, up to the maximum amount permitted
by the 1940 Act. The 1940 Act permits us to issue senior securities or incur indebtedness only in amounts such that our asset coverage,
as defined in the 1940 Act, equals at least 150% after such issuance or incurrence. Our ability to pay dividends or issue additional senior
securities would be restricted if our asset coverage ratio were not at least 150%. If the value of our assets declines, we may be unable
to satisfy this test. If that happens, we may be required to liquidate a portion of our investments and repay a portion of our indebtedness
at a time when such sales may be disadvantageous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 9.7pt 0 21pt; text-align: justify; text-indent: 24.45pt">Changes
in the laws or regulations governing our business, or changes in the interpretations thereof, and any failure by us to comply with these
laws or regulations, could negatively affect the profitability of our operations<FONT STYLE="font-weight: normal">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">To the extent
we remain a BDC, changes in the laws or regulations or the interpretations of the laws and regulations that govern BDCs, RICs or non-depository
commercial lenders, could significantly affect our operations and our cost of doing business. We are subject to federal, state and local
laws and regulations and are subject to judicial and administrative decisions that affect our operations, including our loan originations,
maximum interest rates, fees and other charges, disclosures to portfolio companies, the terms of secured transactions, collection and
foreclosure procedures and other trade practices. If these laws, regulations or decisions change, or if we expand our business into jurisdictions
that have adopted more stringent requirements than those in which we currently conduct business, we may have to incur significant expenses
in order to comply or we might have to restrict our operations. In addition, if we do not comply with applicable laws, regulations and
decisions, we may lose licenses needed for the conduct of our business and be subject to civil fines and criminal penalties, any of which
could have a material adverse effect upon our business, results of operations or financial condition.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21.4pt">Risks Related to Our Plan to Transform Equus Into
an Operating <FONT STYLE="letter-spacing: -0.1pt">Company</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 12.55pt 0 21pt; text-indent: 24.45pt">In our efforts to
pursue the transformation of Equus into an operating company, we are exploring and evaluating strategic alternatives for the Fund and
we cannot assure you that we will be successful in identifying a strategic alternative, that such strategic alternative will yield additional
value for our stockholders or that the process will not have an adverse impact on our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In prior years,
we announced our plan to effect the restructuring of the Fund as an operating company no longer subject to the 1940 Act, which transaction
could take the form of a sale of Equus, a restructuring, a recapitalization, merger, or other business combination, or the conversion
of Equus into a permanent capital vehicle. We cannot provide any assurance that the exploration of strategic alternatives will result
in the identification or consummation of a transformative transaction of Equus into an operating company or permanent capital vehicle.
Similarly, any strategic decision will involve risks and uncertainties, and we cannot provide any assurance that any strategic alternative,
if identified, evaluated and consummated, will provide the anticipated benefits or otherwise enhance stockholder value. The process is
ongoing and, although we believe we will consummate a transaction that would result in the transformation of Equus into an operating company
during 2025, we may be wrong. Our Board of Directors has not set a timetable for completion of the evaluation of a potential transaction.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We expect to incur
substantial costs associated with identifying and evaluating potential strategic alternatives incident to a transformative transaction.
Any potential transaction would be dependent upon a number of factors that may be beyond our control, including, among other factors,
market conditions, industry trends, the interest of third parties in our business, stockholder approval and the availability of financing
to potential buyers or to Equus on reasonable terms. The process of exploring strategic alternatives may be time consuming and disruptive
to our business operations. We are also subject to other risks in connection with the uncertainty created by the strategic review process,
including stock price volatility and the ability to retain qualified employees. We do not currently intend to disclose further developments
with respect to this process, unless and until our Board of Directors approves a specific transaction or otherwise concludes the review
of strategic alternatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.4pt 0 21pt; text-indent: 24.45pt">If we are unable to effectively manage
the strategic review process, our business, financial condition, liquidity and results of operations could be adversely affected.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.9pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.5pt">If we reorganize as an operating company, we will
likely not <FONT STYLE="letter-spacing: -0.15pt">seek to req</FONT>ualify as a RIC under the <FONT STYLE="letter-spacing: -0.1pt">Code<FONT STYLE="font-style: normal; font-weight: normal">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we were to reorganize
as an operating company, we would not seek to reinstate our status as a RIC. As noted above under <I>Regulated Investment Company Tax
Status</I>, if we do not requalify as a RIC, we will be subject to corporate income tax, which would substantially reduce the amount of
income we might otherwise distribute to our shareholders.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 11.85pt 0 21.4pt; text-align: justify; text-indent: 22.5pt">If
we reorganize as an operating company or a permanent capital vehicle, we will not continue to operate as a <FONT STYLE="letter-spacing: -0.2pt">BDC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have elected
to be classified as a BDC under the 1940 Act. However, if we effect a reorganization of the Fund into an operating company or a permanent
capital vehicle, we will seek to terminate our BDC classification. Holders of a majority of the outstanding common stock of the Fund have
previously approved our cessation as a BDC under the 1940 Act and authorized our Board to cause the Fund&rsquo;s withdrawal of its election
to be classified as a BDC. Although this authorization has expired, we expect to receive a further such authorization from our stockholders
in the future. Nevertheless, if we were to terminate our election to be classified as a BDC and were still determined by the SEC to constitute
an &ldquo;investment company,&rdquo; we would be subject to significantly greater regulatory requirements and constraints than under those
which we presently operate, the result of which could have a material adverse effect on our results and financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">If
we reorganize as an operating company or a permanent capital vehicle, we may not be able to utilize our capital losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">As noted above,
we may reorganize Equus as an operating company or a permanent capital vehicle. If we reorganize as an operating company or a permanent
capital vehicle, we may lose our ability to offset future income against our cumulative capital losses. If we reorganized as an operating
company or a permanent capital vehicle and were unable to offset future income against these capital losses, the result could have a material
adverse effect on our future operating results and our financial condition.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 12.55pt 0 21.4pt; text-indent: 22.5pt">If we reorganize
as an operating company or a permanent capital vehicle, our stockholders will no longer have certain protections under the 1940 Act.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we withdraw
the Fund&rsquo;s election to be treated as a BDC, Equus will no longer be subject to regulation under the 1940 Act, which is designed
to protect the interests of investors in investment companies. Specifically, our stockholders would no longer have the following protections
of the 1940 Act:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 11.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 27.8pt"><FONT STYLE="font-size: 10pt"><I>Leverage Limits</I>. We would no longer be subject to the requirement
in Section 61 of the 1940 Act that we maintain a ratio of assets to senior securities (such as senior debt or preferred stock) of at least
150% and we would not be limited by statute or regulation to the amount of leverage we could incur.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/90% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 72.35pt"><FONT STYLE="font-size: 10pt"><I>Range of Investments</I>. We would no longer be prohibited from investing
in certain types of companies, such as brokerage firms, insurance, companies, and investment companies.</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/96% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 50.45pt"><FONT STYLE="font-size: 10pt"><I>Changes in Financial Reporting</I>. While the conversion of Equus
into an operating company will enable us to consolidate the financial results of entities we control, a change in our method of accounting
could also reduce the reported value of our investments in controlled privately-held companies by eliminating our ability to report an
increase in the fair value of these holdings.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/97% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 32.35pt"><FONT STYLE="font-size: 10pt"><I>Protection of Directors and Officers</I>. We would no longer be prohibited
from protecting any director or officer against any liability to the Fund or our stockholders arising from willful malfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of that person&rsquo;s office, although there are similar
limitations under Delaware law, our Certificate of Incorporation, and our Bylaws that would still apply.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 51.05pt"><FONT STYLE="font-size: 10pt"><I>Fidelity Bond</I>. We would no longer be required to provide and maintain
an investment company blanket bond issued by a reputable fidelity insurance company to protect us against larceny and <FONT STYLE="letter-spacing: -0.1pt">embezzlement.</FONT></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: 0.5pt 0 0"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/98% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 28.75pt"><FONT STYLE="font-size: 10pt"><I>Director Independence</I>. We would no longer be required to ensure
that a majority of our directors are persons who are not &ldquo;interested persons,&rdquo; as that term is defined in the 1940 Act, and
certain persons, such as investment bankers, that would be prevented from serving on our Board if we were a BDC. However, assuming we
can comply with the NYSE&rsquo;s listing standards for operating companies, we will remain subject to NYSE listing standards that require
the majority of directors of a listed company and all members of its compensation, audit and nominating committees to be &ldquo;independent&rdquo;
as defined under NYSE rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 45.1pt"><FONT STYLE="font-size: 10pt"><I>Affiliate Transactions</I>. We would no longer be subject to provisions
of the 1940 Act regulating transactions between BDCs and certain affiliates, although we would still be subject to conflict of interest
rules and governance procedures that exist under Delaware law and NYSE rules.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/96% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 35.1pt"><FONT STYLE="font-size: 10pt"><I>Share Issuances</I>. We would no longer be subject to provisions of
the 1940 Act restricting our ability to issue shares below NAV or in exchange for services, nor would we be restricted in issuing more
than one class of equity securities or instruments that could be converted into other classes of equity <FONT STYLE="letter-spacing: -0.1pt">securities.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 30.55pt"><FONT STYLE="font-size: 10pt"><I>Share Repurchases</I>. We would no longer be restricted under the
1940 Act in our ability to repurchase shares from our stockholders, and would instead be subject only to NYSE rules and Delaware corporate
law requirements for such repurchases.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.85pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/90% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 63.75pt"><FONT STYLE="font-size: 10pt"><I>Change of Business</I>. We would be able to change the nature of our
business and fundamental investment policies without having to obtain the approval of our stockholders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/90% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 52.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 39.05pt"><FONT STYLE="font-size: 10pt"><I>Director and Officer Incentives</I>. We would no longer require exemptive
relief from the SEC before implementing incentive compensation plans for our key executives and non-executive directors.</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">&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>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.5pt"><A NAME="a_004"></A><B>Item 1B. <I>Unresolved Staff <FONT STYLE="letter-spacing: -0.1pt">Comments</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 0 0 43.9pt"><FONT STYLE="letter-spacing: -0.1pt">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B><A NAME="a_005"></A>Item 1C. <FONT STYLE="letter-spacing: -0.1pt"><I>Cybersecurity</I></FONT></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 7.4pt 0 25.9pt; text-indent: 0.25in">Our operations and other aspects of
our business rely heavily on various information technology systems which are largely managed by third parties. We face significant cybersecurity
threats, which are continuously increasing in sophistication, including computer viruses, internal and external security breaches, and
other cyber-attacks. These threats could disrupt our operations, lead to the loss of confidential information, and hinder our ability
to accurately report our financial results in a timely manner. We have adopted a Cybersecurity Policy to create effective administrative,
technical, electronic, and physical protections to safeguard the personal information of Company personnel, confidential information concerning
our portfolio investments and the integrity of the Company&rsquo;s information systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.95pt 13.25pt 0 25.9pt; text-indent: 0.25in">We have created an Information
Security Team, consisting of our Chief Financial Officer and our Chief Compliance Officer, to implement and administer our Cybersecurity
Policy. <FONT STYLE="letter-spacing: -0.2pt">Our Chief Financial Officer and Chief Compliance Officer have each served in senior management
positions for a number of years, have received cybersecurity training from time to time in connection with their professional certifications,
and have overseen and supervised the activities of external information technology personnel of the Fund during this period. </FONT>Among
the duties and <FONT STYLE="letter-spacing: -0.15pt">responsibilities </FONT>of our Information Security Team are the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/90% Times New Roman, Times, Serif; margin-top: 8.8pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.85pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 35.95pt"><FONT STYLE="font-size: 10pt">Ensuring that all Equus personnel are aware of the Cybersecurity Policy
and agree to adhere to its <FONT STYLE="letter-spacing: -0.1pt">requirements;</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.85pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 10.4pt"><FONT STYLE="font-size: 10pt">Establishing that information concerning the Fund is stored on encrypted
cloud-based servers accessible only by authorized Equus personnel;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 6.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 38.9pt"><FONT STYLE="font-size: 10pt">Providing that all of the Company&rsquo;s information systems are backed
up daily, with offline copies available in the event that a major security issue arises;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 6.85pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 36.05pt"><FONT STYLE="font-size: 10pt">Testing and evaluating cybersecurity safeguards via the use of third-party
information technology service providers;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/90% Times New Roman, Times, Serif; margin-top: 7pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 24.15pt"><FONT STYLE="font-size: 10pt">Reviewing the security measures in the Company&rsquo;s Cybersecurity
Policy annually or when there is a change in applicable laws or regulations or in business activities of Equus; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 6.25pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Conducting training as necessary for all Equus personnel; <FONT STYLE="letter-spacing: -0.25pt">and</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 8.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 25.5pt"><FONT STYLE="font-size: 10pt">Reporting cybersecurity matters to our Board of Directors who provide
oversight of our Information Security Team.</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 12.55pt 0 21.4pt; text-indent: 22.5pt">We utilize third-party services and
tools for identifying, protecting against, and detecting cyber incidents, and also partner with external vendors to augment our internal
security capabilities. Additionally, we engage third-parties to conduct independent assessments of our cybersecurity infrastructure to
evaluate the efficiency and effectiveness of our detection capabilities, along with our response mechanisms, and overall risk management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0 21.4pt; text-indent: 22.5pt">Our approach to managing cybersecurity
risks is part of a continuous improvement process, both in the context of cybersecurity and broader operational risk management. This
ongoing process, which includes personnel training, is aimed at routinely reviewing and, as necessary, improving, our oversight processes
and tools to ensure they remain effective and resilient in their management of cybersecurity risk.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 8pt 0 0 43.9pt">Material Impact of Cybersecurity <FONT STYLE="letter-spacing: -0.1pt">Threats</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 6.95pt 0 21.4pt; text-indent: 22.5pt">While we have yet to experience
a material cybersecurity event, we acknowledge the persistent and evolving nature of these threats, which have the potential to materially
impact our business strategy, operations, and financial results adversely. We maintain robust policies and procedures focused on cybersecurity
incident management, ensuring timely communication and escalation to all relevant stakeholders. This enables faster response and effective
communication, including public disclosure if a material cybersecurity event were to occur.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 8pt 0 0 43.9pt">Board of Directors <FONT STYLE="letter-spacing: -0.1pt">Oversight</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 7.4pt 0 21.4pt; text-indent: 22.5pt">Our Board of Directors oversees risks
related to cybersecurity, including the security of our corporate, financial, and portfolio investment information and the steps management
is taking to monitor and control these risks. Our Chief Compliance Officer conducts regular meetings with our independent directors to
discuss various compliance matters, including any cybersecurity issues, and also delivers a comprehensive Annual Compliance Report to
the Board, which report also addresses cybersecurity matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21.4pt; text-align: justify"><B><A NAME="a_006"></A>Item 2. <FONT STYLE="letter-spacing: -0.1pt"><I>Properties</I></FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-indent: 22.5pt">We do not own any real estate or other
physical properties. Our principal executive offices are located at 700 Louisiana St. 41st Floor, Houston, Texas 77002. Should we remain
a BDC and not consummate the transformation of Equus into an operating company, we believe that these leased office facilities are suitable
and adequate for our business as it is contemplated to be conducted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 21pt; text-align: justify"><B><A NAME="a_007"></A>Item 3. <I>Legal <FONT STYLE="letter-spacing: -0.1pt">Proceedings</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">From time
to time, the Fund is a party to certain proceedings incidental to the normal course of our business including the enforcement of our rights
under contracts with our portfolio companies. While the outcome of any potential legal proceedings cannot at this time be predicted with
certainty, we do not expect that any such proceedings will have a material effect upon the Fund&rsquo;s financial condition or results
of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 21pt; text-align: justify"><A NAME="a_008"></A><B>Item 4. <I>Mine Safety <FONT STYLE="letter-spacing: -0.1pt">Disclosures</FONT></I></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: 0.05pt 0 0 45.55pt">Not <FONT STYLE="letter-spacing: -0.1pt">applicable.</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">&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>

<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>

<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: 0.45pt 0 0">&nbsp;</P>

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


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_009"></A>PART <FONT STYLE="letter-spacing: -0.25pt">II</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt"><FONT STYLE="font-style: normal"><A NAME="a_010"></A>Item 5.</FONT>
Market for Registrant&rsquo;s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity <FONT STYLE="letter-spacing: -0.1pt">Securitie<FONT STYLE="font-style: normal; font-weight: normal">s</FONT></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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our common stock
is listed on the NYSE under the symbol &ldquo;EQS&rdquo;. We had approximately 1,640 stockholders as of December 31, 2024, 586 of whom
were registered holders. Registered holders do not include those stockholders whose stock has been issued in street name. As of December
31, 2024, our net asset value per share was $2.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">The following
table reflects the high and low closing sales prices per share of our common stock on the NYSE, and net asset value (&ldquo;NAV&rdquo;)
per share for each of the three years ended December 31, 2024, by quarter:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q1</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q2</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q3</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q4</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q1</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q2</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q3</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q4</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q1</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q2</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q3</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Q4</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">High</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.68</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.53</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.48</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.40</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.75</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.65</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">1.51</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">2.71</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.70</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">2.63</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 4%; text-align: right">1.83</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">Low</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.42</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.24</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.04</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.44</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.46</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.39</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">&nbsp;</TD><TD STYLE="text-align: right">NAV</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.52</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.49</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.61</TD><TD STYLE="text-align: left">&nbsp;</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>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 0 0 22.5pt; text-indent: 45pt">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, 2024. This comparison assumes $100.00 was invested in our common stock at the closing price of our common stock on
December 31, 2019 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: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="width: 672px; height: 417px"></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: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"></FONT></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 Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">If we requalify
as a RIC, we will be required to distribute to our stockholders, in a timely manner, at least 90% of our taxable net investment income
each year. If we do not distribute, in a timely manner, 98.2% of our taxable net capital gains and 90% of our taxable net investment income
each year (as well as any portion of the respective 2% balances not distributed in the previous year), we will be subject to a 4% non-deductible
federal excise tax on certain undistributed income of regulated investment companies. Under the 1940 Act, we are not permitted to pay
dividends to stockholders unless we meet certain asset coverage requirements. If taxable net investment income is retained, we will be
subject to federal income and excise taxes. We reserve the right to retain net long-term capital gains in excess of net short-term capital
losses for reinvestment or to pay contingencies and expenses. Such retained amounts, if any, will be taxable to the Fund as long-term
capital gains and our stockholders will be able to claim their proportionate share of the federal income taxes paid by the Fund on such
gains as a credit against their own federal income tax liabilities. Stockholders will also be entitled to increase the adjusted tax basis
of their fund shares by the difference between their undistributed capital gains and their tax credit.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We invest in companies
that are believed to have a high potential for capital appreciation, and we intend to realize the majority of our profits upon the sale
of our investments in portfolio companies. Consequently, most of the companies in which we invest do not have established policies of
paying annual dividends. However, a portion of the investments in portfolio securities held by the Fund consists of interest-bearing subordinated
debt securities or dividend-paying preferred stock.</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 21pt"><A NAME="a_011"></A><B>Item 6. <FONT STYLE="letter-spacing: -0.1pt"><I>[Reserved]</I></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 21pt"><FONT STYLE="font-style: normal"><A NAME="a_012"></A>Item 7.</FONT>
Management&rsquo;s Discussion and Analysis of Financial Condition and Results of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></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: 0.05pt 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>We are
incorporating by reference Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Annual
Report on Form 10-K for management&rsquo;s discussion and analysis of financial condition and results of operations for the fiscal year
2023 compared to fiscal year 2022.</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Overview</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">Equus is
a BDC that provides financing solutions for privately held middle market and small capitalization companies. We began operations in 1983
and have been a publicly traded closed-end fund since 1991. Our investment objective is to seek the highest total return, consisting of
capital appreciation and current income. Consistent with our announced intention to transform Equus into an operating company or a permanent
capital vehicle, our shareholders have previously authorized our Board to withdraw our BDC election and, although this authorization has
since expired, we expect to receive a further authorization from our stockholders in the future. Nevertheless, we will not withdraw this
election unless and until we have entered into a definitive agreement to convert Equus into an operating company or a permanent capital
vehicle. Further, we will also require a subsequent affirmative vote from holders of a majority of our outstanding voting shares to enter
into any such definitive agreement or change the nature of our business. See <I>Significant Developments &ndash; Authorization to Withdraw
BDC Election </I>above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As a BDC, we
are required to comply with certain regulatory requirements. For instance, we generally have to invest at least 70% of the
Fund&rsquo;s total assets in &ldquo;qualifying assets,&rdquo; including securities of private U.S. companies, certain public U.S.
companies with a total market capitalization not in excess of $250 million, cash, cash equivalents, U.S. government securities and
short-term high-quality debt investments. Prior to the fourth quarter of 2024, Equus qualified as a RIC under Subchapter M of the
Code and may seek to requalify as a RIC in the future. To qualify as a RIC, we must meet certain source of income and asset
diversification requirements. If we comply with the provisions of Subchapter M, the Fund generally would not have to pay
corporate-level income taxes on any income that is distributed to our stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Investment
Income</I>. We generate investment income from interest payable on the debt securities that the Fund holds, dividends received on equity
interests in our portfolio companies and capital gains, if any, realized upon sales of equity and, to a lesser extent, debt securities
in the investment portfolio. Our equity investments may include shares of common and preferred stock, membership interests in limited
liability companies and warrants to purchase additional equity interests. These equity securities may or may not pay dividends, and the
exercise prices of warrants that we acquire in connection with debt investments, if any, vary by investment. Our debt investments in portfolio
companies may be in the form of senior or subordinated loans and may be unsecured or have a first or second lien on some or all of the
assets of the borrower. Our loans typically have a term of three to seven years and bear interest at fixed or floating rates. Interest
on these debt securities is generally payable either quarterly or semiannually. Some promissory notes held by the Fund provide that a
portfolio company may elect to pay interest in cash or provide that discount interest may accrete in the form of original issue discount
or payment-in-kind (PIK) over the life of the notes by adding unpaid interest amounts to the principal balance. Amortization of principal
on our debt investments is generally deferred for several years from the date of initial investment. The principal amount of these debt
securities and any accrued but unpaid interest generally will become due at maturity. We also earn interest income at market rates on
investments in short-term marketable securities. From time to time, we generate income in the form of commitment, origination, structuring,
and extension fees in connection with our investments. We recognize all such fees when <FONT STYLE="letter-spacing: -0.1pt">earned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Expenses.
</I>Currently, our primary operating expenses include director fees and expenses, professional fees, compensation expense, and general
and administrative fees. During 2024, 2023 and 2022, we did not incur any non- recurring expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Non-Operating
Subsidiary.</I> We have established Equus Total Return (Canada) Inc. as a wholly-owned subsidiary to facilitate payments to Canadian personnel
and contractors who provide services to the Fund. We consider Equus Total Return (Canada) Inc. a disregarded entity for accounting purposes,
inasmuch as it does not have active <FONT STYLE="letter-spacing: -0.1pt">operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Operating
Activities. </I>We use cash to make new investments and follow-on investments in our existing portfolio companies. We record these investments
at cost on the applicable trade date. Realized gains or losses are computed using the specific identification method. On an ongoing basis,
we carry our investments in our financial statements at fair value, as determined by our board of directors. See &ldquo;<I>Critical Accounting
Policies &ndash; Valuation of Investments</I>&rdquo; below. As of December 31, 2024, we had invested 91.9% of our assets in securities
of portfolio companies that constituted qualifying investments under the 1940 Act. At that time, we had invested 100% in membership interests
in limited liability companies.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Commitments.</I> Under certain circumstances, we
make follow-on investments in some of our portfolio <FONT STYLE="letter-spacing: -0.1pt">companies. </FONT>As of December 31, 2024,
we had no outstanding commitments in our portfolio <FONT STYLE="letter-spacing: -0.1pt">companies.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Financing Activities.
</I>From time to time, we use leverage to finance a portion of our investments. We then repay such debt from the sale of portfolio securities.
Under the 1940 Act, we have the ability to borrow funds and issue debt securities or preferred stock that are referred to as senior securities,
subject to certain restrictions, including an overall limitation on the amount of outstanding debt, or leverage, relative to equity of
1.5:1. Because of the nature and size of our portfolio investments, we have periodically borrowed funds to make qualifying investments
in order to maintain our qualification as a RIC. During <FONT STYLE="letter-spacing: -0.05pt">the first three quarters of </FONT>2024
and all of 2023, we borrowed such funds by accessing a margin account with a securities brokerage firm. We invested the proceeds of these
margin loans in high-quality securities such as U.S. Treasury securities until they were repaid. We refer to these high-quality investments
as &ldquo;restricted assets&rdquo; because they are not generally available for investment in portfolio companies under the terms of borrowing.
If, in the future, we seek to requalify as a RIC and cannot borrow funds to make such qualifying investments at the end of any future
quarter, we would not so requalify and would, as a non-RIC, be subject to corporate-level income tax on our net investment income and
realized capital gains, if any. In addition, our distributions to stockholders would be taxable as ordinary dividends to the extent paid
from earnings and profits. See &ldquo;<I>Federal Income Tax Considerations</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Distributions</I>.
So long as we remain a BDC, save for minor exceptions we will continue to pay out net investment income and/or realized capital gains,
if any, on an annual basis as required under the 1940 Act.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Possible Share
Repurchase. </I>As a closed-end BDC, our shares of common stock are not redeemable at the option of stockholders, and our shares currently
trade at a discount to their net asset value. Our Board has determined that it would be in the best interests of our stockholders to reduce
or eliminate this market value discount. Accordingly, we have been authorized to, and may from time to time, repurchase shares of our
outstanding common stock (including by means of tender offers or privately negotiated transactions) in an effort to reduce or eliminate
this market discount or to increase the net asset value of our shares. We are not required to undertake, and we have not previously undertaken,
any such share repurchases, nor do we further anticipate taking any such action in 2025.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 21pt">2016 Equity Incentive <FONT STYLE="letter-spacing: -0.2pt">Plan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">On June 13,
2016, our shareholders approved the adoption of our 2016 Equity Incentive Plan (&ldquo;Incentive Plan&rdquo;). On January 10, 2017, the
SEC issued an order approving the Incentive Plan and certain awards intended to be made thereunder. The Incentive Plan is intended to
promote the interests of the Fund by encouraging officers, employees, and directors of the Fund and its affiliates to acquire or increase
their equity interest in the Fund and to provide a means whereby they may develop a proprietary interest in the development and financial
success of the Fund, to encourage them to remain with and devote their best efforts to the business of the Fund, thereby advancing the
interests of the Fund and its stockholders. The Incentive Plan is also intended to enhance the ability of the Fund and its affiliates
to attract and retain the services of individuals who are essential for the growth and profitability of the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">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.
On March 17, 2017, we granted awards of restricted stock under the Plan to certain of our directors and executive officers in the aggregate
amount of 844,500 shares. The awards are each subject to a vesting requirement over a 3-year period unless the recipient thereof is terminated
or removed from their position as a director or executive officer without &ldquo;cause&rdquo;, or as a result of constructive termination,
as such terms are defined in the respective award agreements entered into by each of the recipients and the Fund. We account for share-based
compensation using the fair value method, as prescribed by ASC 718, Compensation&mdash;Stock Compensation. Accordingly, for restricted
stock awards, we measure the grant date fair value based upon the market price of our common stock on the date of the grant and amortize
the fair value of the awards as share-based compensation expense over the requisite service period, which is generally the vesting term.
Inasmuch as all existing awards under the Incentive Plan became fully-vested prior to 2021, we recorded no compensation expense relating
to awards made under the Incentive Plan for the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 21pt">Critical Accounting <FONT STYLE="letter-spacing: -0.1pt">Estimates</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We follow
the accounting and reporting guidance in FASB Accounting Standards Codification Topic 946 <I>&ldquo;Financial Services &ndash; Investment
Companies</I>.&rdquo; Our financial statements are based on the selection and application of significant accounting policies, which require
management to make significant estimates and assumptions. We believe that the following are some of the more critical judgment areas in
the application of our accounting policies that currently affect our financial condition and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Valuation of <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">For most of our
investments, market quotations are not available. With respect to investments for which market quotations are not readily available or
when such market quotations are deemed not to represent fair value, our Board has approved a multi-step valuation process each quarter,
as described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Each portfolio company or investment is reviewed by our investment <FONT STYLE="letter-spacing: -0.1pt">professionals;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 41.1pt"><FONT STYLE="font-size: 10pt">With respect to investments with a fair value exceeding
$2.5 million that have been held for more than one year, we engage independent valuation firms to assist our investment professionals.
These independent valuation firms conduct independent valuations and make their own independent assessments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="padding-right: 10.25pt"><FONT STYLE="font-size: 10pt">Our Management produces a report that summarizes each of our portfolio
investments and recommends a fair value of each such investment as of the date of the report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="padding-right: 30.95pt"><FONT STYLE="font-size: 10pt">The Audit Committee of our Board reviews and discusses the preliminary
valuation of our portfolio investments as recommended by Management in their report and any reports or recommendations of the independent
valuation firms, and then approves and recommends the fair values of our investments so determined to our Board for final approval; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.35pt"></TD><TD STYLE="width: 22.55pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="padding-right: 16.2pt"><FONT STYLE="font-size: 10pt">The Board discusses valuations and determines the fair value of each portfolio
investment in good faith based on the input of our Management, the respective independent valuation firm, as applicable, and the Audit
Committee.</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 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">During the first
twelve months after an investment is made, we rely on the original investment amount to determine the fair value unless significant developments
have occurred during this twelve-month period which would indicate a material effect on the portfolio company (such as results of operations
or changes in general market <FONT STYLE="letter-spacing: -0.1pt">conditions).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Investments
are valued utilizing a yield analysis, enterprise value (&ldquo;EV&rdquo;) analysis, net asset value analysis, liquidation analysis, discounted
cash flow analysis, or a combination of methods, as appropriate. The yield analysis uses loan spreads and other relevant information implied
by market data involving identical or comparable assets or liabilities. Under the EV analysis, the EV of a portfolio company is first
determined and allocated over the portfolio company&rsquo;s securities in order of their preference relative to one another (i.e., &ldquo;waterfall&rdquo;
allocation). To determine the EV, we typically use a market multiples approach that considers relevant and applicable market trading data
of guideline public companies, transaction metrics from precedent M&amp;A transactions and/or a discounted cash flow analysis. The net
asset value analysis is used to derive a value of an underlying investment (such as real estate property) by dividing a relevant earnings
stream by an appropriate capitalization rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">For this purpose,
we consider capitalization rates for similar enterprises as may be obtained from guideline public companies and/or relevant transactions.
The liquidation analysis is intended to approximate the net recovery value of an investment based on, among other things, assumptions
regarding liquidation proceeds based on a hypothetical liquidation of a portfolio company&rsquo;s assets. The discounted cash flow analysis
uses valuation techniques to convert future cash flows or earnings to a range of fair values from which a single estimate may be derived
utilizing an appropriate discount rate. The measurement is based on the net present value indicated by current market expectations about
those future amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In applying
these methodologies, additional factors that we consider in fair value pricing our investments may include, as we deem relevant: security
covenants, call protection provisions, and information rights; the nature and realizable value of any collateral; the portfolio company&rsquo;s
ability to make payments; the principal markets in which the portfolio company does business; publicly available financial ratios of peer
companies; the principal market; and enterprise values, among other factors. Also, any failure by a portfolio company to achieve its business
plan or obtain and maintain its financing arrangements could result in increased volatility and result in a significant and rapid change
in its value.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our general intent
is to hold our loans to maturity when appraising our privately held debt investments. As such, we believe that the fair value will not
exceed the cost of the investment. However, in addition to the previously described analysis involving allocation of value to the debt
instrument, we perform a yield analysis assuming a hypothetical current sale of the security to determine if a debt security has been
impaired. The yield analysis considers changes in interest rates and changes in leverage levels of the portfolio company as compared to
the market interest rates and leverage levels. Assuming the credit quality of the portfolio company remains stable, the Fund will use
the value determined by the yield analysis as the fair value for that security if less than the cost of the investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We will record
unrealized depreciation on investments when we determine that the fair value of a security is less than its cost basis and will record
unrealized appreciation when we determine that the fair value is greater than its cost <FONT STYLE="letter-spacing: -0.1pt">basis.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Because of the
inherent uncertainty of the valuation of portfolio securities which do not have readily ascertainable market values, amounting to $27.5
million and $40.9 million as of December 31, 2024 and 2023, respectively, our fair value determinations may materially differ from the
values that would have been used had a ready market existed for the securities. See <I>Note 3</I> to the financial statements included
in Item 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We adjust
our net asset value for the changes in the value of our publicly held securities, if applicable, and material changes in the value of
private securities, generally determined on a quarterly basis or as announced in a press release, and report those amounts to Lipper Analytical
Services, Inc. Our net asset value appears in various publications, including <I>Barron&rsquo;s </I>and <I>The Wall Street Journal</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Current Market <FONT STYLE="letter-spacing: -0.1pt">Conditions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">U.S. GDP
increased at an annualized rate of 2.3% in the fourth quarter of 2024, which was relatively consistent with consensus estimates for the
quarter, but lower than GDP growth for the third quarter of 2024 (3.1%), as well as the fourth quarter of 2023 (3.2%). Overall GDP growth
for the full year 2024 was 2.8% compared to 2.9% in 2023. The increase in GDP during the fourth quarter of 2024 was driven principally
by consumer spending, offset by a decrease in business investment during the quarter. The Congressional Budget Office is projecting GDP
growth of 1.9% for 2025 and 1.8% for 2026. The CBO report was released prior to the inauguration of the new U.S. President and the administration&rsquo;s
imposition of tariffs which has resulted in a downward adjustment to GDP forecasts. Citing tariff concerns, Morgan Stanley revised its
GDP growth forecast for 2025 and 2026 from 1.9% and 1.3%, respectively, to 1.5% and 1.2%. (Sources: <I>Bureau of Economic Analysis; Morgan
Stanley; Congressional Budget Office</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of February
2025, the U.S. unemployment rate stood at 4.1%, and has remained largely stable for a considerable period, fluctuating between 3.4% and
4.1% for the previous 36 months. With the advent of tariffs, government layoffs, and a more aggressive deportation policy for undocumented
immigrants, most economists are projecting the unemployment rate to increase during the remainder of 2025. Moreover, the labor participation
rate remains at approximately 62.5%, below the pre-pandemic high of 63.3% of February 2020. Most of the recent employment gains in 2023
and 2024 were due to gains in the leisure and hospitality industry, construction, trade, transportation, and utilities. (Sources: <I>U.S.
Bureau of Labor Statistics; Trading Economics</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Beginning
in 2021 and continuing through 2022, consumer prices increased the most in four decades, reaching a high of 8.3%, before steadily declining,
more or less, throughout 2023 and 2024, finishing the year at 2.9%. This trend has continued into January 2025, where the U.S. Bureau
of Labor Statistics reported an annualized rate of 3.0%. Notwithstanding a projected slowing of the U.S. economy for 2025, most economists
are projecting similar rates of inflation for 2025 as compared to 2024, principally due to the effect of expected tariffs on imported
goods. (Sources: <I>U.S. Bureau of Labor Statistics; Morgan Stanley</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Global merger
and acquisition activity in 2024 was approximately $2.2 trillion, a slight increase from $2.1 trillion in 2023, but well off the high
of $4.1 trillion in 2021. Financial services, materials, industrials, and information technology were the sectors that experienced the
most significant dealmaking activity during the year. Most analysts expect consolidation activity in 2025 to increase over 2024, principally
due to expected lower costs of capital. (Sources: <I>S&amp;P Global</I>; <I>Ernst &amp; Young</I>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1pt; text-align: center"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Private equity
activity increased from $1.9 trillion in 2023 to $2.1 trillion in 2024, reversing a downward trend from 2021 and 2022 and the highs experienced
during the Covid-19 pandemic. Nevertheless, private equity fundraising was lower for the third straight year due to a weak exit environment
that has constrained liquidity, with fund flows down 30% in 2024 as compared to 2023. (Source: <I>S&amp;P Global</I>)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2024, our
net asset value decreased from $3.55 per share as of December 31, 2023 to $2.17 per share as of December 31, 2024. As of December 31,
2024, our common stock was trading at a 62.9% discount to our net asset value as compared to 59.2% as of December 31, 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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Over the past several
years, we have executed certain initiatives to enhance liquidity, achieve a lower operational cost structure, provide more assistance
to portfolio companies and realize certain of our portfolio investments. Specifically, we changed the composition of our Board of Directors
and Management, terminated certain of our follow- on investments, internalized the management of the Fund, suspended our managed distribution
policy, modified our investment strategy to pursue shorter term liquidation opportunities, pursued non-cash investment opportunities,
and sold certain of our legacy and underperforming investment holdings. We believe these actions continue to be necessary to protect capital
and liquidity in order to preserve and enhance shareholder value. Because our Management is internalized, certain of our expenses should
not increase commensurate with an increase in the size of the Fund and, therefore, if we remain a BDC, we expect to achieve efficiencies
in our cost structure if we are able to grow the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 21pt">Liquidity and Capital <FONT STYLE="letter-spacing: -0.1pt">Resources</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The Company
defines cash equivalents as securities that are readily convertible into known amounts of cash and near their maturity that they present
insignificant risk of changes in value because of changes in interest rates. Generally, only securities with a maturity of three months
or less from the date of purchase would qualify, with limited exceptions. The Company deems that certain money market funds, U.S. Treasury
bills, repurchase agreements and other high-quality, short-term debt securities would qualify as cash equivalents (See Note 2 to the financial
statements.)</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We generate cash
primarily from maturities, sales of securities and borrowings, as well as capital gains realized upon the sale of portfolio investments.
We use cash primarily to make additional investments, either in new companies or as follow-on investments in the existing portfolio companies
and to pay the dividends to our stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Because of
the nature and size of the portfolio investments, we have, until the fourth quarter of 2024, periodically borrowed funds to make qualifying
investments to maintain our prior tax status as a RIC. As a RIC, we often borrowed such funds by utilizing a margin account with a securities
brokerage firm. <FONT STYLE="letter-spacing: -0.1pt">If we seek to requalify as a RIC, t</FONT>here is no assurance that such arrangement
will be available in the future. If the Fund is unable to borrow funds to make qualifying investments, it may no longer requalify as a
RIC. The Fund would then continue to be subject to corporate income tax on its net investment income and realized capital gains, and distributions
to stockholders would be subject to income tax as ordinary dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The Fund
has the ability to borrow funds and issue forms of senior securities representing indebtedness or stock, such as preferred stock, subject
to certain restrictions. Net taxable investment income and net taxable realized gains from the sales of portfolio investments are intended
to be distributed at least annually, to the extent such amounts are not reserved for payment of expenses and contingencies or to make
follow-on or new investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The Fund reserves
the right to retain net long-term capital gains in excess of net short-term capital losses for reinvestment or to pay contingencies and
expenses. Such retained amounts, if any, will be taxable to the Fund as long- term capital gains and stockholders will be able to claim
their proportionate share of the federal income taxes paid on such gains as a credit against their own federal income tax liabilities.
Stockholders will also be entitled to increase the adjusted tax basis of their Fund shares by the difference between their undistributed
capital gains and their tax credit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt">We are evaluating
the impact of current market conditions on our portfolio company valuations and their ability to provide current income. We have followed
valuation techniques in a consistent manner; however, we are cognizant of current market conditions that might affect future valuations
of portfolio securities. Our operating cash flow and cash on hand is not sufficient to meet operating requirements or to finance routine
capital expenditures through the next twelve months. We are therefore seeking liquidity from the sale of our portfolio interests, as well
as seeking external debt and equity financing from third parties. Should either or both of the foregoing events not occur as contemplated,
the Fund will not have the necessary funds to maintain normal operations and, therefore, substantial doubt would exist about the Fund&rsquo;s
ability to continue as a going concern. Further, if we effect a transformation of the Fund into an operating company as described under
&ldquo;<I>Significant Developments &ndash; Authorization to Withdraw BDC Election</I>&rdquo; above, we may utilize some or a substantial
portion of our current liquidity in connection with a contemplated transaction as payment of the purchase price and to pay associated
legal, due diligence, accounting, and other fees. Further, we may borrow funds from financial institutions or other providers of debt
capital to provide and pay for a part of the consideration and expenses necessary to effect a conversion of Equus into an operating company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2024, we had total assets of $29.9 million, of which $27.5 million were invested in portfolio investments and $0.3 million were invested
in cash and cash equivalents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Operating
Activities. </I>We generated $38.2 million in cash for operating activities in 2024 principally due to $45.1 million sales in net investments
in U.S. Treasury bills, offset by $2.2 million in investments, along with $4.6 million in fees to professional advisors, directors and
other fees.</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 7pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Financing Activities</I>.
We used $45.0 million in cash from financing activities for 2024, principally in connection with repayments net of borrowings on margin.
We did not declare any dividends in 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2023, we had total assets of $93.5 million, of which $40.9 million were invested in portfolio investments and $6.5 million were invested
in cash and cash equivalents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2023, we also had $45.4 million of U.S. Treasury bills and restricted cash, including primarily the proceeds of a quarter-end margin
loan that we incurred to maintain the diversification requirements applicable to a RIC. Of this amount, $45.0 million was invested in
U.S. Treasury bills and $0.4 million represented a required 1% brokerage margin deposit. These securities were held by a securities brokerage
firm and pledged along with other assets to secure repayment of the margin loan. The U.S. Treasury bills matured on January 4, 2024 and
we subsequently repaid this margin loan. The margin interest was paid on February 4, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Operating
Activities. </I>We used $51.4 million in cash for operating activities in 2023 principally due to $8.3 million in investments, $4.3
million in fees to professional advisors, director and other fees, along with $38.9
million increase in net investments in U.S. Treasury bills.</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 7pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Financing Activities</I>.
We provided $39.1 million in cash from financing activities for 2023, principally in connection with net borrowings on margin. We did
not declare any dividends in 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.7pt">Results of Operations Investment Income and <FONT STYLE="letter-spacing: -0.1pt">Expense</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.7pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/200% Times New Roman, Times, Serif; margin: 4.6pt 115.25pt 0 45.5pt; text-indent: -1.6pt"><B><I>Year Ended December
31, 2024 as compared to Year Ended December 31, 2023</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Total income from portfolio
securities was $1.3 million for 2024 and $0.3 for 2023. Compensation expense <FONT STYLE="letter-spacing: -0.25pt">decreased</FONT> to
$1.8 million in 2024 from $1.9 million in 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 21pt; text-indent: 24.45pt">As a result of the factors described above,
net investment loss after expenses was $3.3 million for 2024 as compared to a net investment loss of $4.0 million in 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: 1.05pt 0 0"></P>


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<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 1.05pt 0 0">&nbsp;</P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0 0 0 15.7pt"><B>Summary of Portfolio Investment <FONT STYLE="letter-spacing: -0.1pt">Activity</FONT></B></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 45.45pt">During 2024, we made an $2.2 million investment in Morgan
E&amp;P, <FONT STYLE="letter-spacing: -0.2pt">LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt">The following table includes summarizes investment activity
during the year ended December 31, 2024 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 11.45pt 0 0 7.9pt; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Portfolio
    Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Follow-On
    Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Morgan E&amp;P, LLC</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2,247</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">2,247</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,247</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,247</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 45.45pt">During 2023, we made an $8.3 million investment in Morgan
E&amp;P, <FONT STYLE="letter-spacing: -0.2pt">LLC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt">The following table includes summarizes investment activity
during the year ended December 31, 2023 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Portfolio
    Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Follow-On
    Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Morgan E&amp;P, LLC</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">8,253</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">8,253</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,253</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,253</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt"></P>




<P STYLE="margin: 0"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0 38.6pt"><B><I>Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2022</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 38.55pt">During 2022, we made a $0.15 million follow-on investment
in Equus Energy, <FONT STYLE="letter-spacing: -0.2pt">LLC.</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 0 0 1pt">The following table includes summarizes investment activity during
the year ended December 31, 2022 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Portfolio
    Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Follow-On
    Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">&nbsp;Equus Energy, LLC</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">150</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">150</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.45pt 0 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Realized Gains and <FONT STYLE="letter-spacing: -0.1pt">Losses</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">Year Ended December 31, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt; text-indent: 0.5in">We realized capital gains of $138 thousand
as a result of disposition of U.S. Treasury <FONT STYLE="letter-spacing: -0.1pt">bills.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 43.9pt">We realized capital gains of $34 thousand as a result
of disposition of U.S. Treasury <FONT STYLE="letter-spacing: -0.1pt">bills.</FONT></P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 0 0 43.9pt">We realized capital gains of $1.0 thousand as a result
of disposition of U.S. Treasury <FONT STYLE="letter-spacing: -0.1pt">bills.</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">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">Changes in Unrealized Appreciation of Portfolio <FONT STYLE="letter-spacing: -0.1pt">Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 48.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2024, we
recorded a decrease of $15.6 million in net unrealized appreciation, from an unrealized appreciation of $24.5 million at December 31,
2023 to a net unrealized appreciation of $8.9 million at December 31, 2024. Such change in unrealized appreciation resulted primarily
from the decrease in the fair value of our holdings in Morgan E&amp;P, LLC of $9.6 million, principally due to a lower forward price curve
for oil, as well as the reclassification of certain of its proved reserves from producing to non-producing. The change in unrealized appreciation
also resulted from the decrease in fair value of our holding in Equus Energy, LLC of $6.0 million, principally due to decreases in the
forward curve for oil and natural gas and its effect on the economic prospects of Equus Energy regarding future development of its oil
and gas properties. See <I>Subsequent Events</I> below where we sold our interest in Equus Energy in March 2025 for a combination of cash
and preferred stock valued at $4.0 million.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 48.55pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 48.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2023, we
recorded an increase of $17.0 million in net unrealized appreciation, from an unrealized appreciation of $7.5 million at December 31,
2022 to a net unrealized appreciation of $24.5 million at December 31, 2023. Such change in unrealized appreciation resulted primarily
from the increase in the fair value of our holdings in Morgan E&amp;P, LLC of $22.6 million, principally due to substantial increases
in Morgan&rsquo;s reserves and the reclassification of certain of its proved reserves from undeveloped to producing. The increase in the
fair value of Morgan was offset by the decrease in fair value of our holding in Equus Energy, LLC of $5.7 million, principally due to
decreases in the forward curve for natural gas and its effect on the economic prospects of Equus Energy regarding future development of
its gas properties.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 48.55pt">Year Ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2022</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2022,
we recorded an increase of $2.5 million in net unrealized appreciation, from an unrealized appreciation of $5.0 million at December 31,
2021 to a net unrealized appreciation of $7.5 million at December 31, 2022. Such change in unrealized appreciation resulted primarily
from the increase in the fair value of our holdings in Equus Energy, LLC of $2.65 million, principally due to an increase in the cost
basis of this investment, as well as increases in oil and gas prices, as well as increases in the short- and long-term forward pricing
curves for these commodities during 2022.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Portfolio <FONT STYLE="letter-spacing: -0.1pt">Securities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 0 0 45.5pt">As of December 31, 2024, we had active investments in
the following portfolio <FONT STYLE="letter-spacing: -0.1pt">companies:</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: 0.55pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.55pt">Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Morgan
E&amp;P, LLC (&ldquo;Morgan&rdquo;) was organized by the Fund on April 3, 2023 as a Delaware limited liability company and a
wholly-owned subsidiary of the Fund. On May 22, 2023, Morgan completed the acquisition of 4,747.52 net acres, in the Bakken/Three
Forks formation in the Williston Basin of North Dakota, and acquired approximately 1,100 additional acres on September 26, 2023. The
acreage and associated mineral rights were acquired from Pro Energy I LLC (&ldquo;Pro Energy&rdquo;), a company whose principals
have decades of oil and gas experience and who have themselves drilled over 1,800 horizontal wells in the Williston Basin over a
10-year period. In May 2023, we entered into an agreement with Morgan to provide it up to $10.0 million in senior debt financing,
which amount was subsequently amended to $10.5 million, subject to a schedule of disbursements and draws that we determine. As of
December 31, 2024, we advanced Morgan $10.5 million under this facility. During 2023 and 2024, Morgan substantially increased its
reserves and completed the drilling of two new wells. However, due to mechanical issues, these two wells were classified as non
producing during the fourth quarter of 2024. As a result, the fair value of our debt and equity interest in Morgan was $23.5 million
at December 31, 2024.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.55pt">Equus Energy, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We formed Equus
Energy, as a wholly-owned subsidiary of the Fund, to make investments in companies in the energy sector, with particular emphasis on income-producing
oil &amp; gas properties. In December 2011, we contributed</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.9pt 0 21pt; text-align: justify">$250,000 to the capital of Equus
Energy. On December 27, 2012, we invested an additional $6.8 million in Equus Energy for the purpose of additional working capital and
to fund the purchase of $6.6 million in working interests that, as of December 31, 2024, consisted of 136 producing and non-producing
oil and gas wells, including associated development rights of approximately 21,520 acres situated on 9 separate properties in Texas and
Oklahoma. On September 30, 2020, the Fund provided an additional $0.6 million in capital to Equus Energy for the purpose of additional
working capital. On June 30, 2021, the Fund provided an additional $0.35 million in capital to Equus Energy for the purpose of additional
working capital. On December 31, 2022, the Fund provided an additional $0.15 million in capital to Equus Energy for the purpose of additional
working capital. The working interests held by Equus Energy range from a <I>de minimus </I>amount to 50% of the leasehold production of
these wells. The wells are operated by a number of experienced operators such as Burk Royalty, which has operating responsibility for
leasehold interests in the Conger Field, representing approximately one-third of the producing well interests. The assets were purchased
from Warren American Oil Company, LLC, a Tulsa-based oil and gas firm. The fair value of our holding in Equus Energy decreased from $10.0
million at December 31, 2023 to $4.0 million at December 31, 2024, principally due to decreases in the forward curve for oil and natural
gas and its effect on the economic viability of Equus Energy&rsquo;s gas reserves for future <FONT STYLE="letter-spacing: -0.1pt">development.
</FONT>See <I>Subsequent Events</I> below where we sold our interest in Equus Energy in March 2025 for a combination of cash and preferred
stock valued at $4.0 million.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 21pt; text-align: justify">Off Balance Sheet <FONT STYLE="letter-spacing: -0.1pt">Arrangements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our current
office space lease since December 31, 2020 is on a month-to-month basis. Rent expense, inclusive of common area maintenance costs, was
$97,000 for the year ended December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-align: justify">Contractual <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2024, we had no outstanding commitments to our portfolio company <FONT STYLE="letter-spacing: -0.1pt">investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 21pt"><FONT STYLE="letter-spacing: -0.1pt">Dividends</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">So long as
we remain a BDC, we will continue to pay out net investment income and/or realized capital gains, if any, on an annual basis as required
under the 1940 Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Subsequent <FONT STYLE="letter-spacing: -0.1pt">Events</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Management
performed an evaluation of the Fund&rsquo;s activity through the date the financial statements were issued, noting the following subsequent
events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Issuance of
Convertible Note and Warrants</I>. On February 10, 2025, we issued a 1-year senior convertible promissory note bearing interest at the
rate of 10.0% per annum in exchange for $2.0 million in cash (&ldquo;Equus Note&rdquo;). The Equus Note is convertible into shares of
the Fund&rsquo;s common stock at a conversion price of $1.50 per share. Contemporaneously with the issuance of the Note, the Fund also
issued two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of the Fund&rsquo;s common stock at an exercise
price of $1.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>New Portfolio
Investment</I>. On February 10, 2025, we purchased from General Enterprise Ventures, Inc., a developer of fire suppression products (&ldquo;GEVI&rdquo;),
a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for $1.5 million in cash (&ldquo;GEVI
Note&rdquo;). The GEVI Note is convertible into shares of GEVI&rsquo;s common stock at a conversion price of $0.40 per share. Contemporaneously
with the purchase of the GEVI Note, the Fund also received a common stock purchase warrant to acquire an aggregate of 1,875,000 shares
of GEVI common stock at an exercise price of $0.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Sale of Equus
Energy</I>. On March 3, 2025, we sold Equus Energy to North American Energy Opportunities Corp., a developer of upstream oil and gas assets
(&ldquo;NAEOC&rdquo;). The consideration provided by NAEOC consisted of $1.25 million in cash and 27,500 shares of preferred stock, redeemable
within 6 months of the date of issuance at $100.00 per share based upon fulfillment of certain conditions.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-style: normal"><A NAME="a_013"></A>Item 7A.</FONT> Quantitative
and Qualitative Disclosures About Market <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We are subject
to financial market risks, including changes in interest rates with respect to investments in debt securities and outstanding debt payable,
as well as changes in marketable equity security prices. In the future, we may invest in companies outside the United States, including
in Europe and Asia, which would give rise to exposure to foreign currency value fluctuations. We do not use derivative financial instruments
to mitigate any of these risks. The return on investments is generally not affected by foreign currency fluctuations.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our investments
in portfolio securities consist of some fixed-rate debt securities. Since the debt securities are generally priced at a fixed rate, changes
in interest rates do not directly affect interest income. In addition, changes in market interest rates are not typically a significant
factor in the determination of fair value of these debt securities, since the securities are generally held to maturity. We determine
their fair values based on the terms of the relevant debt security and the financial condition of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">A major
portion of our investment portfolio consists of equity investments in private companies. Modest changes in public market equity prices
generally do not significantly impact the estimated fair value of these investments. However, significant changes in market equity prices
can have a longer-term effect on valuations of private companies, which could affect the carrying value and the amount and timing of gains
or losses realized on these investments. A small portion of the investment portfolio may also consist of common stocks in publicly traded
companies. These investments are directly exposed to equity price risk, in that a hypothetical ten percent change in these equity prices
would result in a similar percentage change in the fair value of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We are classified
as a &ldquo;non-diversified&rdquo; investment company under the 1940 Act, which means we are not limited in the proportion of our assets
that may be invested in the securities of a single user. The value of one segment called &ldquo;Energy&rdquo; includes two portfolio companies
and was 93.1% of our net asset value, 91.9% of our total assets and 100% of our investments in portfolio company securities (at fair value)
as of December 31, 2024. Changes in business or industry trends or in the financial condition, results of operations, or the market&rsquo;s
assessment of any single portfolio company will affect the net asset value and the market price of our common stock to a greater extent
than would be the case if we were a &ldquo;diversified&rdquo; company holding numerous investments.</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"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B><A NAME="a_014"></A>Item 8. <I>Financial Statements and Supplementary <FONT STYLE="letter-spacing: -0.2pt">Data</FONT></I></B></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 196.75pt">Index to Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 196.75pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0 196.75pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-top: 0.4pt">&nbsp;</TD>
    <TD STYLE="width: 80%">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-top: 5.65pt; padding-right: 1.45pt; padding-left: 23.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_028">Report of Independent Registered Public Accounting Firm</A> <B>- </B>(BDO USA, P.C.; Houston, TX; PCAOB ID#243)</FONT></TD>
    <TD STYLE="padding-left: 21.75pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">39</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_029">Balance Sheets</A>&mdash;As of December 31, 2024 and 202<FONT STYLE="color: Black">3</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_030">Statements of Operations</A>&mdash;For the years ended December 31, 2024, 2023 and 202<FONT STYLE="color: Black">2</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_031">Statements of Changes in Net Assets</A>&mdash;For the years ended December 31, 2024, 2023 and 202<FONT STYLE="color: Black">2</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_032">Statements of Cash Flows</A>&mdash; For the years ended December 31, 2024, 2023 and 2022</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt; line-height: 10.95pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_033">Statements of Selected Per Share Data and Ratios</A> - For the years ended December 31, 2024, 2023, 2022, 2021 and 2020</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_034">Schedule of Investments</A>&mdash;December
    31, 202<FONT STYLE="color: Black">4</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_035">Schedule of Investments</A>&mdash;December 31, 202<FONT STYLE="color: Black">3</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_036">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 3.3pt">&nbsp;</TD>
    <TD STYLE="padding-left: 6.3pt; line-height: 105%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 105%"><A HREF="#a_037">Schedules of Investments in and Advances to Affiliates</A><B>&mdash; </B>For the year ended December 31, 202<FONT STYLE="color: Black">4</FONT></FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 23.2pt; text-align: center; line-height: 10.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">75</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.5pt"><A NAME="a_028"></A>Report of Independent Registered Public Accounting <FONT STYLE="letter-spacing: -0.2pt">Firm</FONT></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: 0.5pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 342.35pt 0 7.9pt">Shareholders and Board of Directors Equus Total Return,
Inc.</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt">Houston, <FONT STYLE="letter-spacing: -0.1pt">Texas</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Opinion
on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have
audited the accompanying balance sheets of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;), including the schedules of investments,
as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years
in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Table of Contents in Item
15(a)(1) (collectively referred to as the &ldquo;financial statements&rdquo;) and the selected per share data and ratios for each of the
five years in the period ended December 31, 2024. In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in net assets and its cash
flows for each of the three years in the period ended December 31, 2024, and the selected per share data and ratios for each of the five
years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Opinion
on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have
audited the accompanying balance sheets of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;), including the schedules of investments,
as of December 31, 2024 and 2023, the related statements of operations, changes in net assets, and cash flows for each of the three years
in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Table of Contents in Item
15(a)(1) (collectively referred to as the &ldquo;financial statements&rdquo;) and the selected per share data and ratios for each of the
five years in the period ended December 31, 2024. In our opinion, the financial statements present fairly, in all material respects, the
financial position of the Fund as of December 31, 2024 and 2023, and the results of its operations, changes in net assets and its cash
flows for each of the three years in the period ended December 31, 2024, and the selected per share data and ratios for each of the five
years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Going Concern
Uncertainty</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The accompanying
financial statements have been prepared assuming that the Fund will continue as a going concern. As discussed in Note 2 to the financial
statements, the Fund has insufficient operating cash flows and cash on hand that raises substantial doubt about its ability to continue
as a going concern. Management&rsquo;s plans in regard to these matters are also described in Note 2. The financial statements do not
include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Basis for
Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">These financial
statements and the selected per share data and ratios are the responsibility of the Fund&rsquo;s management. Our responsibility is to
express an opinion on the Fund&rsquo;s financial statements and the selected per share data and ratios based on our audits. We are a public
accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent
with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities
and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and the selected per share data and ratios are free of material misstatement, whether
due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial
reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Fund&rsquo;s internal control over financial reporting. Accordingly, we express
no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our audits
included performing procedures to assess the risks of material misstatement of the financial statements and the selected per share data
and ratios, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,
on a test basis, evidence regarding the amounts and disclosures in the financial statements and the selected per share data and ratios.
Our procedures included confirmation of securities owned as of December 31, 2024, and 2023 by correspondence with the custodians. Our
audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the
overall presentation of the financial statements and the selected per share data and ratios. <FONT STYLE="color: Black">We believe that
our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Critical
Audit Matter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The critical audit matter
communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to
be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements
and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not
alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter
below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0"></P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>Valuation
of Limited Liability Company Investments</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><FONT STYLE="font-family: Trebuchet MS, Times, Serif">A</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">s
described in Note 3 to the financial statements, the Fund&rsquo;s control investment portfolio has a total estimated fair value of $27.5
million at December 31, 2024, which includes $17.0 million of limited liability company investments. Management has determined that these
limited liability company investments are Level 3 investments in accordance with Accounting Standards Codification Topic 820 and utilize
inputs that are unobservable and significant to the fair value measurement.&#8239;Management engaged an independent third-party valuation
firm and reserve engineers to assist in the determination of the fair value estimate of the Fund&rsquo;s limited liability company Investments.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8239;&#8239;</FONT><FONT STYLE="font-family: Trebuchet MS, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
identified the valuation of the Fund&rsquo;s limited liability company investments as a critical audit matter. The principal considerations
for our determination are significant judgments involved in the determination of (i) the valuation techniques utilized to value these
investments&#8239;which include the guideline transaction method, guideline public company method, the discounted cash flow method and
transaction price method, and (ii) the use of unobservable inputs in these valuation techniques, which include, acreage value multiples,
estimated future production, proved reserve multiple, daily production multiple and discount rate. Auditing&#8239;these elements was
complex because it involved especially subjective auditor judgment, including the use of personnel with specialized skill and knowledge.&#8239;&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
primary procedures we performed to address this critical audit matter included:&#8239;&nbsp;</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&#8239;</FONT><FONT STYLE="font-family: Trebuchet MS, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Testing
                                            the reasonableness of the estimated future production by: (i) comparing to historical production
                                            volumes and historical production decline analyses and (ii) assessing the consistency with
                                            evidence obtained in other areas of the audit.</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.5pt"></TD><TD STYLE="width: 13.5pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilizing
                                            personnel with specialized skill and knowledge in valuation to assist&#8239;in: (i) evaluating
                                            the appropriateness of&#8239;the&#8239;valuation techniques applied to each limited liability
                                            company investment and (ii) evaluating whether unobservable inputs, including the acreage
                                            value multiples, proved reserve multiple, daily production multiple, and discount rate were
                                            reasonable by comparing to independent data sources.</FONT></TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<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>&nbsp;</B></P>

<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 0 0 7.9pt">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</FONT></P>

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

<P STYLE="font: 10pt/203% Times New Roman, Times, Serif; margin: 0 250.35pt 0 7.9pt">We have served as the Fund's auditor since 2014.</P>

<P STYLE="font: 10pt/203% Times New Roman, Times, Serif; margin: 0 250.35pt 0 7.9pt">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 7.9pt">April 10, <FONT STYLE="letter-spacing: -0.2pt">2025</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: 0.8pt 0 0">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.95pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 178.5pt 0 179.5pt; text-align: center"><A NAME="a_029"></A>EQUUS TOTAL RETURN, INC. BALANCE
SHEETS</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B></B></P>

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

<P STYLE="font: 2pt/2.25pt Times New Roman, Times, Serif; margin: 0 0 0 431pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,
    2024</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,
    2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">(in thousands, except shares and per share amounts)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Assets</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments in portfolio securities at fair value:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments (cost at $18,611 and $16,364, respectively)</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">27,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right">40,853</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments in portfolio securities at fair value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,853</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">U.S. Treasury Bills</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">44,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">262</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,533</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">Restricted cash</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">450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounts receivable from affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">678</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</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">Accrued interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,470</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">392</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,547</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Liabilities and net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">104</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowing under margin account</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,955</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">426</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">Commitments and contingencies (See Note 6)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">Net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Common stock, $.001 par value per share; 100,000,000 shares authorized as of December 31, 2024 and December 31, 2023, and 13,586,173&nbsp;&nbsp;shares outstanding as of December 31, 2024 and December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Preferred stock, $.001 par value per share; 10,000,000 shares authorized as of December 31, 2024 and December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, par value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of par value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(45,289</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(26,512</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">29,510</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">48,287</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Shares of common stock issued and outstanding, $.001 par value, 100,000 and 50,000 shares authorized, respectively</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: right">13,586</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11.5pt; text-align: right">13,586</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Net asset value per share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.17</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.55</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.75pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt/203% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0">The accompanying notes
are an integral part of these financial statements</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 2.45in 0 177.3pt; text-align: center; text-indent: 0.05pt"><A NAME="a_030"></A>EQUUS TOTAL
RETURN, INC. STATEMENTS OF OPERATIONS</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.2pt 0 0"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands, except per share amounts)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investment income:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">1,245</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">225</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,245</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">225</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest from U.S. Treasury Bills</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,274</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,761</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,937</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,439</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">815</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional liability expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">582</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">720</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">317</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">325</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">189</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mailing, printing and other expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,589</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,284</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,629</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 1pt">Net investment loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,315</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,035</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,629</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">Net realized gain:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">138</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net unrealized appreciation (depreciation) of portfolio securities:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net change in net unrealized appreciation (depreciation) of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(15,600</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,950</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Income Taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net increase (decrease) in net assets resulting from operations</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(18,777</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,949</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1,128</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net increase (decrease) in net assets resulting from operations per share:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(1.38</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.96</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(0.08</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Weighted average shares outstanding:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,586</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,526</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,518</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.2pt 0 0"><B></B></P>

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

<P STYLE="font: 11pt/2.2pt Times New Roman, Times, Serif; margin: 0 0 0 3.6in; text-indent: 436.2pt">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 5.65pt 0 0"></P>

<P STYLE="text-align: center; font: 10pt/204% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">The accompanying notes are
an integral part of these financial statements</P>

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


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    <!-- Field: /Page -->

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 129.4pt 0 147.4pt; text-indent: 35.25pt"><A NAME="a_031"></A>EQUUS TOTAL RETURN, INC. STATEMENTS
OF CHANGES IN NET ASSETS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 129.4pt 0 147.4pt; text-indent: 35.25pt">&nbsp;</P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 0 129.4pt 0 0; color: Red"></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Common Stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number of Shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Par Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital in Excess of Par Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Accumulated Deficit</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%">&nbsp;Balances as of December 31, 2024</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">13,586</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">74,785</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">(45,289</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">29,510</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Net decrease in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,777</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,777</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;Balances as of December 31, 2023</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,512</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,287</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;Issuance of shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</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">101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Net increase in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,949</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;Balances as of December 31, 2022</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,461</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,237</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Net decrease in net assets resulting from operations</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,128</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,128</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;Balances as of December 31, 2021</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13,586</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">74,685</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(38,333</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36,365</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.75pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11.35pt; margin-bottom: 0; text-align: center">The accompanying notes are an integral
part of these financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.1pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 176.05pt 0 177.1pt; text-align: center; text-indent: -0.1pt"><A NAME="a_032"></A>EQUUS
TOTAL RETURN, INC. STATEMENTS OF CASH FLOWS</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 2.9pt 0 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flow from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left">Net (decrease) increase in net assets resulting from operations</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(18,777</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">12,949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(1,128</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjustments to reconcile net (decrease) increase in net assets resulting from operations to net cash&nbsp;&nbsp;provided by (used in) operating activities:</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(138</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) of portfolio securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Control investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,600</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,950</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,500</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of portfolio securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,247</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,253</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from dispositions of portfolio securities</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales (purchases) of U.S. Treasury Bills, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,093</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(38,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,497</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable from affiliates</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(539</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,245</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(225</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">132</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(227</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(410</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable to related parties</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">103</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash provided by (used in) operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,234</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(51,359</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,704</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under margin account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">161,907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,923</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,997</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under margin account</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(206,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(46,966</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,499</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issuance of common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">101</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net cash (used in) provided by financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(44,955</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">39,058</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,498</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net (decrease) in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,721</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,301</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,206</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Cash and cash equivalents and restricted cash at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,983</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">19,284</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,490</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 2.5pt">Cash and cash equivalents and restricted cash at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">262</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">6,983</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,284</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Supplemental disclosure of cash flow information:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">138</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">13</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">53</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The accompanying notes are an integral part
of these financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.95pt 0 0"></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><A NAME="a_033"></A>PER SHARE DATA AND RATIOS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 1.5pt 0 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year ended December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Investment income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.09</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.02</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.02</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.33</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.32</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.27</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.26</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.38</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net investment loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.24</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.30</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.36</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net realized gain (loss)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.01</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">0.03</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.37</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; text-align: left">Net change in unrealized appreciation of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1.15</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.19</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.42</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2.05</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net (decrease) increase in net assets resulting from operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.38</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.96</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.91</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Capital transactions:</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red">&nbsp;</TD>
    <TD STYLE="color: red; text-align: left">&nbsp;</TD><TD STYLE="color: red; text-align: right">&nbsp;</TD><TD STYLE="color: red; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;Shares issued for portfolio securities</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">&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">0.01</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; padding-bottom: 1pt">&nbsp;&nbsp;Dilutive effect of shares issued</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.02)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Decrease in net assets resulting from capital transactions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(0.02)</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">0.01</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net increase (decrease) in net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.38</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.94</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.08</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(0.90</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Net assets at beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.55</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.61</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.69</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2.50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3.40</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Net assets at end of period, basic and diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.17</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3.55</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.61</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.69</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2.50</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Weighted average number of shares outstanding during period,</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in thousands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,526</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,518</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Market price per share:</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.16</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.82</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.45</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1.43</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2.16</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">Selected information and ratios:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.80</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.87</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.14</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.77</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.00</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment loss to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.52</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8.36</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10.14</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9.77</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.20</TD><TD STYLE="text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 24px">Ratio of net increase (decrease) in net assets resulting from operations to average net assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48.28</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.82</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3.15</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.38</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30.82</TD><TD STYLE="text-align: left">%)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: 400; font-style: normal; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total return on market price <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal; font-weight: 400"><SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24.14</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.40</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39.92</TD><TD STYLE="text-align: left">%)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.19</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.68</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 1.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt"><FONT STYLE="font-size: 3pt">(1)</FONT> <FONT STYLE="font-size: 8pt">Total
return = [(ending market price per share + year-to-date dividends paid - beginning market price per share) / beginning market price per
<FONT STYLE="letter-spacing: -0.1pt">share</FONT></FONT><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">].</FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">The accompanying notes are an integral part
of these financial <FONT STYLE="letter-spacing: -0.1pt">statements.</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: 0.45pt 0 0"></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 178.5pt 0 179.5pt; text-align: center"><A NAME="a_034"></A>EQUUS TOTAL RETURN, INC. SCHEDULE
OF INVESTMENTS DECEMBER 31, 2024</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center">(in thousands, except share
<FONT STYLE="letter-spacing: -0.1pt">data)</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7.5pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">Name and Location of</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Date&nbsp;of&nbsp;Initial</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Cost of</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Fair</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">Portfolio&nbsp;Company <FONT STYLE="font: normal 700 7.5pt Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold">Investment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">Investment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold">Principal</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">Investment</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal; text-align: center">Value<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">Control Investments:&nbsp;&nbsp;Majority-owned
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-variant: normal; font-weight: 700"><SUP>(3)</SUP>:</FONT></TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">Equus Energy, LLC <FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif">Houston, TX</FONT></P>

</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: right">&nbsp;Energy&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;December 2011&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Member interest (100%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">8,111</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">4,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font-weight: 400; font-style: normal; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Morgan
E&amp;P, LLC <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-variant: normal; font-weight: 400"><SUP>(4)</SUP></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif">Houston, TX</FONT></P>

</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;Energy&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">April 2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;Member interest (100%)</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; 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">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 4pt; text-align: right; padding-bottom: 1pt; width: 13%">&nbsp;</TD><TD STYLE="font-size: 4pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: right; width: 11%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 4pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: right; width: 11%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: 400; font-style: normal; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt; width: 13%">12% senior secured promissory note due 5/26 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(5)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right; width: 10%">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; width: 10%">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; width: 10%">10,500</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: left">Total Control Investments: Majority-owned (represents 100% of total investments at fair value)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,611</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Investments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">18,611</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">27,500</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 4.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 13.25pt 0 21.25pt"><SUP>(1)</SUP> Under Section 55 (a) of the 1940 Act,
qualifying assets must represent at least 70% of total assets at the time of acquisitions of any non-qualifying assets. As of none of
the Fund's total assets were considered non-qualifying assets. See Note 3 to the financial statements, Valuation of Investments.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 21.25pt"><SUP>(2)</SUP> See Note 3 to the financial statements,
Valuation of <FONT STYLE="letter-spacing: -0.1pt">Investments.</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 7.4pt 0 21.25pt"><SUP>(3)</SUP> Majority-owned investments are generally
defined under the Investment Company Act of 1940 as companies in which we own more than 50% of the voting <FONT STYLE="letter-spacing: -0.2pt">securities
of the company.</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 21.25pt"><SUP>(4)</SUP> Level 3 Portfolio <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.65pt 0 0 21.25pt"><SUP>(5)</SUP> Income-<FONT STYLE="letter-spacing: -0.1pt">producing</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center">&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: 7.95pt 0 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><B>SCHEDULE OF INVESTMENTS &ndash; <FONT STYLE="letter-spacing: -0.1pt">(Continued)</FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">DECEMBER 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.85pt; text-align: center">(in thousands, except share
<FONT STYLE="letter-spacing: -0.1pt">data)</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.85pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our portfolio securities
are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the &ldquo;Securities Act&rdquo;).
We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfolio company, including
registration rights and related costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As a business
development company (&ldquo;BDC&rdquo;), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by
the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;). Specifically, we may invest up to 30% of our assets in entities that
are not considered &ldquo;eligible portfolio companies&rdquo; (as defined in the 1940 Act), including companies located outside of the
United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly-traded entities with a market
capitalization exceeding $250 million. As of December 31, 2024, we had invested 91.9% of our assets in securities of portfolio companies
that constituted qualifying investments under the 1940 Act. As of December 31, 2024, none of our investments are considered non-qualifying
assets as all of our investments are in enterprises that are considered eligible portfolio companies the 1940 Act. We provide significant
managerial assistance to our portfolio companies that comprise 100% of the total value of the investments in portfolio securities as of
December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We are classified
as a &ldquo;non-diversified&rdquo; investment company under the 1940 Act, which means we are not limited in the proportion of our assets
that may be invested in the securities of a single issuer. The value of one segment called &ldquo;Energy&rdquo; includes our two remaining
portfolio companies and was 93.2% of our net asset value, 91.9% of our total assets and 100% of our investments in portfolio company securities
(at fair value) as of December 31, 2024. Changes in business or industry trends or in the financial condition, results of operations,
or the market&rsquo;s assessment of any single portfolio company will affect the net asset value and the market price of our common stock
to a greater extent than would be the case if we were a &ldquo;diversified&rdquo; company holding numerous investments.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our investments
in portfolio securities consist of the following types of securities as of December 31, 2024 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of Securities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as Percentage of Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left">Limited liability company investments</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">8,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">17,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">57.6</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Secured and subordinated debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.6</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">18,611</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt">The following
is a summary by industry of the Fund&rsquo;s investments in portfolio securities as of December 31, 2024 (in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as Percentage of Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">Energy</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">27,500</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">93.2</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93.2</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt"></P>

<P STYLE="margin: 0"></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 178.5pt 0 179.5pt; text-align: center"><A NAME="a_035"></A>EQUUS TOTAL RETURN, INC. SCHEDULE
OF INVESTMENTS DECEMBER 31, 2023</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0 0.85pt; text-align: center">(in thousands, except share
<FONT STYLE="letter-spacing: -0.1pt">data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.9pt 0 0.05pt"><B><I>&nbsp;</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7.5pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold">Name and Location of</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">Date&nbsp;of&nbsp;Initial</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Cost of</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">Fair</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">Portfolio&nbsp;Company <FONT STYLE="font: normal 700 7.5pt Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; padding-bottom: 1pt; font-weight: bold; vertical-align: bottom">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold">Investment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-weight: bold">Investment</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold">Principal</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center">Investment</TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal; text-align: center">Value<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 700"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD COLSPAN="9" STYLE="padding-bottom: 1pt; font-weight: bold; font-style: normal">Control Investments:&nbsp;&nbsp;Majority-owned
    <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-variant: normal; font-weight: 700"><SUP>(3)</SUP>:</FONT></TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 9pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt"><P STYLE="margin-top: 0; margin-bottom: 0">Equus Energy, LLC <FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif"><SUP>(4)</SUP></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif">Houston, TX</FONT></P>

</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; text-align: right">&nbsp;Energy&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;December 2011&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Member interest (100%)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">8,111</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right">10,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="font-weight: 400; font-style: normal; text-align: left"><P STYLE="margin-top: 0; margin-bottom: 0">Morgan
E&amp;P, LLC <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-variant: normal; font-weight: 400"><SUP>(4)</SUP></FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: normal 400 7.5pt Times New Roman, Times, Serif">Houston, TX</FONT></P>

</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;Energy&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">April 2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;Member interest (100%)</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; 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">22,600</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 4pt; text-align: right; padding-bottom: 1pt; width: 13%">&nbsp;</TD><TD STYLE="font-size: 4pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: right; width: 11%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-size: 4pt; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: right; width: 11%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 4pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="font-weight: 400; font-style: normal; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: 400; font-style: normal; text-align: left; padding-bottom: 1pt; width: 13%">12% senior secured promissory note due 5/26 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; font-style: normal; font-weight: 400"><SUP>(5)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">$</TD><TD STYLE="padding-bottom: 1pt; text-align: right; width: 10%">8,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; width: 10%">8,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right; width: 10%">8,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt">&nbsp;</TD>
    <TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 4pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="15" STYLE="font-weight: bold; text-align: left">Total Control Investments: Majority-owned (represents 47.6% of total investments at fair value)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">16,364</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">40,853</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="5" STYLE="font-weight: bold; text-align: left">U.S. Treasury Bills</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">U.S. Treasury Bill</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">Government</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">December 2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>UST 0% 1/24</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,955</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,955</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: left">Total U.S. Treasury bills (represents 52.4% of total investments at
    fair value)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">44,955</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">44,955</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Investments</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">61,319</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">85,808</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.9pt 0 0.05pt"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.9pt 0 0.05pt"><B><I></I></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 4.25pt 0 0; color: Red"><B></B></P>




<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 4.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 13.25pt 0 21.25pt"><SUP>(1)</SUP> Under Section 55 (a) of the 1940 Act,
qualifying assets must represent at least 70% of total assets at the time of acquisitions of any non-qualifying assets. As of none of
the Fund's total assets were considered non-qualifying assets. See Note 3 to the financial statements, Valuation of Investments.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 21.25pt"><SUP>(2)</SUP> See Note 3 to the financial statements,
Valuation of <FONT STYLE="letter-spacing: -0.1pt">Investments.</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 7.4pt 0 21.25pt"><SUP>(3)</SUP> Majority-owned investments are generally
defined under the Investment Company Act of 1940 as companies in which we own more than 50% of the voting <FONT STYLE="letter-spacing: -0.2pt">securities
of the company.</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.55pt 0 0 21.25pt"><SUP>(4)</SUP> Level 3 Portfolio <FONT STYLE="letter-spacing: -0.1pt">Investments</FONT></P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 2.65pt 0 0 21.25pt"><SUP>(5)</SUP> Income-<FONT STYLE="letter-spacing: -0.1pt">producing</FONT></P>

<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: 6.1pt 0 0">&nbsp;</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><B>SCHEDULE OF INVESTMENTS &ndash; <FONT STYLE="letter-spacing: -0.1pt">(Continued)</FONT></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">DECEMBER 31, <FONT STYLE="letter-spacing: -0.2pt">2023</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.85pt; text-align: center">(in thousands, except share
<FONT STYLE="letter-spacing: -0.1pt">data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our portfolio securities
are restricted from public sale without prior registration under the Securities Act of 1933 (hereafter, the &ldquo;Securities Act&rdquo;).
We typically negotiate certain aspects of the method and timing of the disposition of our investment in each portfolio company, including
registration rights and related costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As a business
development company (&ldquo;BDC&rdquo;), we may invest up to 30% of our assets in non-qualifying portfolio investments, as permitted by
the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;). Specifically, we may invest up to 30% of our assets in entities that
are not considered &ldquo;eligible portfolio companies&rdquo; (as defined in the 1940 Act), including companies located outside of the
United States, entities that are operating pursuant to certain exceptions under the 1940 Act, and publicly-traded entities with a market
capitalization exceeding $250 million. As of December 31, 2023, we had invested 43.7% of our assets in securities of portfolio companies
that constituted qualifying investments under the 1940 Act. As of December 31, 2023, none of our investments are considered non-qualifying
assets as all of our investments are in enterprises that are considered eligible portfolio companies the 1940 Act. We provide significant
managerial assistance to our portfolio companies that comprise 100% of the total value of the investments in portfolio securities as of
December 31, 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We are classified
as a &ldquo;non-diversified&rdquo; investment company under the 1940 Act, which means we are not limited in the proportion of our assets
that may be invested in the securities of a single issuer. The value of one segment called &ldquo;Energy&rdquo; includes our two remaining
portfolio companies and was 84.6% of our net asset value, 43.7% of our total assets and 100% of our investments in portfolio company securities
(at fair value) as of December 31, 2023. Changes in business or industry trends or in the financial condition, results of operations,
or the market&rsquo;s assessment of any single portfolio company will affect the net asset value and the market price of our common stock
to a greater extent than would be the case if we were a &ldquo;diversified&rdquo; company holding numerous investments.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our investments
in portfolio securities consist of the following types of securities as of December 31, 2023 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of Securities</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as Percentage of Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left">Limited liability company investments</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">8,111</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">32,600</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">67.5</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Secured and subordinated debt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.1</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">16,364</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,853</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 27pt">The following
is a summary by industry of the Fund&rsquo;s investments in portfolio securities as of December 31, 2023 (in thousands):</P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.6pt 0 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Industry</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value as Percentage of Net Assets</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">Energy</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">40,853</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 26%; border-bottom: Black 1pt solid; text-align: right">84.6</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">Total</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,853</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84.6</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.35pt 0 0">&nbsp;</P>

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

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

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

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

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

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

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




<P STYLE="text-align: center; font: 10pt/16pt Times New Roman, Times, Serif; margin-top: 7.45pt; margin-bottom: 0"><B><A NAME="a_036"></A>EQUUS TOTAL RETURN,
INC.</B></P>

<P STYLE="font: 10pt/16pt Times New Roman, Times, Serif; text-align: center; margin-top: 7.45pt; margin-bottom: 0"><B>NOTES TO FINANCIAL STATEMENTS</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0.1pt; margin-bottom: 0"><B>DECEMBER 31, 2024, 2023 AND <FONT STYLE="letter-spacing: -0.2pt">2022</FONT></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 11.3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 13.1pt"><FONT STYLE="letter-spacing: -0.1pt"><B>(1)</B></FONT></TD><TD><B>ORGANIZATION AND BUSINESS <FONT STYLE="letter-spacing: -0.1pt">PURPOSE</FONT></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>About the Company&mdash;</B>Equus
Total Return, Inc. (&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Equus&rdquo; the &ldquo;Company&rdquo; and the &ldquo;Fund&rdquo;),
a Delaware corporation, was formed by Equus Investments II, L.P. (the &ldquo;Partnership&rdquo;) on August 16, 1991. On July 1, 1992,
the Partnership was reorganized and all of the assets and liabilities of the Partnership were transferred to the Fund in exchange for
shares of common stock of the Fund. Our shares trade on the New York Stock Exchange (&ldquo;NYSE&rdquo;) under the symbol &lsquo;EQS&rsquo;.
On August 11, 2006, our shareholders approved the change of the Fund&rsquo;s investment strategy to a total return investment objective.
This strategy seeks to provide the highest total return, consisting of capital appreciation and current income. In connection with this
strategic investment change, the shareholders also approved the change of name from Equus II Incorporated to Equus Total Return, Inc.
On January 20, 2021, holders of a majority of the outstanding common stock of the Fund approved the restatement of our Certificate of
Incorporation to increase the number of our authorized shares of common stock from 50,000,000 to 100,000,000, and the number of our authorized
shares of preferred stock from 5,000,000 to 10,000,000. As of December 31, 2024, we had 13,586,173 shares of common stock outstanding
and no shares of preferred stock outstanding.</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 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We attempt to
maximize the return to stockholders in the form of current investment income and long-term capital gains by investing in the debt and
equity securities of companies with a total enterprise value between $5.0 million and $75.0 million, although we may engage in transactions
with smaller or larger investee companies from time to time. We seek to invest primarily in companies pursuing growth either through acquisition
or organically, leveraged buyouts, management buyouts and recapitalizations of existing businesses or special situations. Our income-
producing investments consist principally of debt securities including subordinated debt, debt convertible into common or preferred stock,
or debt combined with warrants and common and preferred stock. Debt and preferred equity financing may also be used to create long-term
capital appreciation through the exercise and sale of warrants received in connection with the financing. We seek to achieve capital appreciation
by making investments in equity and equity- oriented securities issued by privately-owned companies in transactions negotiated directly
with such companies. Given market conditions over the past several years and the performance of our portfolio, our Management and Board
of Directors believe it prudent to continue to review alternatives to refine and further clarify the current strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We elected
to be treated as a BDC under the Investment Company Act of 1940 Act (&ldquo;1940 Act&rdquo;), although our shareholders have previously
authorized us to withdraw this election and, although such authorization has expired, will likely do so again in the future. Prior to
the fourth quarter of 2024, we qualified as a regulated investment company (&ldquo;RIC&rdquo;) for federal income tax purposes and, therefore,
were not required to pay corporate income taxes on any income or gains that we <FONT STYLE="letter-spacing: -0.05pt">would have distributed
</FONT>distribute to our stockholders. During the fourth quarter of 2024, we elected to not qualify as a RIC and, consequently, we will
be subject to normal corporate rates of taxation of our income and gains and will not be permitted to deduct distributions paid to our
stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
have certain wholly owned taxable subsidiaries (&ldquo;Taxable Subsidiaries&rdquo;) that were created to help us maintain our RIC
status, each of which holds one or more portfolio investments listed on our Schedules of Investments. The purpose of these Taxable
Subsidiaries was to permit us to hold certain income- producing investments or portfolio companies organized as limited liability
companies, or LLCs, (or other forms of pass-through entities) and still satisfy the RIC tax requirement that at least 90% of our
gross revenue for income tax purposes must consist of investment income. Absent the Taxable Subsidiaries, a portion of the gross
income of these income-producing investments or of any LLC (or other pass-through entity) portfolio investment, as the case may be,
would flow through directly to us for the 90% test. Since we have elected to not qualify as a RIC, the income of these Taxable
Subsidiaries may be taxable to Equus, which is now classified as a Subchapter C or corporation. To the extent that such income did
not consist of investment income, it could jeopardize our ability to <FONT STYLE="letter-spacing: -0.05pt">re</FONT>qualify as a RIC
and, therefore, cause us to incur federal income taxes as described above. The income of the LLCs (or other pass-through entities)
owned by Taxable Subsidiaries is taxed to the Taxable Subsidiaries and does not flow through to us, thereby helping us obtain (or
preserve, as the case may be) RIC status and the resultant tax advantages. We do not consolidate the Taxable Subsidiaries for income
tax purposes, with the exception of Texas Margins Tax, which is an entity level tax. The Taxable Subsidiaries may generate income
tax expense because of the Taxable Subsidiaries&rsquo; ownership of the portfolio companies. We reflect any such income tax expense
on our Statements of Operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

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<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 13.1pt"><FONT STYLE="letter-spacing: -0.1pt">(2)</FONT></TD><TD>LIQUIDITY AND FINANCING <FONT STYLE="letter-spacing: -0.1pt">ARRANGEMENTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2024, we had cash and cash equivalents of $0.3 million. Our operating cash flow and cash on hand is not sufficient to meet operating
requirements or to finance routine capital expenditures through the next twelve months. We are therefore seeking liquidity from the sale
of our portfolio interests, as well as seeking external debt and equity financing from third parties. In addition, we are actively seeking
to fulfill the conditions of redemption relating to certain shares of preferred stock received in connection with our recent sale of
Equus Energy as described in Note II <I>Subsequent Events</I>. Should any or all of the foregoing events not occur as contemplated, the
Fund will not have the necessary funds to maintain normal operations and, therefore, substantial doubt would exist about the Fund&rsquo;s
ability to continue as a going concern.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During the first
three quarters of 2024 and all of 2023, we borrowed sufficient funds to maintain the Fund&rsquo;s RIC status by utilizing a margin account
with a securities brokerage firm. If we seek to requalify as a RIC, there is no assurance that such arrangement will be available in the
future. If we are unable to borrow funds to make qualifying investments, we may not requalify as a RIC. We would then continue to be subject
to corporate income tax on the Fund&rsquo;s net investment income and realized capital gains, and distributions to stockholders would
continue to be subject to income tax as ordinary dividends. If we continue to be a BDC and generate significant income and gains, but
do not requalify as a RIC, we will be subject to corporate level tax and the non-deductibility of dividends, any of which could be material
to us and our stockholders.</P>

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<TD STYLE="width: 20.95pt"></TD><TD STYLE="width: 13.1pt"><FONT STYLE="letter-spacing: -0.1pt">(3)</FONT></TD><TD>SIGNIFICANT ACCOUNTING <FONT STYLE="letter-spacing: -0.1pt">POLICIES</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Earnings
Per Share</B>&mdash;Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by
the weighted-average number of shares of common stock outstanding for the period. Other potentially dilutive common stock, and the related
impact to earnings, are considered when calculating earnings per share on a diluted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Use of
Estimates</B>&mdash;The preparation of financial statements in accordance with accounting principles generally accepted in the United
States (&ldquo;GAAP&rdquo;) requires us to make estimates and assumptions that affect the reported amounts and disclosures in the financial
statements. Although we believe the estimates and assumptions used in preparing these financial statements and related notes are reasonable
in light of known facts and circumstances, actual results could differ from those estimates. We have identified valuation of investments
and revenue recognition as our most critical accounting estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Consolidation</B>&mdash;In
accordance with Article 6 of Regulation S-X under the Securities Act of 1933, we do not consolidate portfolio company investments. Under
Accounting Standards Committee (&ldquo;ASC&rdquo;) 946, we are precluded from consolidating any entity other than another investment company,
except that ASC 946 provides for the consolidation of a controlled operating company that provides substantially all of its services to
the investment company or its consolidated subsidiaries<FONT STYLE="font-size: 8pt">.</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: 0.4pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Valuation of
Investments&mdash;</B>For most of our investments, market quotations are not available. With respect to investments for which market quotations
are not readily available or when such market quotations are deemed not to represent fair value, our Board has approved a multi-step valuation
process each quarter, as described below:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 11.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">Each portfolio company or investment is reviewed by our investment <FONT STYLE="letter-spacing: -0.1pt">professionals;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="text-align: justify; padding-right: 41.1pt"><FONT STYLE="font-size: 10pt">With respect to investments with a fair value exceeding
$2.5 million that have been held for more than one year, we engage independent valuation firms to assist our investment professionals.
These independent valuation firms conduct independent valuations and make their own independent assessments;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="padding-right: 22.35pt"><FONT STYLE="font-size: 10pt">Our Management produces a report that summarizes each of our portfolio
investments and recommends a fair value of each such investment as of the date of the report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="padding-right: 30.95pt"><FONT STYLE="font-size: 10pt">The Audit Committee of our Board reviews and discusses the preliminary
valuation of our portfolio investments as recommended by Management in their report and any reports or recommendations of the independent
valuation firms, and then approves and recommends the fair values of our investments so determined to our Board for final approval; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 51.4pt"></TD><TD STYLE="width: 22.5pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="padding-right: 27.05pt"><FONT STYLE="font-size: 10pt">The Board discusses valuations and determines the fair value of each
portfolio investment in good faith based on the input of our Management, the respective independent valuation firm, as applicable, and
the Audit Committee.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">During the
first twelve months after an investment is made, we rely on the original investment amount to determine the fair value unless significant
developments have occurred during this twelve-month period which would indicate a material effect on the portfolio company (such as results
of operations or changes in general market <FONT STYLE="letter-spacing: -0.1pt">conditions).</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Investments are
valued utilizing a yield analysis, enterprise value (&ldquo;EV&rdquo;) analysis, net asset value analysis, liquidation analysis, discounted
cash flow analysis, or a combination of methods, as appropriate. The yield analysis uses loan spreads and other relevant information implied
by market data involving identical or comparable assets or liabilities. Under the EV analysis, the EV of a portfolio company is first
determined and allocated over the portfolio company&rsquo;s securities in order of their preference relative to one another (i.e., &ldquo;waterfall&rdquo;
allocation). To determine the EV, we typically use a market multiples approach that considers relevant and applicable market trading data
of guideline public companies, transaction metrics from precedent M&amp;A transactions and/or a discounted cash flow analysis. The net
asset value analysis is used to derive a value of an underlying investment (such as real estate property) by dividing a relevant earnings
stream by an appropriate capitalization rate. For this purpose, we consider capitalization rates for similar properties as may be obtained
from guideline public companies and/or relevant transactions. The liquidation analysis is intended to approximate the net recovery value
of an investment based on, among other things, assumptions regarding liquidation proceeds based on a hypothetical liquidation of a portfolio
company&rsquo;s assets. The discounted cash flow analysis uses valuation techniques to convert future cash flows or earnings to a range
of fair values from which a single estimate may be derived utilizing an appropriate discount rate. The measurement is based on the net
present value indicated by current market expectations about those future amounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In applying
these methodologies, additional factors that we consider in fair value pricing our investments may include, as we deem relevant: security
covenants, call protection provisions, and information rights; the nature and realizable value of any collateral; the portfolio company&rsquo;s
ability to make payments; the principal markets in which the portfolio company does business; publicly available financial ratios of peer
companies; the principal market; and enterprise values, among other factors. Also, any failure by a portfolio company to achieve its business
plan or obtain and maintain its financing arrangements could result in increased volatility and result in a significant and rapid change
in its value.</P>

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In addition to
the previously described analysis involving allocation of value to the debt instrument, we perform a yield analysis assuming a hypothetical
current sale of the security to determine if a debt security has been impaired. The yield analysis considers changes in interest rates
and changes in leverage levels of the portfolio company as compared to the market interest rates and leverage levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We record
unrealized depreciation on investments when we determine that the fair value of a security is less than its cost basis, and will record
unrealized appreciation when we determine that the fair value is greater than its cost <FONT STYLE="letter-spacing: -0.1pt">basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Fair Value Measurement&mdash;Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date and sets out a fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active
markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined
as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described
<FONT STYLE="letter-spacing: -0.1pt">below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Level 1&mdash;Unadjusted
quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Level 2&mdash;Inputs
other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value
is determined through the use of models or other valuation methodologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Level 3&mdash;Inputs
are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.
The inputs into the determination of fair value are based upon the best information under the circumstances and may require significant
management judgment or estimation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In certain
cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment&rsquo;s
level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment
of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific
to the investment.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Investments for
which prices are not observable are generally private investments in the debt and equity securities of operating companies. One of the
primary valuation methods used to estimate the fair value of these Level</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify">3 investments is the discounted cash
flow method (although a liquidation analysis, option theoretical, or other methodology may be used when more appropriate). The discounted
cash flow approach to determine fair value (or a range of fair values) involves applying an appropriate discount rate(s) to the estimated
future cash flows using various relevant factors depending on investment type, including comparing the latest arm&rsquo;s length or market
transactions involving the subject security to the selected benchmark credit spread, assumed growth rate (in cash flows), and capitalization
rates/multiples (for determining terminal values of underlying portfolio companies). The valuation based on the inputs determined to be
the most reasonable and probable is used as the fair value of the investment. The determination of fair value using these methodologies
may take into consideration a range of factors including, but not limited to, the price at which the investment was acquired, the nature
of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating
performance, financing transactions subsequent to the acquisition of the investment and anticipated financing transactions after the valuation
<FONT STYLE="letter-spacing: -0.1pt">date.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">To assess the
reasonableness of the discounted cash flow approach, the fair value of equity securities, including warrants, in portfolio companies may
also consider the market approach&mdash;that is, through analyzing and applying to the underlying portfolio companies, market valuation
multiples of publicly-traded firms engaged in businesses similar to those of the portfolio companies. The market approach to determining
the fair value of a portfolio company&rsquo;s equity security (or securities) will typically involve: (1) applying to the portfolio company&rsquo;s
trailing twelve months (or current year projected) EBITDA, a low to high range of enterprise value to EBITDA multiples that are derived
from an analysis of publicly-traded comparable companies, in order to arrive at a range of enterprise values for the portfolio company;
(2) subtracting from the range of calculated enterprise values the outstanding balances of any debt or equity securities that would be
senior in right of payment to the equity securities we hold; and (3) multiplying the range of equity values derived therefrom by our ownership
share of such equity tranche in order to arrive at a range of fair values for our equity security (or securities). Application of these
valuation methodologies involves a significant degree of judgment by Management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Due to the
inherent uncertainty of determining the fair value of Level 3 investments that do not have a readily available market value, the fair
value of the investments may differ significantly from the values that would have been used had a ready market existed for such investments
and may differ materially from the values that may ultimately be received or settled. Further, such investments are generally subject
to legal and other restrictions or otherwise are less liquid than publicly traded instruments. If we were required to liquidate a portfolio
investment in a forced or liquidation sale, we might realize significantly less than the value at which such investment had previously
been recorded. With respect to Level 3 investments, where sufficient market quotations are not readily available or for which no or an
insufficient number of indicative prices from pricing services or brokers or dealers have been received, we undertake, on a quarterly
basis, our valuation process as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We assess
the levels of the investments at each measurement date, and transfers between levels are recognized on the subsequent measurement date
closest in time to the actual date of the event or change in circumstances that caused the transfer. There were no transfers to or from
Level 3 for the years ended December 31, 2024 and 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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2024, investments measured at fair value on a recurring basis are categorized in the tables below based on the lowest level of significant
input to the valuations:</P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair Value Measurements as of December 31, 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Quoted Prices in Active Markets for Identical Assets</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 1)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Other Observable Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 2)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Unobservable Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 3)</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Assets</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Investments:</FONT></TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD><TD STYLE="text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 10pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Control
    investments</FONT></TD><TD STYLE="text-align: right; padding-bottom: 1pt; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">27,500</TD><TD STYLE="text-align: right; padding-bottom: 1pt; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: right; border-bottom: Black 1pt solid">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="text-align: right; padding-bottom: 1pt; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="text-align: right; border-bottom: Black 1pt solid">27,500</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">Total investments</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">27,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">&mdash;&nbsp;&nbsp;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right; vertical-align: bottom">$</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2.5pt double; vertical-align: bottom; text-align: right">27,500</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 40%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 10%">&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4pt 0 0"></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">As of December 31, 2023, investments measured at fair
value on a recurring basis are categorized in the tables below based on the lowest level of significant input to the valuations:</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></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>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements as of December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Quoted Prices in Active Markets for Identical Assets</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 1)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Other Observable Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 2)</P></TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Significant Unobservable Inputs</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">(Level 3)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">Investments:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 10pt; font-family: Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Control
    investments</FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,853</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">40,853</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 15%">Total investments</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 15%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">40,853</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 13%">40,853</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="text-indent: 10pt; text-align: left; padding-bottom: 1pt">U.S. Treasury Bills </TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,955</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">44,955</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="3" STYLE="text-align: left; padding-bottom: 2.5pt">Total investments and U.S. Treasury Bills</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">85,808</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">44,955</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,853</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<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"></P>

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

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

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



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

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

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 1.2pt 312.4pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt">The following table provides a reconciliation of fair
value changes during 2024 for all investments for which we determine fair value using significant unobservable (Level 3) inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 31.5pt"></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>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair value measurements using significant unobservable inputs (Level 3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Control Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Fair value as of January 1, 2024</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">40,853</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</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">$</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="text-align: right">$40,853</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,600</TD><TD STYLE="text-align: left">)</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: right">(15,600)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchases of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,247</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,247</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Fair value as of December 31, 2024</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">27,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$27,500</TD></TR>
  </TABLE>


<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.45pt">The following table provides a reconciliation of
fair value changes during 2023 for all investments for which we determine fair value using significant unobservable (Level 3) inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&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>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair value measurements using significant unobservable inputs (Level 3)</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font-weight: bold; font-style: italic">(in thousands)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Control Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Fair value as of January 1, 2023</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,650</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</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">$</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="text-align: right">$15,650</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,950</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: right">16,950</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchases of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,253</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,253</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Fair value as of December 31, 2023</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">40,853</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$40,853</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Sans-Serif; margin: 0; text-indent: 1.5pt; color: Red"></P>

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

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 4.1pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.45pt">The following table provides a reconciliation of
fair value changes during 2022 for all investments for which we determine fair value using significant unobservable (Level 3) inputs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0; color: Red"></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>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-size: 8pt; font-weight: bold; text-align: center"><P STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Fair
value measurements using significant unobservable inputs (Level 3)</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid">(in thousands)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Control Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Non-affiliate Investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%">Fair value as of January 1, 2022</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">13,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</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">$</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="text-align: right">$13,000</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in unrealized appreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,500</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">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,500</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Purchases of portfolio securities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">150</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right">150</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Fair value as of December 31, 2022</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,650</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$15,650</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.15pt 6.85pt 0 0; text-align: justify; text-indent: 21pt">Fair value measurements
can be sensitive to changes in one or more of the valuation inputs. Changes in discount rates, EBITDA or EBITDA multiples (or revenue
or revenue multiples), each in isolation, may change the fair value of certain of our investments. Generally, an increase/(decrease) in
market yields, discount rates, or an increase/(decrease) in EBITDA or EBITDA multiples (or revenue or revenue multiples) may result in
a corresponding increase/(decrease), respectively, in the fair value of certain of our investments. In the case of our holdings in Morgan
and Equus Energy, we may also consider acreage value, proved reserve multiples, daily production multiples, and discount rates.</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: 24.45pt">Finally, industry trends, market forecasts, and comparable
transactions in sectors in which we hold a Level 3 investment are also taken into account when assessing the value of these investments.</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 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table summarizes the significant non-observable
inputs in the fair value measurements of our Level 3 investments by category of investment and valuation technique as of December 31,
2024:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Range</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-decoration: underline; width: 27%">(in thousands)</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 8%">Fair Value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 21%">Valuation Techniques</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 16%">Unobservable Inputs</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 6%">Minimum</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 7%">Maximum</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 7%">Weighted Average</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Limited liability company investments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="5" STYLE="vertical-align: middle; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equus Energy, LLC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Acreage Value (per acre)</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$1,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$4,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">$1,784</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Guideline Transaction Method</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Proved Reserve Multiple</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">6.2x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">10.8x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">8.65x</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">24,921.7x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">45,307.1x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">40,787.19x</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">Discounted Cash Flow</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Discount Rate</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">10.9%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">10.9%</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: center">10.9%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Transaction Price</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">$4,000</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$4,000</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$4,000</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD ROWSPAN="5">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan E&amp;P, LLC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Guideline Public Company Method&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Proved Reserve Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;6,415x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;7,342x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;6,878.5x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;29,948x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;40,946x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;35,447x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,000</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Guideline Transaction Method&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Proved Reserve Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;5,304x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;8,786x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;7,045x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;22,297x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;32,595x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;27,446x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Discounted Cash Flow</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Discount Rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11.7%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12.6%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12.15%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;Senior debt</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan E&amp;P, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,500</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yield analysis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Discount for lack of marketability</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.52%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12.0%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11.76%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,500</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

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

<P STYLE="font: 6pt 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: 0.5in">The following table summarizes the significant non-observable
inputs in the fair value measurements of our Level 3 investments by category of investment and valuation technique as of December 31,
2023:</P>

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<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">Range</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; text-decoration: underline; width: 27%">(in thousands)</TD>
    <TD STYLE="font-weight: bold; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 8%">Fair Value</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 21%">Valuation Techniques</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 16%">Unobservable Inputs</TD>
    <TD STYLE="font-weight: bold; width: 2%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 6%">Minimum</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 7%">Maximum</TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 1%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: center; width: 7%">Weighted Average</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Limited liability company investments</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Acreage Value (per acre)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">$1,500</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$11,000</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$4,062</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equus Energy, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Guideline Transaction Method</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">Proved Reserve Multiple</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">4.2x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">10.9x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">9.0x</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">19,577.2x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">47,197.76x</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: center">41,648.4x</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Discounted Cash Flow</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Discount Rate</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">12.8%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">12.8%</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">12.8%</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Guideline Public Company Method&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Proved Reserve Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;10,180x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;13,953x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;12,067x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;44,054x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;58,025x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;51,040x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: middle; text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan E&amp;P, LLC</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,600</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; border-bottom: black 0.5pt solid; text-align: center">Guideline Transaction Method&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">Proved Reserve Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;8,878x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;12,716x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right; background-color: white">&nbsp;10,797x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: middle; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 0.5pt solid; text-align: center">Daily Production Multiple</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right">&nbsp;32,565x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;59,790x&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; border-bottom: Black 0.5pt solid; text-align: right; background-color: white">&nbsp;46,178x&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Discounted Cash Flow</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">Discount Rate</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">10.9%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">12.9%</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">11.90%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-weight: bold; vertical-align: bottom">&nbsp;Senior debt</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Morgan E&amp;P, LLC</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8,253</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Yield analysis</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Discount for lack of marketability</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">11.13%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">12.0%</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">11.57%</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2pt double; text-align: right">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40,853</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: right">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The various weighted
averages in the table above were determined based on acreage, reserves, production and, in the case of discount rates, an arithmetic average
of minimum and maximum rates. Because of the inherent uncertainty of the valuation of portfolio securities which do not have readily ascertainable
market values, our fair value determinations may materially differ from the values that would have been used had a ready market existed
for the <FONT STYLE="letter-spacing: -0.1pt">securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">We adjust our net
asset value for the changes in the value of our publicly held securities, if applicable, and material changes in the value of private
securities, generally determined on a quarterly basis or as announced in a press release, and report those amounts to Lipper Analytical
Services, Inc. Our net asset value appears in various publications, including <I>Barron&rsquo;s </I>and <I>The Wall Street Journal</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Investment
Transactions</B>&mdash; Investment transactions are recorded at fair value on the trade date. Current-period changes in fair value of
investments are reflected as a component of the net unrealized appreciation of portfolio securities on the Statements of Operations. The
net change in unrealized appreciation primarily reflects the change in investment fair values as of the last business day of the reporting
period, including the reversal of previously recorded unrealized gains or losses for investments sold during the period. Realized gains
or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost
basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and
include investments written off during the period, net of recoveries. As of December 31, 2024, we have no assets going through foreclosure.
Realized gains and losses on investments sold are computed on a specific identification <FONT STYLE="letter-spacing: -0.1pt">basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We classify
our investments in accordance with the requirements of the 1940 Act. Under the 1940 Act, &ldquo;Control Investments&rdquo; are defined
as investments in companies in which the Fund owns more than 25% of the voting securities or maintains greater than 50% of the board
representation. Under the 1940 Act, &ldquo;Affiliate Investments&rdquo; are defined as those non-control investments in companies in
which we own between 5% and 25% of the voting securities. Under the 1940 Act, &ldquo;Non-affiliate Investments&rdquo; are defined as
investments that are neither Control Investments nor Affiliate <FONT STYLE="letter-spacing: -0.1pt">Investments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Interest
and Dividend Income Recognition</B>&mdash;We record interest income, adjusted for amortization of premium and accretion of discount, on
an accrual basis to the extent that we expect to collect such amounts. We accrete or amortize discounts and premiums on securities purchased
over the life of the respective security using the effective yield method. The amortized cost of investments represents the original cost
adjusted for the accretion of discount and/or amortization of premium on debt securities. We stop accruing interest on investments when
we determine that interest is no longer collectible. We may also impair the accrued interest when we determine that all or a portion of
the current accrual is uncollectible. If we receive any cash after determining that interest is no longer collectible, we treat such cash
as payment on the principal balance until the entire principal balance has been repaid, before we recognize any additional interest income.
We will write off uncollectible interest upon the occurrence of a definitive event such as a sale, bankruptcy, or reorganization of the
relevant portfolio interest. Dividend income is recorded as dividends are declared by the portfolio company or at the point an obligation
exists for the portfolio company to make a distribution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Payment
in Kind Interest (PIK)</B>&mdash;We may make loans in our portfolio that may pay PIK interest. We add PIK interest, if any, computed at
the contractual rate specified in each loan agreement, to the principal balance of the loan and recorded as interest income. If we seek
to requalify as a RIC, we must pay out to stockholders this non-cash source of income in the form of dividends even if we have not yet
collected any cash in respect of such investments. We will continue to pay out net investment income and/or realized capital gains, if
any, on an annual basis as required under the 1940 Act.</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 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Cash and Cash
Equivalents and Restricted Cash</B>&mdash; Cash includes unrestricted demand deposits at highly rated financial institutions and highly
liquid investments with original maturities of three months or less. The Company&rsquo;s cash balances may exceed Federal Deposit Insurance
Corporation (&ldquo;FDIC&rdquo;) insured limits from time to time. Although the Company bears risk to amounts in excess of those insured
by the FDIC, it does not anticipate any losses as a result due to the financial position and creditworthiness of the depository institutions
in which those deposits are held. We include our investing activities within cash flows from operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The following
table provides a reconciliation of cash and cash equivalents and restricted cash as reported within the consolidated balance sheet that
sums to the total of the same amounts shown in the consolidated statement of cash flows as of December 31, 2024, 2023 and 2022:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.9pt 0 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2024</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2023</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-size: 10pt">Cash and cash equivalents at end of period</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">262</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">6,533</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 10pt">19,224</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Restricted cash at end of period</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">450</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Cash and cash equivalents and restricted cash at
    end of period</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">262</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">6,983</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">19,284</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Taxes</B>&mdash;
Historically, the Company has filed an income tax return as Regulated Investment Company. However, as a result of the
Company&rsquo;s election to not qualify as a RIC in the fourth quarter of 2024, the Company is now classified as a C corporation for
income tax purposes and subject to guidance under ASC 740, accounting for income taxes. This change in tax status is reflected in
the footnotes below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">All corporations incorporated in the State of Delaware are required
to file an Annual Report and to pay a franchise tax. As a result, the Company paid Delaware Franchise tax in the amount of $0.03 million
for the year ended December 31, 2024, $0.03 million for the year ended December 31, 2023, $0.02 million for the year ended December 31,
2022, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Texas margin tax applies to legal entities conducting business
in Texas. The margin tax is based on our Texas sourced taxable margin. The tax is calculated by applying a tax rate to a base that considers
both revenue and expenses and therefore has the characteristics of an income tax. For the year ended December 31, 2024, no state income
tax is expected. No state income tax was due for the years ended December 31, 2023 and 2022.</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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Distributable
Earnings</B>&mdash;The components that make up distributable earnings (accumulated undistributed deficit) on the Balance Sheet as of December
31, 2024 and 2023 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">&NegativeThickSpace;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2024</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">December
    31, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left"><FONT STYLE="font-size: 10pt">Accumulated undistributed net investment losses</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">(54,780</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">(51,465</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Unrealized appreciation of portfolio securities, net</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8,889</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">24,489</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">Accumulated undistributed net capital gains</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">602</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 10pt">464</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(45,289</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 10pt">(26,512</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 9pt Sans-Serif; margin: 0.4pt 0 0; text-align: center; color: Red"></P>

<P STYLE="font: 2pt/2.25pt Times New Roman, Times, Serif; margin: 0 0 0 431pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Share-Based
Incentive Compensation</B>&mdash;On June 13, 2016, our shareholders approved the adoption of our 2016 Equity Incentive Plan
(&ldquo;Incentive Plan&rdquo;). The Incentive Plan is intended to promote the interests of the Fund by encouraging officers,
employees, and directors of the Fund and its affiliates to acquire or increase their equity interest in the Fund and to provide a
means whereby they may develop a proprietary interest in the development and financial success of the Fund, to encourage them to
remain with and devote their best efforts to the business of the Fund, thereby advancing the interests of the Fund and its
stockholders. The Incentive Plan is also intended to enhance the ability of the Fund and its affiliates to attract and retain the
services of individuals who are essential for the growth and profitability of the Fund. 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. On March 17,
2017, we granted awards of restricted stock under the Plan to certain of our directors and executive officers in the aggregate
amount of 844,500 shares. The awards are each subject to a vesting requirement over a 3-year period unless the recipient thereof is
terminated or removed from their position as a director or executive officer without &ldquo;cause&rdquo;, or as a result of
constructive termination, as such terms are defined in the respective award agreements entered into by each of the recipients and
the Fund. As of December 31, 2020, all shares were vested. Accordingly, for restricted stock awards, we measure the grant date fair
value based upon the market price of our common stock on the date of the grant and amortize the fair value of the awards as
share-based compensation expense over the requisite service period, which is generally the vesting term. Inasmuch as all existing
awards under the Incentive Plan became fully-vested prior to 2021, we recorded no compensation expense relating to awards made under
the Incentive Plan for the years ended December 31, 2024, 2023 and 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.7pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Segments</B>&mdash;Equus
operates as a single segment with a principal investment objective to maximize total return from generating current income from debt investments
and current income and capital appreciation from equity and equity-related investments. The Company&rsquo;s Investment Committee and Chief
Executive Officer collectively perform the function that allocates resources and assesses performance, and thus together, serve as the
Company&rsquo;s chief operating decision maker (the &ldquo;CODM&rdquo;). Among other metrics, the CODM uses net investment income as a
primary GAAP profit or loss metric used in making operating decisions, which can be found on the Statement of Operations along with significant
expenses. The measure of segment assets is reported on the Balance Sheets as total assets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 11.95pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(4)</FONT></TD><TD>RELATED PARTY TRANSACTIONS AND <FONT STYLE="letter-spacing: -0.1pt">AGREEMENTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 22.9pt">Except as
noted below, 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 of Directors 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 of Directors in special circumstances. None of our interested directors receive annual fees for their service on the Board
of Directors. We may also pay other one-time or recurring fees to members of our Board of Directors in special circumstances. None
of our interested directors receive annual fees for their service on the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">In respect
of services provided to the Fund by members of the Board not in connection with their roles and duties as directors, the Fund pays a rate
of $300 per hour for services rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December
31, 2024, we accrued $62,000 in director fees.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(5)</FONT></TD><TD>FEDERAL INCOME TAX <FONT STYLE="letter-spacing: -0.1pt">MATTERS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Deferred income tax assets and liabilities
are recorded based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered
or settled. For the tax years ended December 31, 2024, the Company&rsquo;s U.S Federal statutory tax rate was 21%. The Company is also
subject to the Texas Gross Margin tax of .75% of modified taxable income as determined for Texas purposes. This combination results in
a marginal blended tax rate of approximately 21.6%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">At each of December 31, 2024, and 2023,
the tax effected amount of U.S. Federal net operating loss carryforwards (&ldquo;NOLs&rdquo;) totaled $6.8 and $6.1 million respectively.
As of December 31, 2024, $1.4 million in NOLs will begin to expire in varying amounts between 2036 and 2037, and the remaining $5.4 million
can be carried forward indefinitely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The Company has determined, after weighing
both positive and negative evidence, that the net deferred tax asset (DTA) for the Company is not more-likely-than-not to be realizable.
Therefore, a valuation allowance of $4.9 million was established at December 31, 2024 to completely offset the DTA as of that date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During the current period, the Company
has estimated a taxable loss. This NOL will be carried forwarded indefinitely with no expiration and is fully offset with a valuation
allowance. As such, the Company has not recorded any current income tax expense or benefit for the period. All of the Company&rsquo;s
federal and state tax returns for 2020 through 2023 remain open to examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The provision for income taxes for the years ended December 31, 2024    consisted of the following:</P>

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

<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; font-style: italic">Years Ended December 31,</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1.5pt solid; font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left; width: 44%">Current (expense) benefit:</TD>
    <TD STYLE="width: 24%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 14%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 16%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: left">Total current (expense) benefit</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Deferred (expense) benefit:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: left">Total deferred (expense) benefit</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Total benefit (expense):</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid; font-weight: bold; text-align: left">Total benefit (expense)</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD></TR></TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">As of December 31, 2024, the Company has not recorded a reserve
for uncertain tax positions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The components of the net deferred tax assets (liabilities)
in the Fund&rsquo;s balance sheets were as follows:</P>


<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: black 1.5pt solid; width: 49%">As of December 31,</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: black 1.5pt solid; width: 23%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1.5pt solid; width: 5%">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1.5pt solid; text-align: center; width: 21%">2024</TD>
    <TD STYLE="font-weight: bold; border-bottom: black 1.5pt solid; text-align: center; width: 2%">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top-color: black; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top-color: black; border-top-width: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; border-top-color: black; border-top-width: 1.5pt">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Deferred tax assets:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Charitable Contributions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,347</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: middle; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="text-align: left">Net operating loss carryforwards</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0.5pt; text-align: right">&nbsp;&nbsp;&nbsp;6,754,679</TD>
    <TD STYLE="padding-bottom: 0.5pt; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">Total Deferred Tax Assets</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;6,759,026</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">Valuation allowance</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;(4,892,336)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="text-align: left">Deferred Tax Assets after Valuation Allowance</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;1,866,690</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Deferred tax liabilities:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; text-align: left">Mark to Market Unrealized Gain/Loss</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;(1,866,690)</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    <TD STYLE="font: 11pt Aptos Narrow; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: middle; text-align: left; background-color: white">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: left">Total net deferred tax assets (liabilities)</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The provision for income taxes varies from the maximum federal statutory
rate of 21% for the year ended December <FONT STYLE="font-size: 10pt">31</FONT>, 2024, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0">&nbsp;</P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR>
    <TD STYLE="font-weight: bold; font-style: italic; vertical-align: middle; border-bottom: black 1.5pt solid; width: 48%">Years Ended December 31,</TD>
    <TD STYLE="font-weight: bold; vertical-align: middle; border-bottom: black 1.5pt solid; width: 26%">&nbsp;</TD>
    <TD STYLE="font: 11pt Aptos Narrow; vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font-weight: bold; vertical-align: bottom; text-align: center; width: 21%">2024</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top-color: black; border-top-width: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Income tax expense (benefit) at federal statutory rate</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;(3,939,998)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Change in tax status</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">(954,402)</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: white">
    <TD STYLE="text-align: left">Effect of state income taxes</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="text-align: left">Non-deductible Permanent Items</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,935</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">2023 Return to Provision Adjustment</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">Change in valuation allowance</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: left">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right">&nbsp;&nbsp;&nbsp;4,892,337</TD></TR>
  <TR STYLE="vertical-align: middle">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: middle; background-color: #CCEEFF">
    <TD STYLE="font-weight: bold; border-bottom: black 1pt solid">Total</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: left">$</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;&nbsp;</TD></TR>
  </TABLE>

<P STYLE="margin: 0"></P>



<P STYLE="margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.8pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">The
Fund&rsquo;s accounting policy related to income tax penalties and interest assessments is to accrue for these costs and record a
charge to income tax expenses during the period that the Fund takes an uncertain tax position through resolution with the taxing
authorities or expiration of the applicable statute of limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">All of the
Fund&rsquo;s federal and state tax returns for 2021 through 2024 remain open to examination. We believe that there are no tax positions
taken or expected to be taken that would significantly increase or decrease unrecognized tax benefits within twelve months of the reporting
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

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<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(6)</FONT></TD><TD>COMMITMENTS AND <FONT STYLE="letter-spacing: -0.1pt">CONTINGENCIES</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.9pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Lease Commitments</I>.
We had an operating lease for office space that expired in September 2014. Our current office space lease is month-to-month. Rent expense
under the operating lease agreement, inclusive of common area maintenance costs, was $93,000 for the years ended December 31, 2024,  2023, and 2022, respectively. We have no other leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Portfolio
Companies. </I>As of December 31, 2024 and,  2023, we had $0 and $1.7 million in outstanding commitments to our portfolio company
investments. Under certain circumstances, we may be called on to make follow-on investments in certain portfolio companies. If we do not
have sufficient funds to make follow-on investments, the portfolio company in need of the investment may be negatively impacted. Also,
our equity interest in the estimated fair value of the portfolio company could be reduced. Follow-on investments may include capital infusions
which are expenditures made directly to the portfolio company to ensure that operations are completed, thereby allowing the portfolio
company to generate cash flows to service the debt.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Legal
Proceedings. </I>From time to time, the Fund is also a party to certain proceedings incidental to the normal course of our business including
the enforcement of our rights under contracts with our portfolio companies. While the outcome of these legal proceedings cannot at this
time be predicted with certainty, we do not expect that these proceedings will have a material effect upon the Fund&rsquo;s financial
condition or results of operations.</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"></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: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.9pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(7)</FONT></TD><TD>PORTFOLIO <FONT STYLE="letter-spacing: -0.1pt">SECURITIES</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">2024 Portfolio <FONT STYLE="letter-spacing: -0.1pt">Activity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">The following table summarizes significant
investment activity during the year ended December 31, 2024 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Portfolio
    Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Follow-On
    Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Morgan E&amp;P, LLC</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">2,247</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">2,247</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">2,247</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">2,247</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2024,
we recorded a decrease of $15.6 million in net unrealized appreciation, from an unrealized appreciation of $24.5 million at December 31,
2023 to a net unrealized appreciation of $8.9 million at December 31, 2024. Such change in unrealized appreciation resulted primarily
from the decrease in the fair value of our holdings in Morgan E&amp;P, LLC of $9.6 million, principally due to a lower forward price curve
for oil, as well as the reclassification of certain of its proved reserves from producing to non-producing. The change in unrealized appreciation
also resulted from the decrease in fair value of our holding in Equus Energy, LLC of $6.0 million, principally due to various factors,
including (i) decreases in the forward curve for oil and natural gas and its effect on the economic prospects of Equus Energy regarding
future development of its oil and gas properties, and (ii) indications of interest from third parties regarding the possible sale of these
properties during the fourth quarter of 2024. See <I>Subsequent Events</I> below where we sold our interest in Equus Energy in March 2025
for a combination of cash and preferred stock valued at $4.0 million.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.9pt">2023 Portfolio <FONT STYLE="letter-spacing: -0.1pt">Activity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt">The following table summarizes significant
investment activity during the year ended December 31, 2023 (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Portfolio
    Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Follow-On
    Cash</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Morgan E&amp;P, LLC</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">8,253&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;<FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">8,253</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">8.253</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">8,253</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt; text-indent: 24.45pt"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>




<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.85pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2023,
we recorded an increase of $17.0 million in net unrealized appreciation, from an unrealized appreciation of $7.5 million as of December
31, 2022 to a net unrealized appreciation of $24.5 million as of December 31, 2023. Such change in unrealized appreciation resulted primarily
from the increase in the fair value of our holdings in Morgan E&amp;P, LLC of $22.6 million, principally due to substantial increases
in Morgan&rsquo;s reserves and the reclassification of certain of its proved reserves from undeveloped to producing. The increase in the
fair value of Morgan was offset by the decrease in fair value of our holding in Equus Energy, LLC of $5.7 million, principally due to
decreases in the forward curve for natural gas and its effect on the economic prospects of Equus Energy regarding future development of
its gas properties.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">2022 Portfolio <FONT STYLE="letter-spacing: -0.1pt">Activity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.05pt; text-align: justify; text-indent: 24.5pt">The following table
summarizes significant investment activity during the year ended December 31, 2022 (in thousands):</P>

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

<P STYLE="font: 9pt Sans-Serif; margin: 1.7pt 0 0; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="15" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Investment
    Activity</FONT></TD><TD STYLE="font-size: 12pt; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">New
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="font-size: 12pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">Existing
    Investments</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; font-weight: bold; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Portfolio Company</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">Cash</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">Non-Cash</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">Follow-On
                                            Cash</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">PIK</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 12pt; font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 12pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;Equus Energy, LLC</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt/2.25pt Times New Roman, Times, Serif; margin: 0 0 0 189.5pt; text-indent: 446pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">During 2022,
we recorded an increase of $2.5 million in net unrealized appreciation, from an unrealized appreciation of $5.0 million as of December
31, 2021 to a net unrealized appreciation of $7.5 million as of December 31, 2022. Such change in unrealized appreciation resulted primarily
from the increase in the fair value of our holdings in Equus Energy, LLC of $2.65 million, principally due to increases in the cost basis
of this investment, as well as increases in oil and gas prices, as well as increases in the short- and long-term forward pricing curves
for these commodities during 2022.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 11.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 14.15pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(8)</FONT></TD><TD>EQUUS ENERGY, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.75pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Equus Energy,
LLC (&ldquo;Equus Energy&rdquo;) was formed in November 2011 as a wholly-owned subsidiary of the Fund to make investments in companies
in the energy sector, with particular emphasis on income-producing oil &amp; gas properties. In December 2011, we contributed $250,000
to the capital of Equus Energy. On December 27, 2012, we invested an additional $6.8 million in Equus Energy for the purpose of additional
working capital and to fund the purchase of $6.6 million in working interests that, as of December 31, 2024, consisted of 136 producing
and non- producing oil and gas wells. On September 30, 2020, the Fund provided an additional $0.6 million in capital to Equus Energy for
the purpose of additional working capital. On June 30, 2021, the Fund provided an additional $0.35 million in capital to Equus Energy
for the purpose of additional working capital. On December 31, 2022, the Fund provided an additional $0.15 million in capital to Equus
Energy for the purpose of additional working capital. The working interests include associated development rights of approximately 21,320
acres situated on 9 separate properties in Texas and Oklahoma. The working interests range from a <I>de minimus </I>amount to 50% of the
leasehold that includes these wells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.25pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">The wells
are operated by a number of operators, including Burk Royalty, which has operating responsibility for all of Equus Energy&rsquo;s 22 producing
well interests located in the Conger Field, a productive oil and gas field on the edge of the Permian Basin that has experienced successful
gas and hydrocarbon extraction in multiple formations. Equus Energy, which holds a 50% working interest in each of these Conger Field
wells, is seeking to effect a recompletion program of existing Conger Field wells to the Wolfcamp formation, a zone containing oil as
well as gas and natural gas liquids. Part of Equus Energy&rsquo;s acreage rights described above also includes a 50% working interest
in possible new drilling to the base of the Canyon formation (appx. 8,500 feet) on 2,400 acres in the Conger Field. Also included in the
interests acquired by Equus Energy are working interests of 7.5% and 2.5% in the Burnell and North Pettus Units, respectively, which collectively
comprise approximately 13,000 acres located in the area known as the &ldquo;Eagle Ford Shale&rdquo; play. See <I>Subsequent Events</I>
below where we sold our interest in Equus Energy for a combination of cash and preferred stock valued at $4.0 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 7.4pt 0 21pt; text-indent: 24.45pt">Below is selected financial information
from the audited financial statements of Equus Energy as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023
and 2022 (in thousands):</P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 10.4pt 0 0 1pt; text-align: center"><U>EQUUS ENERGY, LLC and <FONT STYLE="letter-spacing: -0.1pt">SUBSIDIARY</FONT></U></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.05pt; text-align: center"><U>Condensed Consolidated Balance
<FONT STYLE="letter-spacing: -0.1pt">Sheets</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.75pt 0 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">December 31,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2024</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">Assets</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">Current assets:</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 8%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">71</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Accounts receivable</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">207</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">167</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Total current assets</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">214</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">238</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Oil and gas properties</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">8,164</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">8,173</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Less: accumulated depletion, depreciation and amortization</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(8,112</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(8,097</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net oil and gas properties</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">77</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 38pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total assets</FONT></TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">266<FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">315<FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Liabilities and member's deficit</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Current liabilities:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Accounts payable and other</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">127</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">105</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Due to affiliate</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">128</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">126</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Total current liabilities</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">255</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">231</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Asset retirement obligations</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">226</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">233</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 38pt"><FONT STYLE="font-size: 9pt">Total liabilities</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;481</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;464</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Total member's deficit</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(215</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(149</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 38pt; padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">Total liabilities and member's deficit</FONT></TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">266<FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right">315<FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt"></FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.9pt; text-align: center"><U>EQUUS ENERGY, LLC and <FONT STYLE="letter-spacing: -0.1pt">SUBSIDIARY</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.9pt; text-align: center"><U>Condensed Consolidated Statements
of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></U></P>

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

<P STYLE="font: 11pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 296.7pt; text-indent: 5.35in">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.35pt 0 0; color: Red"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="9" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Year Ended
    December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2024</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2023</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left"><FONT STYLE="font-size: 9pt">Operating revenue</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">633</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt">646</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font-size: 9pt">1,063</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Operating expenses</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Direct operating expenses</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">504</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">420</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Depletion, depreciation, amortization and accretion</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">18</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">4</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 9pt">Salaries</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">324</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">383</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Professional fees</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">143</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">654</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">713</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">General and administrative</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">131</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">117</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">75</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Total operating expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">712</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,603</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,596</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Net operating loss</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(79</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(958</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(533)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Non-operating income</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Other income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">13</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Total other income</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">13</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">1,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">Net (loss) income</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">(66</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">42</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">(533)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 9pt Sans-Serif; margin: 0.35pt 0 0; color: Red"><B></B></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.35pt 0 0; color: Red"><B></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><U>EQUUS ENERGY, LLC and <FONT STYLE="letter-spacing: -0.1pt">SUBSIDIARY</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><U>Condensed Consolidated Statements
of Cash <FONT STYLE="letter-spacing: -0.1pt">Flows</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center">&nbsp;</P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.3pt 0 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">Year ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2024</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2023</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">2022</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">Cash flows from operating activities:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-size: 9pt">Net income (loss)</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 9pt">(66</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 9pt">42</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-size: 9pt">(533</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Adjustments to reconcile net income (loss) to</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">net cash used in operating activities:</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt"><FONT STYLE="font-size: 9pt">Depletion, depreciation and amortization</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">15</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 30pt"><FONT STYLE="font-size: 9pt">Accretion expense</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Changes in operating assets and liabilites:</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Accounts receivable</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(40</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">41</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Prepaid expenses and other current assets</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Accounts payable and accrued liabilities</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Due to Parent</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">2</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(224</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 30pt"><FONT STYLE="font-size: 9pt">Net cash used in operating
    activities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(64</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(130</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(527</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cash flows from investing activities:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Investment in oil &amp; gas properties</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(58</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Net cash used in investing activities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(4</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">(58</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Cash flows from financing activities:</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Capital contribution</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Net cash provided by investing
    activities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">150</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">Net decrease in cash</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(134</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD><TD><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt">(435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">Cash and cash equivalents at beginning of period</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">71</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">205</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">640</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">Cash and cash equivalents at end of period</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">7</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">71</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-size: 9pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">205</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-size: 9pt">&nbsp;</FONT></TD></TR>
  </TABLE>


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<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(9)</FONT></TD><TD>MORGAN E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.85pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 7.9pt; text-align: justify; text-indent: 0.5in">Morgan E&amp;P,
LLC (&ldquo;Morgan&rdquo;) was organized by the Fund on April 3, 2023 as a Delaware limited liability company and a wholly-owned subsidiary
of the Fund. During 2023, Morgan acquired 5,897 net acres, in the Bakken/Three Forks formation in the Williston Basin of North Dakota,
and acquired approximately 810 additional net acres during the second quarter of 2024. The acreage and associated mineral rights were
acquired from Pro Energy I LLC (&ldquo;Pro Energy&rdquo;) who received a carried working interest of 20% in the acquired acreage.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 7.9pt; text-align: justify; text-indent: 0.5in">In May 2023,
we entered into an agreement with Morgan to provide it up to $10.0 million in senior debt financing, subject to a schedule of disbursements
and draws that we determine. This amount was subsequently amended in 2024 to $10.5 million. As of December 31, 2024, Morgan had drawn
the full $10.5 million under this facility.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 7.9pt; text-align: justify; text-indent: 0.5in">During the
fourth quarter of 2024, Morgan entered into an agreement to acquire the carried working interest held by Pro Energy in exchange for a
payment of $2.4 million in cash.</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 12.6pt 0 7.9pt; text-align: justify; text-indent: 0.5in">Below is summarized
audited condensed consolidated financial information for Morgan E&amp;P, LLC as of December 31, 2024 and 2023 and for the year ended December
31, 2024 and the period from inception (April 3, 2023) through December 31, 2023, respectively, (in <FONT STYLE="letter-spacing: -0.1pt">thousands):</FONT></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 10.4pt 0 0 1pt; text-align: center"><U>Morgan E&amp;P, LLC</U></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.05pt; text-align: center"><U>Condensed Balance
<FONT STYLE="letter-spacing: -0.1pt">Sheets</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0.05pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0; text-align: center"><FONT STYLE="font-size: 9pt"></FONT></P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>Assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 18px">&nbsp;Cash</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">2,441</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Revenue receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">343</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464</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; padding-left: 18px">&nbsp;Joint interest billing receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,738</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Other receivables</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 18px">&nbsp;Prepaids and other current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 36px">&nbsp;Current assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,133</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,429</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 18px">&nbsp;Oil and gas properties, net - full cost method</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,959</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,326</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 18px">&nbsp;Other property, plant and equipment, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 36px">&nbsp;Total property, plant and equipment - net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,993</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,372</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;Other noncurrent assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-align: left; padding-left: 18px">&nbsp;Operating lease right-of-use assets, net</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 18px">&nbsp;Total noncurrent assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">270</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 2.5pt; padding-left: 54px">&nbsp;Total assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,353</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,071</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;Liabilities and Member's Deficit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Accounts payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">6,656</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,372</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; padding-left: 18px">&nbsp;Revenue payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Prepayments from working interest owners</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">122</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; padding-left: 18px">&nbsp;Current portion of operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Due to parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</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; padding-bottom: 1pt; padding-left: 18px">&nbsp;Accrued liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,162</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,383</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 36px">&nbsp;Total current liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,734</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;Long-term liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 18px">&nbsp;Asset retirement obligations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 18px">&nbsp;Long-term operating lease liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</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; padding-left: 18px">&nbsp;Note payable - Due to parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,253</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 18px">&nbsp;Long-term accrued liabilities - Due to parent</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,471</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 36px">&nbsp;Total long-term liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,182</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,736</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 9px">Commitments and contingencies (Note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"></TD><TD STYLE="text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;Member's deficit</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,563</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 2.5pt; padding-left: 54px">&nbsp;Total liabilities and member's deficit</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,353</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,071</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&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: 0.3pt 0 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"></P>

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

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 10.4pt 0 0 1pt; text-align: center"><U>Morgan E&amp;P, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.9pt; text-align: center"><U>Condensed  Statements
of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></U></P>

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.35pt 0 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.35pt 0 0"></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period from inception (April 3, 2023) through December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-left: 9px">Oil, natural gas and natural gas liquid revenues</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">2,710</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">270</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 9px">Lease operating</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,694</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">268</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Production and other taxes</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">261</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">27</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Marketing, transportation and gathering expense</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">85</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Depreciation, depletion and amortization</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,467</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">60</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Accretion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Impairment of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,678</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">General and administrative</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,042</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">1,510</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; font-weight: bold; padding-bottom: 1pt">Total expenses</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">13,228</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">1,865</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Interest income</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">16</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">Interest expense</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(225</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Total other expense, net</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,241</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(209</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Net loss</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(11,759</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,804</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.35pt 0 0">&nbsp;</P>

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

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 10.4pt 0 0 1pt; text-align: center">&nbsp;</P>


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt/11.5pt Times New Roman, Times, Serif; margin: 10.4pt 0 0 1pt; text-align: center"><U>Morgan E&amp;P, LLC</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><U>Condensed  Statements
of Cash <FONT STYLE="letter-spacing: -0.1pt">Flows</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Year Ended December 31,</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Period from inception (April 3, 2023) through December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD></TR>
  <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; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left">Net loss</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">(11,759</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">(1,804</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash flows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;(used in) provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Depreciation, depletion, and amortization</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,467</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">61</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Amortization of right-of-use asset</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">43</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">12</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt">Accretion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Impairment of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,678</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Changes in operating assets and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable &ndash; oil and natural gas sales</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">121</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(464</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable &ndash; joint interest billings</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(1,508</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(291</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Other receivables</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(2</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaids and other current assets</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">98</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(133</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4,284</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">85</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Revenue payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">518</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">221</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepayments from owners</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,701</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Due to parent</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">537</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">13</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Current portion of operating lease liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(28</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accrued liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(3,772</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">810</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Long-term accrued liabilities - due to parent</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">1,246</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Net cash provided (used in) by operating activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(2,076</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">436</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Capital expenditures</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(2,597</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(5,700</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Acquisition of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(500</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions to other property, plant and equipment</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(48</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(2,597</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(6,248</TD><TD STYLE="padding-bottom: 1pt; vertical-align: bottom; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Proceeds from note payable - affiliate</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">8,253</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Net cash provided by financing activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">2,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">8,253</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt">Net change in cash</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; color: #000000; text-align: right">(2,426</TD><TD STYLE="color: #000000; text-align: right">)</TD><TD STYLE="color: #000000; text-align: left"></TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; color: #000000; text-align: right">2,441</TD><TD STYLE="color: #000000; text-align: right"></TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Beginning of period</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,441</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">End of period</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">15</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,441</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure for noncash financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;and investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Operating lease right-of-use assets additions</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(282</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Acquisition of oil and natural gas working interests funded by</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 20pt">accrued liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(3,019</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Change in capital accounts payable and capital accruals</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">849</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(4,181</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepayments applied to joint interest receivables</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">122</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,579</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Change in asset retirement costs</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(1</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(10)</FONT></TD><TD>RECENT ACCOUNTING <FONT STYLE="letter-spacing: -0.1pt">PRONOUNCEMENTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Recent Accounting
Standards</B>&mdash;We consider the applicability and impact of all accounting standard updates (&ldquo;ASU&rdquo;) issued by the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;). ASUs not listed below were assessed and either determined to be not applicable or expected
to have minimal impact on our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Accounting
Standards Not Yet Adopted</B>&mdash;In December 2023, FASB issued ASU 2023-09, &ldquo;Income Taxes (Topic 740): Improvements to Income
Tax Disclosures&rdquo;. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income
taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December
15, 2024. The Fund is currently evaluating the impact of this standard on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In November 2024,
FASB issued ASU 2024-03, &ldquo;Income Statement &ndash; Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40),
Disaggregation of Income Statement Expenses&rdquo;. The amendments in this Update require disclosure, in the notes to financial statements,
of specified information about certain costs and expenses. This update will be effective for financial statements issued for fiscal years
beginning after December 15, 2026. Early adoption is permitted. The Fund is currently evaluating the impact of this standard on the
 financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In January 2025,
FASB issued ASU 2025-01, &ldquo;Income Statement &ndash; Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40),
Clarifying the Effective Date&rdquo;. The amendment in this Update amends the effective date of Update 2024-03 to clarify that all public
business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026. Early adoption of
Update 2024-03 is permitted. The Fund is currently evaluating the impact of this standard on the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">In November 2024,
FASB issued ASU 2024-04, &ldquo;Debt with Conversion and Other Options (Subtopic 470-20), Induced Conversions of Convertible Debt Instruments&rdquo;.
The amendments in this Update clarify the requirements for determining whether certain settlements of convertible debt instruments should
be accounted for as an induced conversion. Under the amendments, to account for a settlement of a convertible debt instrument as an induced
conversion, an inducement offer is required to provide the debt holder with, at a minimum, the consideration (in form and amount) issuable
under the conversion privileges provided in the terms of the instrument. An entity should assess whether this criterion is satisfied as
of the date the inducement offer is accepted by the holder. If, when applying this criterion, the convertible debt instrument had been
exchanged or modified (without being deemed substantially different) within the one-year period leading up to the offer acceptance date,
an entity should compare the terms provided in the inducement offer with the terms that existed one year before the offer acceptance date.
The amendments do not change the other criteria that are required to be satisfied to account for a settlement transaction as an induced
conversion. The amendments in this Update also make additional clarifications to assist stakeholders in applying the guidance. Under the
amendments, the incorporation, elimination, or modification of a VWAP formula does not automatically cause a settlement to be accounted
for as an extinguishment; an entity should instead assess whether the form and amount of conversion consideration are preserved (that
is, provided for in the inducement offer) using the fair value of an entity&rsquo;s shares as of the offer acceptance date. The amendments
in this Update also clarify that the induced conversion guidance applies to a convertible debt instrument that is not currently convertible
as long as it had a substantive conversion feature as of both its issuance date and the date the inducement offer is accepted. This update
will be effective for financial statements issued for fiscal years beginning after December 15, 2025. Early adoption is permitted for
all entities that have adopted the amendments in update 2020-06. The Fund is currently evaluating the impact of this standard on the
consolidated financial statements.</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 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt"><B>Accounting
Standards Recently Adopted</B>&mdash;On January 1, 2024, we adopted ASU 2023-07, &ldquo;Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures&rdquo;. The amendments in this ASU require improved reportable segment information on
an annual and interim basis, primarily through enhanced disclosures about significant segment expenses. See <I>Note 3</I> &ndash; <I>Segments</I> for the incremental disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 19.45pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">(11)</FONT></TD><TD>SUBSEQUENT <FONT STYLE="letter-spacing: -0.1pt">EVENTS</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our Management
performed an evaluation of the Fund&rsquo;s activity through the date the financial statements were issued, noting the following subsequent
events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Issuance
of Convertible Note and Warrants</I>. On February 10, 2025, we issued a 1-year senior convertible promissory note bearing interest at
the rate of 10.0% per annum in exchange for $2.0 million in cash (&ldquo;Equus Note&rdquo;). The Equus Note is convertible into shares
of the Fund&rsquo;s common stock at a conversion price of $1.50 per share. Contemporaneously with the issuance of the Note, the Fund also
issued two common stock purchase warrants to acquire an aggregate of 2,000,000 shares of the Fund&rsquo;s common stock at an exercise
price of $1.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>New Portfolio
Investment</I>. On February 10, 2025, we purchased from General Enterprise Ventures, Inc., a developer of fire suppression products (&ldquo;GEVI&rdquo;),
a 1-year senior convertible promissory note bearing interest at the rate of 10% per annum, in exchange for $1.5 million in cash (&ldquo;GEVI
Note&rdquo;). The GEVI Note is convertible into shares of GEVI&rsquo;s common stock at a conversion price of $0.40 per share. Contemporaneously
with the purchase of the GEVI Note, the Fund also received a common stock purchase warrant to acquire an aggregate of 1,875,000 shares
of GEVI common stock at an exercise price of $0.50 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt"><I>Sale of
Equus Energy</I>. On March 3, 2025, we sold Equus Energy to North American Energy Opportunities Corp., a developer of upstream oil and
gas assets (&ldquo;NAEOC&rdquo;). The consideration provided by NAEOC consisted of $1.25 million in cash and 27,500 shares of preferred
stock, redeemable within 6 months of the date of issuance at $100.00 per share based upon fulfillment of certain conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.55pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-style: normal"><A NAME="a_015"></A>Item 9.</FONT> Changes
in and Disagreements with Accountants on Accounting and Financial <FONT STYLE="letter-spacing: -0.1pt">Disclosure</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.45pt"><FONT STYLE="letter-spacing: -0.1pt">None.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_016"></A><B>Item 9A. <I>Controls and <FONT STYLE="letter-spacing: -0.1pt">Procedures</FONT></I></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 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Attached as exhibits
to this Form 10-K are certifications of our Chief Executive Officer and Chief Financial Officer (CFO), which are required in accordance
with Rule 13a-14 of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). This section includes information
concerning the controls and controls evaluation referred to in those certifications and should be read in conjunction with the certifications
for a more complete understanding of the topics presented.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt">Evaluation of Disclosure Controls and <FONT STYLE="letter-spacing: -0.1pt">Procedures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We maintain
disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed pursuant
to the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange
Commission&rsquo;s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive
Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure based on the definition of
&ldquo;disclosure controls and procedures&rdquo; as promulgated under the Exchange Act. In designing and evaluating the disclosure controls
and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable
assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the
cost-benefit relationship of possible controls and procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Our management,
with the participation of our Fund&rsquo;s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the
design and operations of the Fund&rsquo;s &ldquo;disclosure controls and procedures&rdquo; (as defined in Rule 13a-15(e) under the Securities
Exchange Act of 1934) as of December 31, 2024. Based on their evaluation, our Chief Executive Officer and Chief Financial Officer concluded
that the Fund&rsquo;s disclosure controls and procedures were not effective due to the material weaknesses in internal control over financial
reporting described below.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt">Report of Management on Internal Control Over Financial
<FONT STYLE="letter-spacing: -0.1pt">Reporting</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Management is responsible
for establishing and maintaining adequate internal control over financial reporting, and for performing an assessment of the effectiveness
of internal control over financial reporting as of December 31, 2024. Internal control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. The Fund&rsquo;s internal control over financial reporting includes,
among others, those policies and procedures that pertain to assets of the Fund including, in particular, the fair value of portfolio investments
held by the Fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">A material
weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of a company's annual or interim consolidated financial statements will not be prevented or detected
on a timely basis.</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 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Management performed
an assessment of the effectiveness of the Fund&rsquo;s internal control over financial reporting as of December 31, 2024, based upon criteria
in Internal Control&mdash;Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (&ldquo;COSO&rdquo;).
Based on this assessment, management has concluded that the Fund did not maintain effective internal control over financial reporting
as of December 31, 2024, due to the material weaknesses described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">A material
weakness was identified in our internal control over financial reporting relating to the design and operation of management review over
the valuation of the Fund&rsquo;s portfolio investment, including management&rsquo;s review procedures over the completeness and accuracy
of the underlying data and information supplied to third parties assisting management by recommending a range of reasonable fair values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Although this
material weakness did not result in a material misstatement of our consolidated financial statements for the periods presented, there
is a possibility that, had the material weakness continued undetected, it could have led to a material misstatement of portfolio fair
values and related disclosures. Accordingly, management has concluded that this control deficiency constitutes a material weakness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.8pt 0 21pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">Management
believes that the financial statements included in this Annual Report on Form 10-K present fairly in all material respects the Fund&rsquo;s
financial condition, results of its operations, changes in its net assets and its cash flows for the periods presented. We believe that
the audited consolidated financial statements included in this Annual Report on Form 10-K are accurate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.75pt 0 21pt; text-align: justify; text-indent: 24.45pt">We have begun
the process of, and we are focused on, enhancing effective internal control measures to improve our internal control over financial reporting
and remediate the material weaknesses. Our internal control remediation efforts include the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 18.35pt"><FONT STYLE="font-size: 10pt">Enhancing existing controls that address the completeness and accuracy
of underlying data and information supplied to third parties assisting management in its determination of fair value and in the performance
of management review controls over the valuation of the Fund&rsquo;s portfolio securities; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/88% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 61.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="padding-right: 51.15pt"><FONT STYLE="font-size: 10pt">Enhancing policies and procedures to improve the precision of review
and evidence of review procedures performed to demonstrate effective design and operation of such controls.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 6.85pt 0 21pt; text-align: justify; text-indent: 24.45pt">We believe
our planned actions to enhance our processes and controls will address the material weakness, but these actions are subject to ongoing
management evaluation, and we will need a period of execution to demonstrate remediation. We are committed to the continuous improvement
of our internal control over financial reporting and will continue to diligently review our internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">There were
no other changes in our internal control over financial reporting during the quarter ended December 31, 2024 that have materially affected,
or are reasonably likely to affect, our internal control over financial reporting.</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 21pt"><A NAME="a_017"></A><B>Item 9B. <I>Other <FONT STYLE="letter-spacing: -0.1pt">Information</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 45.45pt"><FONT STYLE="letter-spacing: -0.1pt">None.</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">&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: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><FONT STYLE="font-style: normal"><A NAME="a_018"></A>Item 9C.</FONT> Disclosure
Regarding Foreign Jurisdictions that Prevent <FONT STYLE="letter-spacing: -0.1pt">Inspections.</FONT></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 0 0 45.45pt"><I>Not <FONT STYLE="letter-spacing: -0.1pt">Applicable.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_019"></A>PART <FONT STYLE="letter-spacing: -0.25pt">III</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 21pt"><A NAME="a_020"></A><FONT STYLE="font-style: normal">Item 10.</FONT>
Directors, Executive Officers and Corporate <FONT STYLE="letter-spacing: -0.1pt">Governance</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 33.8pt 0 21pt; text-align: justify; text-indent: 24.45pt">Information
about our Directors and Executive Officers, our Audit Committee and the Nominating and Corporate Governance Committee, our code of ethics
applicable to the principal executive officer and principal financial officer, and Section 16(a) Beneficial Ownership Reporting Compliance
is incorporated by reference to our Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders, to be filed pursuant to Regulation
14A under the Securities Exchange Act of 1934, as amended, on or prior to April 30, 2025 (the &ldquo;2025 Proxy <FONT STYLE="letter-spacing: -0.1pt">Statement&rdquo;).</FONT></P>

<P STYLE="font: 10pt/101% Times New Roman, Times, Serif; margin: 11.4pt 33.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
have 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, known as the Code of Business Conduct and Ethics. A copy of the Code of Business Conduct
and Ethics is available to any person, without charge, upon request addressed to Equus Total Return, Inc., Attention: Corporate Secretary,
700 Louisiana Street, 41<FONT STYLE="font-size: 4.5pt; line-height: 101%">st</FONT> Floor, Houston, TX 77002. In the event that we amend
or waive any of the provisions of the Code of Business Conduct and Ethics applicable to our principal executive officer, principal financial
officer, or controller, we intend to disclose the same on our website at www.equuscap.com.</P>

<P STYLE="font: 10pt/101% Times New Roman, Times, Serif; margin: 11.4pt 33.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">We
have adopted an insider trading policy and procedures governing the purchase, sale, and other dispositions of securities of the Fund by
directors, officers, and employees that we believe are reasonably designed to promote compliance with insider trading laws, rules and
regulations. Our insider trading policy states, among other things, that our directors, officers, and employees are prohibited from trading
in such securities while in possession of material, nonpublic information. The foregoing summary of our insider trading policies and procedures
does not purport to be complete and is qualified by reference to our Policy on Insider Trading filed as Exhibit 19 to this Annual Report
on Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11pt 0 0 21pt"><B><A NAME="a_021"></A>Item 11. <I>Executive <FONT STYLE="letter-spacing: -0.1pt">Compensation</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 45.5pt">Information regarding Executive Compensation is incorporated
by reference to our 2025 Proxy <FONT STYLE="letter-spacing: -0.1pt">Statement.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 41pt 0 7.9pt; text-indent: 13.05pt"><FONT STYLE="font-style: normal"><A NAME="a_022"></A>Item
12. </FONT>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder <FONT STYLE="letter-spacing: -0.1pt">Matters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 33.9pt 0 21pt; text-align: justify; text-indent: 24.45pt">Information
regarding Security Ownership of Certain Beneficial Owners and Management and Securities Authorized for Issuance under Equity Compensation
Plans is incorporated by reference to our 2025 Proxy <FONT STYLE="letter-spacing: -0.1pt">Statement.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 21pt"><A NAME="a_023"></A><FONT STYLE="font-style: normal">Item 13.</FONT>
Certain Relationships and Related Transactions and Director <FONT STYLE="letter-spacing: -0.1pt">Independence</FONT></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 34.05pt 0 21pt; text-align: justify; text-indent: 24.45pt">Information regarding
Certain Relationships and Related Transactions is incorporated by reference to our 2025 Proxy Statement.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 21pt"><A NAME="a_024"></A><FONT STYLE="font-style: normal">Item 14.</FONT>
Principal Accountant Fees and <FONT STYLE="letter-spacing: -0.1pt">Services</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 33.95pt 0 21pt; text-align: justify; text-indent: 24.45pt">Information
regarding Principal Accountant Fees and Services is incorporated by reference to our 2025 Proxy Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><A NAME="a_025"></A>PART <FONT STYLE="letter-spacing: -0.25pt">IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 21pt"><B><A NAME="a_026"></A>Item 15. <I>Exhibits and Financial Statement <FONT STYLE="letter-spacing: -0.1pt">Schedules</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 40.15pt">(a)(1) The following financial statement schedules
are filed <FONT STYLE="letter-spacing: -0.1pt">herewith:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 45.5pt">Schedule 12-14 Investments in and Advances to <FONT STYLE="letter-spacing: -0.1pt">Affiliates</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B><A NAME="a_027"></A>Item 16. <I>Form 10-K <FONT STYLE="letter-spacing: -0.1pt">Summary</FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 0 0 45.5pt">Not <FONT STYLE="letter-spacing: -0.1pt">Included.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.1pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><A NAME="a_037"></A>SCHEDULE 12-14</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><B>SCHEDULE OF INVESTMENTS IN AND ADVANCES TO <FONT STYLE="letter-spacing: -0.1pt">AFFILIATES</FONT></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">(in thousands)</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Year Ended</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">December 31, 2024</FONT></P></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Portfolio Company</FONT></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; font-style: normal; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Investment <FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 700"><SUP>(a)</SUP></FONT></FONT></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Amount of Interest or Dividend</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Credited to Income<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 700"><SUP>(e)</SUP></FONT></FONT></P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">As of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">December 31, 2023 Fair Value</FONT></P></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Gross
    Additions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 700"><SUP>(b)</SUP></FONT></FONT></TD><TD STYLE="font-weight: bold; font-style: normal; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: normal; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Gross
    Reductions<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 700"><SUP>(c)</SUP></FONT></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Decrease
    in Unrealized Appreciation / Depreciation</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">As of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">December 31, 2024 Fair Value</FONT></P></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Control
    Investments:&nbsp;&nbsp;Majority-owned</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 11%; text-align: left"><FONT STYLE="font-size: 8pt">Equus Energy, LLC</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%; text-align: left"><FONT STYLE="font-size: 8pt">Member interest (100%)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">10,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">(6,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 8pt">4,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Morgan E&amp;P, LLC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">Member interest (100%)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(9,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD><TD STYLE="font-weight: 400; font-style: normal"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: 400; font-style: normal; text-align: left"><FONT STYLE="font-size: 8pt">12% senior secured promissory note<FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal; font-weight: 400"><SUP>(d)</SUP></FONT></FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,247</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">Total Control Investments:&nbsp;&nbsp;Majority-owned</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">1,470</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">40,853</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">2,247</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">(15,600</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 8pt">27,500</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">Total Control Investments</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,470</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">40,853</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,247</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&mdash;&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">(15,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">)</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B></B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 6.95pt 0 22pt">This schedule should be read in conjunction with our Financial
Statements, including our <I>Schedule of Investments</I> and Notes 3 and 4 to the Financial <FONT STYLE="letter-spacing: -0.1pt">Statements.</FONT></P>

<P STYLE="font: 5.5pt/4.8pt Times New Roman, Times, Serif; margin: 4.9pt 0 0 22pt"><FONT STYLE="letter-spacing: -0.25pt">(a)</FONT></P>

<P STYLE="font: 5.5pt/101% Times New Roman, Times, Serif; margin: 0 0 0 22pt; text-indent: 6.1pt">Common stock, warrants, options and
equity interests are generally non-income producing and restricted. In some cases, preferred stock may also be non-income producing. The
principal amount for debt and the number of shares of common stock and preferred stock is shown in the Schedule of Portfolio Securities
as of December 31, 2024.</P>

<P STYLE="font: 5.5pt/5.45pt Times New Roman, Times, Serif; margin: 4.35pt 0 0 22pt"><FONT STYLE="letter-spacing: -0.25pt">(b)</FONT></P>

<P STYLE="font: 5.5pt/5.45pt Times New Roman, Times, Serif; margin: 0 0 0 28.45pt">Gross additions include increases in investments resulting
from new portfolio company investments, paid-in-kind interest or dividends, the amortization of discounts and fees, and the exchange of
one or <FONT STYLE="letter-spacing: -0.2pt">more</FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">existing securities for one or more new securities. Gross additions
also include net increases in unrealized appreciation or net decreases in unrealized <FONT STYLE="letter-spacing: -0.1pt">depreciation.</FONT></P>

<P STYLE="font: 5.5pt/4.8pt Times New Roman, Times, Serif; margin: 4.8pt 0 0 22pt"><FONT STYLE="letter-spacing: -0.25pt">(c)</FONT></P>

<P STYLE="font: 5.5pt/101% Times New Roman, Times, Serif; margin: 0 7.4pt 0 22pt; text-indent: 6.1pt">Gross reductions include decreases
in investments resulting from principal collections related to investment repayments or sales and the exchange of one or more existing
securities for one or more new securities. Gross reductions also include net increases in unrealized depreciation or net decreases in
unrealized appreciation.</P>

<P STYLE="font: 5.5pt/5.45pt Times New Roman, Times, Serif; margin: 4.35pt 0 0 22pt"><FONT STYLE="letter-spacing: -0.25pt">(d)</FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">Debt is on an accrual status as of December&nbsp;31, 2024, and
is therefore considered income producing.</P>

<P STYLE="font: 5.5pt/101% Times New Roman, Times, Serif; margin: 0 7.4pt 0 22pt; text-indent: 6.1pt">&nbsp;</P>

<P STYLE="font: 5.5pt/5.45pt Times New Roman, Times, Serif; margin: 4.35pt 0 0 22pt"><FONT STYLE="letter-spacing: -0.25pt">(e)</FONT></P>

<P STYLE="font: 5.5pt/5.45pt Times New Roman, Times, Serif; margin: 0 0 0 28.45pt">Represents the total amount of interest or dividends
credited to income for the portion of the year an investment was a control investment (more than 25% owned) or an affiliate investment
(5% to 25% <FONT STYLE="letter-spacing: -0.1pt">owned),</FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0 0 0 22pt">respectively. All dividend income is non-cash unless otherwise
<FONT STYLE="letter-spacing: -0.1pt">noted.</FONT></P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 5.5pt Times New Roman, Times, Serif; margin: 0"></P>


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<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6.25pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 21pt"><B>(a)(2) <FONT STYLE="letter-spacing: -0.1pt">Exhibits</FONT></B></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.25pt 0 0"><B>&nbsp;</B></P>

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<TD STYLE="width: 24.4pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">3.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Articles of Incorporation and by-<FONT STYLE="letter-spacing: -0.1pt">laws.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.65pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.9pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(a)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Restated
                                            Certificate of Incorporation of the Fund, as amended. [Incorporated by reference to Exhibit
                                            3(a) to Registrant&rsquo;s Current Report on Form 8-K filed on January 21, 2021.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.9pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(b)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Certificate
                                            of Merger dated June 30, 1993, between the Fund and Equus Investments Incorporated. [Incorporated
                                            by reference to Exhibit 3(b) to Registrant&rsquo;s Annual Report on Form 10-K for the year
                                            ended December 31, 2007.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.9pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(c)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Amended
                                            and Restated Bylaws of the Fund. [Incorporated by reference to Exhibit 3(b) to Registrant&rsquo;s
                                            Current Report on Form 8-K filed on December 23, 2010.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 10.2pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.5pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">10.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Material <FONT STYLE="letter-spacing: -0.1pt">Contracts.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(a)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Safekeeping
                                            Agreement between the Fund and Amegy Bank dated August 16, 2008. [Incorporated by reference
                                            to Exhibit 10(c) to Registrant&rsquo;s Annual Report on Form 10-K for the year ended December
                                            31, 2008.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(b)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Form
                                            of Indemnification Agreement between the Fund and certain of its directors and officers.
                                            [Incorporated by reference to Exhibit 10(d) to Registrant&rsquo;s Annual Report on Form 10-K
                                            for the year ended December 31, 2011]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(c)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Form
                                            of Release Agreement between the Fund and certain of its officers and former officers. [Incorporated
                                            by reference to Exhibit 10(h) to Registrant&rsquo;s Annual Report on Form 10-K for the year
                                            ended December 31, 2004.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(d)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Code
                                            of Ethics of the Fund (Rule 17j-1) [Incorporated by reference to Exhibit 10(f) to Registrant&rsquo;s
                                            Annual Report on Form 10-K for the year ended December 31, 2009.]</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(e)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>2016
                                            Equity Incentive Plan, adopted June 13, 2016 [Incorporated by reference to Exhibit 1 to Registrant&rsquo;s
                                            Definitive Proxy Statement filed on May 5, 2016.]</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 10.15pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.7pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">23.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Consent of Experts and Counsel <FONT STYLE="letter-spacing: -0.5pt">*</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 2.55pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: #0065CC"><U><A HREF="ex231_consentofbdo.htm">Consent
                                            of Independent Accountants,</A> </U></FONT><U><FONT STYLE="font-size: 9pt; color: Blue">BDO
                                            USA, <FONT STYLE="letter-spacing: -0.2pt">P.C., regarding the Fund</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: #0065CC"><U><A HREF="ex232_consentofeqsenergy.htm">Consent
                                            of Independent Accountants,</A> </U></FONT><U><FONT STYLE="font-size: 9pt; color: Blue">BDO
                                            USA, <FONT STYLE="letter-spacing: -0.2pt">P.C., regarding Equus Energy, LLC</FONT></FONT></U></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(3)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: #0065CC"><U><A HREF="ex233_consentofmep.htm">Consent
                                            of Independent Accountants</A>, </U></FONT><U><FONT STYLE="font-size: 9pt; color: Blue">BDO
                                            USA, <FONT STYLE="letter-spacing: -0.2pt">P.C., regarding Morgan E&amp;P, LLC</FONT></FONT></U></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 26.7pt"></TD><TD STYLE="width: 17.1pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">31.</FONT></TD><TD><FONT STYLE="font-size: 9pt">R<B>u</B>le 13a-14(a)/15d-14(a) Certifications <FONT STYLE="letter-spacing: -0.5pt">*</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: #0065CC"><U><A HREF="ex311_302ceocertification.htm">Certification
                                            by</A> </U></FONT><U><FONT STYLE="font-size: 9pt; color: Blue">Chief Executive <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 7.85pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: #0065CC"><U><A HREF="ex312_302cfocertification.htm">Certification
                                            by</A> </U></FONT><U><FONT STYLE="font-size: 9pt; color: Blue">Chief Financial <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></FONT></U></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.75pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.1pt">32.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Section 1350 Certification <FONT STYLE="letter-spacing: -0.5pt">*</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Certification
                                            by Chief Executive <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 7.85pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Certification
                                            by Chief Financial <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 6.2pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">97.</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt">Policy Relating to Recovery of Erroneously Awarded Compensation</FONT></TD></TR></TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 4.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Equus
                                            Total Return, Inc. Compensation Recoupment <FONT STYLE="letter-spacing: -0.1pt">Policy </FONT>[Incorporated
                                            by reference to Exhibit <FONT STYLE="letter-spacing: -0.15pt">97.1</FONT> to Registrant&rsquo;s
                                            Annual Report on Form 10-K for the year ended December 31, 2023.]</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 7.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.7pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">99.</FONT></TD><TD><FONT STYLE="font-size: 9pt">Equus Energy, LLC and Subsidiary and Morgan E&amp;P, LLC <FONT STYLE="letter-spacing: -0.5pt">*</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 9.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="padding-right: 56.3pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Consolidated
                                            Financial Statements of Equus Energy, LLC and Subsidiary as of December 31, 2024 and 2022
                                            and for the years ended December 31, 2024, 2023 and 2022</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/86% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.2pt"></TD><TD STYLE="width: 28.5pt"><FONT STYLE="font-size: 9pt">(2)</FONT></TD><TD STYLE="padding-right: 48.85pt"><FONT STYLE="font-size: 9pt; color: Blue"><U>Financial
                                            Statements of Morgan E&amp;P, LLC as of December 31, 2024 for the year ended December 31,
                                            2024 and the period from inception (April 3, 2023) through December 31, 2023</U></FONT></TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0.75pt 0 0">&nbsp;</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt">* Filed <FONT STYLE="letter-spacing: -0.1pt">herewith</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 23.8pt 0 21pt; text-indent: 24.45pt">Pursuant to the requirements of
Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has caused this report to be signed by the undersigned, thereunto
duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.2pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"><TR><TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%"></TD>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">EQUUS TOTAL RETURN, INC.</FONT></TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Date:April
     10, 2025</FONT></TD>
    <TD STYLE="padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ JOHN A. HARDY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>John A. Hardy</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom">
    <P STYLE="font: 7.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Chief Executive Officer </B></P>
    <P STYLE="font: 7.5pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Principal Executive Officer)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/106% Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and
on the dates indicated.</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.5pt 76pt">&nbsp;</P>

<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.5pt 76pt">&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 STYLE="white-space: nowrap; width: 29%; border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 57%; border-bottom: black 1pt solid; padding-left: 0.1in; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Title</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.1in; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Date</B></FONT></TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ FRASER ATKINSON</FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Fraser Atkinson</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ KENNETH I. DENOS</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Director, Secretary and Chief Compliance Officer</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Kenneth I. Denos</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ HENRY W. HANKINSON</FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>Henry W. Hankinson</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/
    JOHN J. MAY</FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>John
    J. May</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ JOHN A. HARDY</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Director, Chief Executive Officer (Principal Executive Officer)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>John A. Hardy</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%">S</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">/ L&rsquo;SHERYL D. HUDSON</FONT></TD>
    <TD STYLE="vertical-align: top; padding-left: 9pt; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; line-height: 115%">April
    10, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; line-height: 115%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt; line-height: 115%"><B>L&rsquo;Sheryl D. Hudson</B></FONT></TD>
    <TD STYLE="padding-left: 9pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; line-height: 115%">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>ex231_consentofbdo.htm
<DESCRIPTION>CONSENT OF BOARD OF DIRECTORS
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 66.5pt 0 0; text-align: right; color: #0065CC"><B><U></U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-indent: 300pt; text-align: center"><A HREF="f10k_equus12312024.htm">EXHIBIT 23.1</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><U>Consent of Independent Registered Public
Accounting <FONT STYLE="letter-spacing: -0.2pt">Firm</FONT></U></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: 1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 15.85pt; text-align: justify">We hereby consent to the
incorporation by reference in the Registration Statement on Form S-8 (No. 333-216676) of Equus Total Return, Inc., (the
&ldquo;Fund&rdquo;) of our report dated April 10, 2025, relating to the financial statements and schedule, which appear in this
Annual Report on Form 10-K. Our report contains an explanatory paragraph regarding the Fund&rsquo;s ability to continue as going
concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 15.85pt; text-align: justify">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt"> April 10, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">&nbsp;</P>


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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>ex232_consentofeqsenergy.htm
<DESCRIPTION>CONSENT OF EQUUS ENERGY
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-indent: 300pt; text-align: center; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #000000"><A HREF="f10k_equus12312024.htm">EXHIBIT
23.2</A></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><U>Consent of Independent Auditor</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 15.85pt; text-align: justify"><FONT STYLE="color: #000000">We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-216676) of Equus Total Return, Inc.
of our report dated April 10, 2025, relating to the financial statements of Equus Energy, LLC (the &ldquo;Company&rdquo;), which appears
in this Annual Report on Form 10-K for the year ended December 31, 2024. Our report contains an explanatory paragraph regarding the Company&rsquo;s
ability to continue as a going concern.</FONT></P>

<P STYLE="color: fuchsia; font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 15.85pt; text-align: justify">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt"> April 10, 2025</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: fuchsia; margin: 12pt 0 0; text-align: justify"></P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>4
<FILENAME>ex233_consentofmep.htm
<DESCRIPTION>CONSENT OF MORAGAN E&P
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-indent: 300pt; text-align: center; color: fuchsia"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #000000"><A HREF="f10k_equus12312024.htm">EXHIBIT 23.3</A></FONT></P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: center; color: fuchsia">&nbsp;</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 0; text-align: center; color: fuchsia">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><U>Consent of Independent Auditor</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><U>&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 15.85pt; text-align: justify"><FONT STYLE="color: #000000">We
hereby consent to the incorporation by reference in the Registration Statement on Form S-8 (No. 333-216676) of Equus Total Return, Inc.
of our report dated April 10, 2025, relating to the financial statements of Morgan E&amp;P, LLC (the &ldquo;Company&rdquo;), which appears
in this Annual Report on Form 10-K for the year ended December 31, 2024. Our report contains an explanatory paragraph regarding the Company&rsquo;s
ability to continue as a going concern.</FONT></P>

<P STYLE="color: fuchsia; font: 10pt Arial, Helvetica, Sans-Serif; margin: 12pt 0 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 15.85pt; text-align: justify">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.9pt 0 15.85pt"> April 10, 2025</P>

<P STYLE="font: 10.5pt Trebuchet MS, Times, Serif; margin: 12pt 0 0; text-align: justify; color: fuchsia">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>5
<FILENAME>ex311_302ceocertification.htm
<DESCRIPTION>302 CEO CERTIFICATION
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt; text-indent: 360pt"><A HREF="f10k_equus12312024.htm">EXHIBIT 31.1</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt">I, John A. Hardy, certify <FONT STYLE="letter-spacing: -0.2pt">that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 4.55pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this Annual Report on Form 10-K of Equus Total Return, <FONT STYLE="letter-spacing: -0.1pt">Inc.;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="padding-right: 21.85pt"><FONT STYLE="font-size: 10pt">Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this annual <FONT STYLE="letter-spacing: -0.1pt">report;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="padding-right: 34.75pt"><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in this annual report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="padding-right: 39.55pt"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.75pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 79.8pt"></TD><TD STYLE="width: 24.6pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">a.</FONT></TD><TD STYLE="padding-right: 43.5pt"><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being
prepared;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">b.</FONT></TD><TD STYLE="padding-right: 52.85pt"><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
<FONT STYLE="letter-spacing: -0.1pt">principles;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">c.</FONT></TD><TD STYLE="padding-right: 49.15pt"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the
end of the period covered by this report based on such <FONT STYLE="letter-spacing: -0.1pt">evaluation;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">d.</FONT></TD><TD STYLE="padding-right: 29.95pt"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&rsquo;s internal
control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting, and;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.75pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="text-align: justify; padding-right: 23.05pt"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of the internal control over financial reporting, to the registrant&rsquo;s
auditors and the audit committee of registrant&rsquo;s board of directors (or persons performing the equivalent function):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">a.</FONT></TD><TD STYLE="padding-right: 46.3pt"><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting, which are reasonably likely to adversely affect the registrant&rsquo;s ability
to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">b.</FONT></TD><TD STYLE="padding-right: 75.45pt"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant&rsquo;s internal controls.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 23.65pt">Date: <FONT STYLE="letter-spacing: -0.2pt">April</FONT>
10, <FONT STYLE="letter-spacing: -0.2pt">2025</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 15.85pt"><U>/s/ JOHN A. <FONT STYLE="letter-spacing: -0.2pt">HARDY</FONT></U></P>

<P STYLE="font: bold 10pt/11.35pt Times New Roman, Times, Serif; margin: 2.2pt 0 0 15.85pt">John A. <FONT STYLE="letter-spacing: -0.1pt">Hardy</FONT></P>

<P STYLE="font: 10pt/11.35pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><B>Chief Executive <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></B></P>

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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>6
<FILENAME>ex312_302cfocertification.htm
<DESCRIPTION>302 CFO CERTIFICATION
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt; text-indent: 360pt"><A HREF="f10k_equus12312024.htm">EXHIBIT 31.2</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.65pt">I, L&rsquo;Sheryl D. Hudson, certify <FONT STYLE="letter-spacing: -0.1pt">that:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">1.</FONT></TD><TD><FONT STYLE="font-size: 10pt">I have reviewed this Annual Report on Form 10-K of Equus Total Return, <FONT STYLE="letter-spacing: -0.1pt">Inc.;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.95pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">2.</FONT></TD><TD STYLE="padding-right: 45.2pt"><FONT STYLE="font-size: 10pt">Based on my knowledge, this annual report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the period covered by this annual report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.75pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">3.</FONT></TD><TD STYLE="padding-right: 34.75pt"><FONT STYLE="font-size: 10pt">Based on my knowledge, the financial statements, and other financial
information included in this annual report, fairly present in all material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in this annual report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">4.</FONT></TD><TD STYLE="padding-right: 33.35pt"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal
control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">a.</FONT></TD><TD STYLE="padding-right: 23pt"><FONT STYLE="font-size: 10pt">Designed such disclosure controls and procedures or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including
its subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being
prepared;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">b.</FONT></TD><TD STYLE="padding-right: 52.85pt"><FONT STYLE="font-size: 10pt">Designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
<FONT STYLE="letter-spacing: -0.1pt">principles</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">c.</FONT></TD><TD STYLE="padding-right: 49.15pt"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;s disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the
end of the period covered by this report based on such <FONT STYLE="letter-spacing: -0.1pt">evaluation;</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.65pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">d.</FONT></TD><TD STYLE="padding-right: 29.95pt"><FONT STYLE="font-size: 10pt">Disclosed in this report any change in the registrant&rsquo;s internal
control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting, and;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt">5.</FONT></TD><TD STYLE="padding-right: 42.3pt"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I have disclosed,
based on our most recent evaluation of the internal control over financial reporting, to the registrant&rsquo;s auditors and the audit
committee of registrant&rsquo;s board of directors (or persons performing the equivalent function):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.75pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">a.</FONT></TD><TD STYLE="padding-right: 46.3pt"><FONT STYLE="font-size: 10pt">All significant deficiencies and material weaknesses in the design or
operation of internal controls over financial reporting, which are reasonably likely to adversely affect the registrant&rsquo;s ability
to record, process, summarize and report financial information; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 78.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">b.</FONT></TD><TD STYLE="padding-right: 75.45pt"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other
employees who have a significant role in the registrant&rsquo;s internal controls.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 23.65pt">Date: <FONT STYLE="letter-spacing: -0.2pt">April</FONT>
10, <FONT STYLE="letter-spacing: -0.2pt">2025</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><U>/s/ L&rsquo;SHERYL D. <FONT STYLE="letter-spacing: -0.1pt">HUDSON</FONT></U></P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 2.3pt 376.5pt 0 15.85pt"><B>L&rsquo;Sheryl D. Hudson Chief Financial <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></B></P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>7
<FILENAME>ex321_906ceocertification.htm
<DESCRIPTION>906 CEO CERTIFICATION
<TEXT>
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<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-indent: 300pt; text-align: center"><A HREF="f10k_equus12312024.htm">EXHIBIT 32.1</A></P>

<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center">CERTIFICATION PURSUANT <FONT STYLE="letter-spacing: -0.25pt">TO</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. SECTION <FONT STYLE="letter-spacing: -0.1pt">1350)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.8pt 41pt 0 23.65pt; text-indent: 24.45pt">In connection with the accompanying
Annual Report of Equus Total Return, Inc. (the &ldquo;Company&rdquo;) on Form 10-K for the period ended December 31, 2024 (the &ldquo;Report&rdquo;),
I, John A. Hardy, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of the Sarbanes- Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(1)</FONT></TD><TD STYLE="padding-right: 51.85pt"><FONT STYLE="font-size: 10pt">To my knowledge, the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(2)</FONT></TD><TD STYLE="padding-right: 63.3pt"><FONT STYLE="font-size: 10pt">The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.9pt 0 0 23.65pt">Dated: <FONT STYLE="letter-spacing: -0.2pt">April</FONT>
10, <FONT STYLE="letter-spacing: -0.2pt">2025</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: 1.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><U>/s/ JOHN A. <FONT STYLE="letter-spacing: -0.2pt">HARDY</FONT></U></P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 1.8pt 0 0 15.85pt"><B>John A. <FONT STYLE="letter-spacing: -0.1pt">Hardy</FONT></B></P>

<P STYLE="font: 10pt/11.25pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><B>Chief Executive <FONT STYLE="letter-spacing: -0.1pt">Officer</FONT></B></P>

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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>8
<FILENAME>ex322_906cfocertification.htm
<DESCRIPTION>906 CFO CERTIFICATION
<TEXT>
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<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-indent: 300pt; text-align: center"><A HREF="f10k_equus12312024.htm">EXHIBIT 32.2</A></P>

<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center">CERTIFICATION PURSUANT <FONT STYLE="letter-spacing: -0.25pt">TO</FONT></P>

<P STYLE="font: 10pt/11.4pt Times New Roman, Times, Serif; margin: 0 0 0 2pt; text-align: center"><B>SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002 (18 U.S.C. SECTION <FONT STYLE="letter-spacing: -0.1pt">1350)</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.8pt 23.95pt 0 23.65pt; text-align: justify; text-indent: 24.45pt">In connection
with the accompanying Annual Report of EQUUS TOTAL RETURN, INC. (the &ldquo;Company&rdquo;) on Form 10-K for the period ended December
31, 2024 (the &ldquo;Report&rdquo;), I, L&rsquo;Sheryl D. Hudson, Chief Financial Officer of the Company, hereby certify, pursuant to
18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(1)</FONT></TD><TD STYLE="padding-right: 51.75pt"><FONT STYLE="font-size: 10pt">To my knowledge, the Report fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 48.1pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.1pt">(2)</FONT></TD><TD STYLE="padding-right: 63.3pt"><FONT STYLE="font-size: 10pt">The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.9pt 0 0 23.65pt">Dated: <FONT STYLE="letter-spacing: -0.2pt">April</FONT>
10, <FONT STYLE="letter-spacing: -0.2pt">2025</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: 1.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><U>/s/ L&rsquo;SHERYL D. <FONT STYLE="letter-spacing: -0.1pt">HUDSON</FONT></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.05pt 342.35pt 0 15.85pt"><B>L&rsquo;Sheryl D. Hudson Chief Financial Officer</B></P>


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<DESCRIPTION>EQUUS ENERGY FINANCIALS
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.75pt 38.9pt 0 0; text-indent: 380pt; color: #0065CC"><A HREF="f10k_equus12312024.htm">EXHIBIT 99.1</A></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>

<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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.45pt; text-align: center">Equus Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.25pt; text-align: center">Consolidated Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center">As of December 31, 2024 and 2023 and
for the three years ended December 31, <FONT STYLE="letter-spacing: -0.2pt">2024</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 6.25pt; text-align: center"><FONT STYLE="letter-spacing: -0.2pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 11.8pt 15.6pt 0 16.5pt; text-align: center">Equus Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 9.4pt 15.6pt 0 16.5pt; text-align: center"><P STYLE="border-bottom: black 2.25pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="TableOfContents" TITLE="Table Of Contents"></A>Contents</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"></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"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; text-align: center">
  <TH>&nbsp;</TH>
  <TH>&nbsp;</TH></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-align: left; width: 70%; vertical-align: bottom"><A HREF="#a_038">Independent Auditor&rsquo;s Report</A></TD>
  <TD STYLE="text-align: right; width: 30%; vertical-align: bottom">3</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><B>Consolidated Financial Statements</B></TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 24pt"><A HREF="#a_039">Consolidated Balance Sheets</A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">5</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 24pt"><A HREF="#a_040">Consolidated Statements of Operations</A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">6</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 24pt"><A HREF="#a_041">Consolidated Statements of Changes in Member&rsquo;s (Deficit) Equity</A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">7</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 24pt"><A HREF="#a_042">Consolidated Statements of Cash Flows</A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">8</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="text-indent: 24pt"><A HREF="#a_043">Notes to Consolidated Financial Statements</A></TD>
  <TD STYLE="text-align: right; vertical-align: bottom">9</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

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

<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: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.1pt 0 0 15.85pt"><A NAME="a_038"></A>Independent Auditor&rsquo;s <FONT STYLE="letter-spacing: -0.1pt">Report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.1pt 0 15.85pt">Board of Managers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.1pt 0 15.85pt">Equus Energy, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 398.1pt 0 15.85pt">Houston, Texas</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt"><FONT STYLE="letter-spacing: -0.1pt">Opinion</FONT></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 13.65pt 0 15.85pt; text-align: justify">We have audited the consolidated
financial statements of Equus Energy, LLC and its subsidiary (collectively, the Company), which comprise the consolidated balance sheets
as of December 31, 2024 and 2023, and the related consolidated statements of operations, changes in member&rsquo;s (deficit) equity, and
cash flows for each of the three years in the period ended December 31, 2024, and the related notes to the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 13.65pt 0 15.85pt; text-align: justify">In our opinion, the accompanying
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024
and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024 in accordance
with accounting principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt; text-align: justify">Basis for <FONT STYLE="letter-spacing: -0.1pt">Opinion</FONT></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 13.6pt 0 15.85pt; text-align: justify">We conducted our audits in accordance
with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further
described in the Auditor&rsquo;s Responsibilities for the Audit of the Financial Statements section of our report. We are required to
be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.55pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 15.85pt; text-align: justify"><FONT STYLE="letter-spacing: -0.2pt">Substantial
Doubt About the Company&rsquo;s Ability to Continue as a Going Concern</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.2pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 15.85pt; text-align: justify; text-indent: -0.05pt">The accompanying
consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note
1 to the consolidated financial statements, the Company has suffered recurring losses from operations, negative cash flows from operations,
and has stated that substantial doubt exists about the Company&rsquo;s ability to continue as a going concern. Management&rsquo;s evaluation
of the events and conditions and management&rsquo;s plans regarding these matters are also described in Note 1. The consolidated financial
statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect
to this matter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.85pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 15.85pt; text-align: justify">Responsibilities of Management
for the Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 15.85pt; text-align: justify">Management is responsible for the
preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted
in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and
fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</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 13.8pt 0 15.85pt; text-align: justify">In preparing the consolidated financial
statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial
doubt about the Company&rsquo;s ability to continue as a going concern within one year after the date that the consolidated financial
statements are available to be issued.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 15.85pt; text-align: justify">Auditor&rsquo;s Responsibilities
for the Audit of the Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 15.85pt; text-align: justify">Our objectives are to obtain reasonable
assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor&rsquo;s report that includes our opinion. Reasonable assurance is a high level of assurance but is not
absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement
when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are
considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made
by a reasonable user based on the consolidated financial statements.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.45pt 0 0 15.85pt; text-align: justify">In performing an audit in accordance
with GAAS, <FONT STYLE="letter-spacing: -0.25pt">we:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Exercise professional judgment and maintain professional skepticism throughout the <FONT STYLE="letter-spacing: -0.1pt">audit.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/92% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 13.6pt"><FONT STYLE="font-size: 10pt">Identify and assess the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/83% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.85pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 13.75pt"><FONT STYLE="font-size: 10pt">Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control. Accordingly, no such opinion is expressed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/82% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.8pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 13.7pt"><FONT STYLE="font-size: 10pt">Evaluate the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
consolidated financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.4pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/80% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 33.75pt"></TD><TD STYLE="width: 18.1pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 13.7pt"><FONT STYLE="font-size: 10pt">Conclude whether, in our judgment, there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Company&rsquo;s ability to continue as a going concern
for a reasonable period of time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.35pt 13.75pt 0 15.85pt; text-align: justify">We are required to communicate
with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings,
and certain internal control-related matters that we identified during the audit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</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: 0 412.5pt 0 7.9pt">Houston, Texas</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 412.5pt 0 7.9pt">April 10, 2025</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: 2.8pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.25pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0.25pt; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Equus
Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0.25pt; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></B></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 1.95pt; text-align: center"><A NAME="a_039"></A>Consolidated Balance <FONT STYLE="letter-spacing: -0.1pt">Sheets</FONT></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Trebuchet MS, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current Assets</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash</FONT></TD><TD STYLE="width: 8%; color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,649</FONT></TD><TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 8%; color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 12%; color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71,174</FONT></TD><TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    receivable</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">207,456</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">167,061</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Current
    Assets</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">214,105</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">238,235</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
    and Gas Properties, net, using full cost method</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">51,909</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76,508</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Assets</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266,014</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314,743</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    and Member's Deficit</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    Liabilities</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
    payable and other current liabilities</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126,575</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">104,525</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
    to Parent</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">128,499</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">126,498</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Current
    Liabilities</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">255,074</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">231,023</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asset
    Retirement Obligations</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">225,941</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">232,836</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Liabilities</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">481,015</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">463,859</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Commitments
    and Contingencies (See Note 7)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member's
    Deficit</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(215,001</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(149,116</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    Liabilities and Member's Deficit</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">266,014</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">314,743</FONT></TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

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

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

<P STYLE="margin: 0"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>See accompanying notes to the consolidated
financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></I></P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0 1.75pt; text-align: center">Equus Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.15in 0 0 1.75pt; text-align: center"><A NAME="a_040"></A>Consolidated Statements of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 0 0.05pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Year Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Operating Revenue</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left; padding-left: 10pt">Oil revenue</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">378,620</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">383,582</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">371,241</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural gas liquids revenue</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">83,535</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">124,351</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">415,873</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Natural gas revenue</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">170,411</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">137,152</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">275,714</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Operating Revenue</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">632,566</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">645,085</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,062,828</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Operating Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Direct operating expenses</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">420,246</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">503,933</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">420,376</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Depletion, depreciation, amortization and accretion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">17,729</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">3,999</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">3,792</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Professional fees</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">264,814</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">739,860</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">774,651</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">General and administrative</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">8,623</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">355,691</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">396,987</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Operating Expenses</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">711,412</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,603,483</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,595,806</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Operating Loss</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(78,846</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(958,398</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(532,978</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Non-operating Income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other income</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">12,961</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,000,000</TD><TD STYLE="color: #000000; 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></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Non-operating Income</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">12,961</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,000,000</TD><TD STYLE="color: #000000; 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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net (Loss)/ Income</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(65,885</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">41,602</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(532,978</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>See accompanying notes to the consolidated
financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.9pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 4.9pt; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Equus
Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></B></FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 4.9pt; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 4.5pt; margin-bottom: 0; text-align: center"><A NAME="a_041"></A>Consolidated Statements of Changes
in Member&rsquo;s (Deficit) <FONT STYLE="letter-spacing: -0.1pt">Equity</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.9pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Sans-Serif; margin: 6.9pt 0 0; color: Red; text-indent: 1in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10.5pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Member's</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Deficit)
    Equity</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, January
    1, 2022</FONT></TD><TD STYLE="width: 10%; color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="width: 18%; color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">192,260</FONT></TD><TD STYLE="width: 1%; color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital contribution</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150,000</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(532,978</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, December 31, 2022</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(190,718</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net income</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">41,602</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, December 31, 2023</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(149,116</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net loss</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(65,885</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance, December 31, 2024</FONT></TD><TD STYLE="color: #000000"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="color: #000000; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(215,001</FONT></TD><TD STYLE="color: #000000; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6.9pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 9.5pt Times New Roman, Times, Serif; margin: 0.25pt 0 0.05pt"><B><I>&nbsp;</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: 0.95pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>See accompanying notes to the consolidated
financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 2.6pt; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Equus
Energy, LLC and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2.6pt 0 0">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><A NAME="a_042"></A>Consolidated Statements of Cash <FONT STYLE="letter-spacing: -0.2pt">Flows</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.15pt 0 0; color: Red">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Year Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Cash Flows from Operating Activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left">Net (loss) income</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">(65,885</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">41,602</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 11%; color: #000000; text-align: right">(532,978</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net (loss) income to net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;cash used in operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Depletion, depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,060</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,914</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; padding-left: 10pt">Accretion expense,net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,669</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,878</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Accounts receivable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,395</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,706</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,946</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaid expenses and other current assets</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">11,824</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,824</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable and accrued liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,050</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,966</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Due to Parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,001</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(223,548</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash Used in Operating Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64,500</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(130,382</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(526,774</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Investing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Additions to oil and gas properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Investment in oil and gas properties</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">(3,835</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,962</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash Used in Investing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,835</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,962</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash Flows from Financing Activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Capital contribution</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">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Cash Provided by Financing Activities</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">150,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net Decrease in Cash</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64,525</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(134,217</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(434,736</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash, beginning of year</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,174</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">640,127</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash, end of year</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">6,649</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">71,174</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">205,391</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 9pt Sans-Serif; margin: 0.15pt 0 0; color: Red"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 2.05pt; text-align: center"><I>See accompanying notes to the consolidated
financial <FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.9pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"><A NAME="a_043"></A>Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">1.</FONT></TD><TD>Nature of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 22.75pt; text-align: justify">Equus Energy, LLC (&ldquo;Equus Energy&rdquo;)
was formed in November 2011 as a wholly-owned subsidiary of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;) to make investments in properties
in the energy sector, with a particular emphasis on income-producing oil &amp; gas properties. In December 2011, the Fund made an initial
contribution of $250,000 to Equus Energy. On December 27, 2012, the Fund invested an additional $6,800,000 in Equus Energy for the purpose
of additional working capital and to fund the purchase of various working interests, presently consisting of 136 producing and non- producing
oil and gas wells. The interests were acquired by EQS Energy Holdings, Inc., a taxable wholly-owned subsidiary of Equus Energy (Equus
Energy and EQS Energy Holdings, Inc. are collectively referred to herein as the &ldquo;Company&rdquo;). On September 30, 2020, we converted
$561,000 in related party payable to equity for the purpose of additional working capital. On June 30, 2021, the Fund provided an additional
$350,000 in capital to Equus Energy for the purpose of additional working capital. On December 31, 2022, the Fund provided an additional
$150,000 in capital to Equus Energy for the purpose of additional working capital. See <I>Subsequent Events</I> in Note 9 below where
the Fund sold its ownership interest in Equus Energy in the first quarter of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 23.35pt 0 21.4pt; text-align: justify">Working interests owned as of
December 31, 2024 include associated development rights in Texas and Oklahoma. The working interests range from a <I>de minimus </I>amount
to 50% of the leasehold that includes these wells.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10.95pt 23.35pt 0 21.4pt; text-align: justify">The wells are operated by a
number of experienced operators, including Burk Royalty Co., LTD (&ldquo;Burk&rdquo;). Burk has operating responsibility for all of the
Company&rsquo;s producing and non-producing well interests located in the Conger Field, an oil and gas field on the edge of the Permian
Basin. The Company has a 50% working interest in each of the leases on which the wells are located, along with working interests of 7.5%
and 2.5% in the Burnell and North Pettus Units, respectively, located in the area known as the &ldquo;Eagle Ford Shale&rdquo; play.</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 22.75pt; text-align: justify">Liquidity &amp; Going
<FONT STYLE="letter-spacing: -0.1pt">Concern</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">Oil prices increased significantly
in 2022 commencing with the buildup and subsequent invasion of Ukraine by Russian forces in February 2022. However, since the end of the
second quarter of 2022, except for a temporary increase during the 3rd quarter of 2023, oil prices have largely retreated to pre-invasion
levels throughout 2024 and the oil price barrel was $72.44 as of December 31, 2024. Natural gas liquids (&ldquo;NGL&rdquo;) experienced
a similar trend in 2022 and continued falling throughout the second half of the year and into <FONT STYLE="letter-spacing: 0.75pt">2023
and 2024</FONT> and, as of December 31, 2024, <FONT STYLE="letter-spacing: 0.7pt">the NGL price was </FONT>$7.28 per <FONT STYLE="letter-spacing: -0.1pt">MMBTU.</FONT>
Natural gas prices experienced high volatility in 2022 but have been generally stable throughout 2023 and 2024, <FONT STYLE="letter-spacing: -0.1pt">and
as of December 31, 2024, natural gas price was </FONT>$3.40 per MMBTU. Nevertheless, consistently lower prices for natural gas has decreased
the economic feasibility of certain of Equus Energy&rsquo;s well interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">As a result, Equus Energy could see
future capital expenditures postponed indefinitely, which could have a material adverse effect upon the operations and long-term financial
condition of Equus Energy. The substantial decrease in natural gas spot prices has had a similar effect upon Equus Energy&rsquo;s revenue.
This decrease, as well as the shut-in of presently uneconomic wells due to low prices and excess demand has had, and is expected to continue
to have, a material adverse effect on the present and near-term cash flows of Equus Energy. The factors discussed above, therefore, raise
substantial doubt about Equus Energy&rsquo;s ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">The Company experienced net operating losses of $78,846, $958,398, and $532,978 during the years ended December 31, 2024, 2023, and 2022,
respectively. During the years ended December 31, 2024, 2023 and 2022, the Company experienced negative cash flows from operations of
$64,500, $130,382, and $526,744, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.35pt 0 22.75pt; text-align: justify">As of December 31, 2024, we
had $6,649 in available cash and, under current operating and pricing conditions, we believe substantial doubt exists as to whether Equus
Energy will be able to fund its operations for the next twelve months. It is possible Equus Energy will require loans or capital investment
from one or more sources, or will be required to dispose of certain of its assets, to cover a potential cash shortfall. Equus Energy does
not presently have any existing commitments to fund any such shortfall, should it occur, and cannot guarantee that it will be able to
secure a commitment in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 10.95pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify">Future Plans and <FONT STYLE="letter-spacing: -0.1pt">Considerations</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.65pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 22.75pt; text-align: justify">See <I>Subsequent Events</I> in Note
9 below where the Fund sold its ownership interest in Equus Energy in the first quarter of 2025.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Summary of Significant Accounting <FONT STYLE="letter-spacing: -0.1pt">Policies</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify">Basis of Presentation and
<FONT STYLE="letter-spacing: -0.1pt">Consolidation</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.55pt 0 22.75pt; text-align: justify">The accompanying consolidated
financial statements are prepared on the accrual basis of accounting as codified in the Financial Standards Accounting Board&rsquo;s (&ldquo;FASB&rdquo;)
Accounting Standards Codification (&ldquo;ASC&rdquo;) and include the accounts of the Company. All significant intercompany balances and
transactions have been eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.35pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">Use of <FONT STYLE="letter-spacing: -0.1pt">Estimates</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">The preparation of consolidated financial
statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation
of the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.45pt 0 22.75pt; text-align: justify">Significant estimates include volumes
of oil and natural gas reserves used in calculating depreciation and depletion of oil and gas properties, future net revenues, abandonment
obligations, impairment of undeveloped properties, the collectability of outstanding accounts receivable, contingencies, and the results
of current and future litigation. Oil and natural gas reserve estimates, which are the basis for unit-of-production depreciation and depletion,
and impairment have numerous inherent uncertainties. The accuracy of any reserve estimate is a function of the quality of available data
and of engineering and geological interpretation and judgment. Subsequent drilling results, testing, and production may justify revision
of such estimates. Accordingly, reserve estimates are often different from the quantities of oil and natural gas that are ultimately recovered.
In addition, reserve estimates are sensitive to changes in wellhead prices of crude oil and natural gas.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.45pt 0 22.75pt; text-align: justify">The significant estimates are based
on current assumptions that may be materially affected by changes to future economic conditions such as the market prices received for
sales of volumes of oil and natural gas. Future changes in these assumptions may affect these significant estimates materially in the
near term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt"><FONT STYLE="letter-spacing: -0.1pt">Receivables</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.4pt 0 22.75pt; text-align: justify">Accounts receivable primarily consists
of accrued revenues from oil and gas sales. The Company routinely assesses the recoverability of all material receivables to determine
their collectability. The Company recognizes a reserve on a receivable when, based on the judgment of management, it is likely that a
receivable will not be collected and the amount of any reserve may be reasonably estimated. No allowance for credit losses was considered
necessary as of December 31, 2024 and 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 20.35pt 0 22.75pt; text-align: justify">In June 2016, the FASB issued Accounting
Standards Update (&ldquo;ASU&rdquo;) 2016-13, Financial Instruments &ndash; Credit Losses (Topic 326) (&ldquo;ASC 326&rdquo; or &ldquo;CECL&rdquo;)
in response to concerns raised regarding the delayed recognition of losses on financial assets that do not meet the &ldquo;probable&rdquo;
threshold, but are expected, as of the reporting date. The new guidance under ASU 2016-13 is effective for Equus Energy, LLC and Subsidiary
for the fiscal year, including interim reporting periods, beginning on January 1, 2023. The Company has concluded that the implementation
of ASC 326 did not have a material impact on the Company&rsquo;s receivables or consolidated financial statements.</P>

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


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Properties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 22.75pt; text-align: justify">The Company follows the full cost
method of accounting for oil and gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful
exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities,
and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead or similar activities
are expensed as incurred. Proved properties are amortized using the units of production method (&ldquo;UOP&rdquo;). The UOP calculation,
in its simplest terms, multiplies the percentage of estimated proved reserves produced by the cost of those reserves. The amortization
base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (&ldquo;DD&amp;A&rdquo;),
estimated future development costs (future costs to access and develop reserves) and asset retirement costs that are not already included
in oil and gas property, less related salvage value. In arriving at rates under the UOP method, the quantities of recoverable oil and
natural gas reserves are established based on estimates made by the third-party geologists and engineers using end-of-period costs and
an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the
life of the production, except where prices are defined by contractual arrangements. Prices are adjusted for &ldquo;basis&rdquo; or location
differentials which require significant judgment, as does the projection of future production volumes and levels of future costs, including
future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and
in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the
calculation of depletion expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify; text-indent: -0.1pt">Under
the full-cost method of accounting, the net book value of oil and gas properties may not exceed a calculated &ldquo;ceiling.&rdquo; The
ceiling limitation is the estimated future net cash flows from proved oil and gas reserves, discounted at ten percent per annum. Estimated
future cash flows exclude future cash outflows associated with settling accrued asset retirement obligations. The estimated future net
cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the first day
of each of the previous twelve months, held flat for the life of the production, except where prices are defined by contractual arrangements.
Prices are adjusted for &ldquo;basis&rdquo; or location differentials. Any excess of the net book value of proved oil and gas properties
over the ceiling is charged to expense and reflected as  impairment in the accompanying statements of operations. Equus Energy
did not record any impairment during the years ended December 31, 2024, 2023 or 2022.</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 20.45pt 0 22.75pt; text-align: justify">Proceeds from the sales or disposition
of oil and gas of proved and unproved properties are accounted for as a reduction of capitalized costs with no gain or loss recognized,
unless such reduction would significantly alter the relationship between capitalized costs and proved reserves, in which case the gain
or loss is recognized in the statement of operations. In general, a significant alteration occurs when the deferral of gains or losses
will result in an amortization rate materially different from the amortization rate calculated upon recognition of gains or losses. Abandonments
of properties are accounted for as adjustments of capitalized costs with no loss recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 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: 1.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify">Revenue <FONT STYLE="letter-spacing: -0.1pt">Recognition</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">The Company recognizes revenue at
the point in time when control of the promised goods is transferred to customers at an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 22.75pt; text-align: justify">The Company&rsquo;s revenue is generated
primarily from the sale of oil, gas, and NGL&rsquo;s produced from working interests and to a lesser extent from royalty interests in
oil and gas properties owned by the Company. As a working interest owner, the Company is responsible for the incurred production expenses
proportionate to the interest stipulated in the operating agreement. As a non-operator, the Company does not manage the daily well operations,
which are borne by the well operator. Sales of oil, gas and NGLs are recognized at the time control of the product is transferred to the
customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.55pt 0 22.75pt; text-align: justify">Various arrangements amongst
the nine different oil and gas properties all differ in some respects, although they do share the commonality that, as a non-operating
working interest holder, the Company does not engage in the selling process, but instead relies on the operator, as their selling agent,
for negotiating and determining pricing, volume, and delivery terms. Such pricing terms are often a function of a specified discount from
the daily/monthly NYMEX or Henry Hub average. The discount is usually based on differentials such as distance of the field/wells from
the distribution node or the buyer&rsquo;s storage facility, as well as the quality of the product itself (i.e., in the case of oil, its
gravity).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">Revenue is measured based on consideration
specified in the contract with the customer, and excludes any amounts collected on behalf of third parties. The Company recognizes revenue
in the amount that reflects the consideration it expects to be entitled to in exchange for transferring control of those goods to the
customer. The contract consideration is typically allocated to specific performance obligations in the contract according to the terms
of the contract. Each unit of oil or gas is considered a separate performance obligation under the contract. Wells are spot measured once
a month to determine production and the composition of each of the products (i.e. oil, gas, NGLs) from the well. Each month the consideration
obtained by the operator is allocated to the related performance <FONT STYLE="letter-spacing: -0.1pt">obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 51.55pt"><I>Performance <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.3pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.45pt 0 24.85pt; text-align: justify">A performance obligation is a promise
in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract&rsquo;s transaction
price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
Revenue is recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the
consideration the Company expects to be entitled to in exchange for services rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.65pt 0 22.75pt; text-align: justify">Depending on the contract and commodity,
there are various means by which upstream entities can transfer control (i.e., at the wellhead, inlet, tailgate of the processing plant,
or a location where the product is delivered to a third party). The Operator has control of the commodity before it is extracted, therefore
consideration must be given to whether the transfer of control of the commodity is to the operator or to the end customer at the point
of sale.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.4pt 0 22.75pt; text-align: justify; text-indent: -0.1pt">Unless
special arrangements are entered into, the Company&rsquo;s performance obligations are generally considered performed when control of
the extracted commodity transfers when it is delivered to the end customer at the agreed- upon market or index price. At the end of each
month, when the performance obligation is satisfied, the variable consideration can be reasonably estimated. Variances between the Company&rsquo;s
estimated revenue and actual payments are recorded in the month the payment is received.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 51.55pt"><I>Contract <FONT STYLE="letter-spacing: -0.1pt">Balances</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.75pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.65pt 0 22.75pt; text-align: justify">Receivables from contracts with
customers are recorded when the right to consideration becomes unconditional, generally when control of the product has been transferred
to the customer. Under the terms of the Company&rsquo;s contract with the operator, the operator processes invoices to the liable parties
and payments to the interest owners. Other than trade receivables, the Company&rsquo;s contracts do not give rise to contract assets or
liabilities under ASC 606. Receivables from oil and gas sales were $109,635 and $49,523 at December 31, 2024 and 2023. On January 1, 2023,
the Company had outstanding receivables of $93,314 related to oil and natural gas sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 51.55pt"><I>Principal vs. <FONT STYLE="letter-spacing: -0.2pt">Agent</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.75pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">ASC 606 focuses on control of the
specified goods and services as the overarching principle for entities to consider when determining whether they are acting as a principal
or an agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.6pt 0 22.75pt; text-align: justify">An entity acting as a principal
records revenue on a gross basis if it controls a promised good or service before transferring that good or service to the customer. An
entity is an agent if it does not control the promised good or service before transfer to the customer. If the entity is an agent, it
records as revenue the net amount it retains for its agency services. However, due to the uncertainty of the variable pricing component
and the separation of expenses billed to the Company from the consideration processed and paid by the operator, the revenue is recorded
at net.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">Under the Company&rsquo;s normal
operating activity arrangements, the operator is responsible for negotiating, fulfilling and collecting the agreed-upon amount from the
sale with the end customer and is, therefore, determined to be acting as agent on behalf of the Company. The principal versus agent consideration
will continue to be assessed for new contracts, both within and outside the company&rsquo;s normal operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">Major Customers and Concentration
of Credit <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.45pt 0 22.75pt; text-align: justify">In the exploration, development
and production business, production is normally sold to relatively few customers. Substantially all of the Company&rsquo;s customers are
concentrated in the oil and natural gas industry and revenue can be materially affected by current economic conditions, the price of certain
commodities such as crude oil and natural gas and the availability of alternate purchasers. The Company believes the loss of any of its
major purchasers would not have a long-term material adverse effect on its operations.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Environmental
Expenditures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.35pt 0 22.75pt; text-align: justify">The Company is subject to extensive
federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may
require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at
various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate
to an existing condition caused by past operations and that have no future economic benefits are <FONT STYLE="letter-spacing: -0.1pt">expensed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.6pt 0 22.75pt; text-align: justify; text-indent: -0.1pt">Liabilities
for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable, and the costs can
be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component
is fixed or reliably determinable. No such liabilities existed or were recorded at December 31, 2024 and 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: 0.95pt 0 0"></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">Asset Retirement <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 22.75pt; text-align: justify">The initial estimated asset retirement
obligation related to oil and gas properties is recorded as a liability at its fair value, with an offsetting asset retirement cost recorded
as an increase to the associated oil and gas properties on the consolidated balance sheet. If any of the assumptions used in determining
the fair value of the recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and
the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in estimated
plugging and abandonment costs and changes in the estimated timing of an asset&rsquo;s retirement. Asset retirement costs are included
within the full cost pool and depleted as part of the amortization base associated oil and gas properties. Accretion on the liability
is recognized over the estimated productive life of the related assets. Accretion expense for the years ended December 31, 2024, 2023
and 2022 were $2,669, $1,921 and $1,878, respectively.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify">Income <FONT STYLE="letter-spacing: -0.1pt">Taxes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.65pt 0 22.75pt; text-align: justify">For state tax purposes, EQS Energy
Holdings, Inc. files a combined Texas Gross Margin filing with its direct parent Equus Energy, and a new affiliate, Morgan E&amp;P, LLC,
with their direct parent Equus Total Return, Inc. However, Equus Energy is disregarded as an entity separate from its owner for U.S. federal
income tax purposes, and its activity is reported by Equus Total Return, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">EQS Energy Holdings, Inc., conversely,
is a taxable C-corporation that is not included in either the tax returns for Equus Energy, LLC or Equus Total Return, Inc. under U.S.
federal income tax principles, and accordingly files a separate corporate income tax return.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 22.75pt; text-align: justify">The Company accounts for income taxes
under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax
consequences of the events that have been included in the consolidated financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using
enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred
tax assets and liabilities is recognized in income in the period that includes the enactment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 22.75pt; text-align: justify">The Company records deferred tax
assets to the extent the Company believes these assets will more-likely-than-not be realized. In making such determinations, the Company
considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future
taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able
to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would
be made which would reduce the provision for income taxes.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.65pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: bold 14pt/14.65pt Times New Roman, Times, Serif; margin: 0 151.5pt 6pt 127.5pt; text-align: center">Equus Energy, LLC
and <FONT STYLE="letter-spacing: -0.1pt">Subsidiary</FONT></P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">Notes
</FONT>to Consolidated Financial Statements</P>

<P STYLE="font: bold 12pt/11.95pt Times New Roman, Times, Serif; margin: 0 53.55pt 6pt 16.5pt; text-align: center">December 31, 2024,
2023 and 2022&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.5pt 0 22.75pt; text-align: justify">ASC Topic 740-10, <I>Income
Taxes, </I>provides that a tax benefit from an uncertain position may be recognized in the financial statements when it is more-likely-than-not
that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical
merits. This guidance also addresses measurement, derecognition, classification, interest and penalties, accounting for interim periods,
disclosure and transition. The Company has no material uncertain tax positions in its prior or current tax filings. All of the Fund&rsquo;s
federal and state tax returns for 2020 through 2023 remain open to examination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt; text-align: justify">Recently Issued Accounting
<FONT STYLE="letter-spacing: -0.1pt">Pronouncements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 20.55pt 0 22.75pt; text-align: justify">In December 2023, the FASB
issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance aims to improve the effectiveness
of income tax disclosures primarily through improvements to the income tax rate reconciliation disclosure along with information on income
taxes paid. The guidance is effective for the Company for fiscal years beginning after December 15, 2025 with early adoption permitted.
We are currently evaluating the impact of this standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 20.55pt 0 22.75pt; text-align: justify"><FONT STYLE="background-color: white">In
November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40) Reporting Comprehensive Income-Expense Disaggregation Disclosures,
which broadens the disclosures required for certain costs and expenses in the Company&rsquo;s annual and interim consolidated financial
statements. This ASU is effective prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods within
fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this standard.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">3.</FONT></TD><TD>Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Properties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.4pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">Oil and gas properties as of December
31, 2024 and 2023 consist of the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.8pt 0 0; color: Red"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Properties being depleted</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">8,163,785</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">8,173,325</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Less: accumulated depreciation, depletion and impairment</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(8,111,876</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(8,096,817</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Oil and gas properties, net</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">51,909</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">76,508</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">4.</FONT></TD><TD>Asset Retirement Obligations</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 24.85pt; text-align: justify; text-indent: -0.1pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 15.35pt 0 24.85pt; text-align: justify; text-indent: -0.1pt">The following
summarizes the changes in the asset retirement obligation during the years ended December 31, 2024 and 2023:</P>

<P STYLE="font: 9pt Sans-Serif; margin: 1.3pt 0 0.05pt; color: Red"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Balance, beginning of year</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">232,836</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">216,297</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Revisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,564</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,618</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accretion, net of settlements</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,669</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,921</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Balance, end of year</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">225,941</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">232,836</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.3pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">5.</FONT></TD><TD>Fair Value <FONT STYLE="letter-spacing: -0.1pt">Measurements</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 20.45pt 0 22.75pt; text-align: justify">Equus Energy uses various inputs
in determining the fair value of certain assets and liabilities. ASC 820, <I>Fair Value Measurements and Disclosures, </I>establishes
a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The asset or liability&rsquo;s fair value
measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The three levels of the fair value hierarchy under ASC 820, including the types of Company assets or liabilities that fall under each
category and the valuation methodologies used to measure fair value, are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.45pt 0 73.15pt; text-align: justify; text-indent: -50.5pt"><I>Level
1</I> - Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active <FONT STYLE="letter-spacing: -0.1pt">markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 73.15pt; text-align: justify; text-indent: -0.7in"><I>Level 2 -</I>
Inputs to the methodology are other than quoted market prices in active markets that are observable, either directly or indirectly, such
as quoted prices for similar assets or liabilities; quoted prices that are in inactive markets; inputs other than quoted prices that are
observable for the assets or liability; and inputs that are derived principally from or corroborated by observable market data by correlation
or other means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.5pt 0 73.15pt; text-align: justify; text-indent: -0.7in"><I>Level 3 </I>-
Inputs to the valuation methodology are unobservable inputs (i.e. projections, estimates, interpretations, etc.) that are supported by
little or no market activity and that are significant to the fair value of the assets or liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.65pt 0 22.75pt; text-align: justify">The inputs and methodology used
for valuing the Company&rsquo;s assets and liabilities are not indicators of the risks associated with those assets and liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt; text-align: justify">The following is a description of
the valuation methodology used for assets and liabilities measured at fair <FONT STYLE="letter-spacing: -0.1pt">value:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.65pt 0 22.75pt; text-align: justify"><I>Asset retirement obligation at
initial recognition: </I>the fair value of the Company&rsquo;s ARO is based on the present value of future estimated cash flows, using
a credit-adjusted risk free discount rate and has been categorized under ASC 820 as a Level 3 fair value assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">The Company&rsquo;s financial
instruments consist primarily of cash, accounts receivable, accounts payable and other current liabilities and amounts due to parent.
The carrying amounts of accounts receivable, accounts payable and other current liabilities and amounts due to parent are representative
of their respective fair values due to short-term maturity of these instruments.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">6.</FONT></TD><TD>Concentrations of Credit <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.6pt 0 22.75pt; text-align: justify">Financial instruments, which potentially
subject the Company to concentrations of credit risk, consist principally of cash and receivables. The Company maintains its cash with
a financial institution it believes has high credit quality. The Company at times maintains bank deposits in excess of insured limits.
The possibility of a loss exists if the bank holding excess deposits were to fail. Trade receivables result from oil and gas sales to
a small number of purchasers. To mitigate this credit risk, the Company closely monitors the payment history and credit worthiness of
each customer.</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"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">7.</FONT></TD><TD>Legal Matters and <FONT STYLE="letter-spacing: -0.1pt">Contingencies</FONT></TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">Litigation and Other Legal <FONT STYLE="letter-spacing: -0.1pt">Matters</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">In 2023, the Company settled a legal dispute with a former
operator of one of its properties for $1.0 <FONT STYLE="letter-spacing: -0.1pt">million.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.35pt 0 22.75pt; text-align: justify">In the normal course of business,
the Company may be party to various pending or threatened claims, lawsuits and administrative proceedings seeking damages or other remedies
concerning its commercial operations, employees and other matters. Although the outcome of any pending legal proceedings is unknown, the
Company believes that any liability resulting from the outcome of such proceedings, to the extent not otherwise provided for or covered
by insurance, will not have a material adverse effect on the Company&rsquo;s consolidated financial positions, results of operations or
liquidity.</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 20.35pt 0 22.75pt; text-align: justify">Certain conditions may exist as
of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one or
more future events occur or fail to occur. The Company&rsquo;s management and its legal counsel assess such contingent liabilities, and
such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are pending
against the Company or unasserted claims that may result in such proceedings, the Company&rsquo;s legal counsel evaluates the perceived
merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected to be
sought therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.4pt 0 22.75pt; text-align: justify">If the assessment of a loss contingency
indicates that it is probable that a loss has been incurred and the amount of the liability can be reasonably estimated, then the estimated
liability is accrued in the Company&rsquo;s financial statements. If the assessment indicates that a potentially material loss contingency
is not probable, but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together
with an estimate of the range of possible loss, if determinable and material, would be disclosed. Loss contingencies considered remote
are generally not disclosed unless they involve guarantees, in which case the nature of the guarantee would be disclosed. The Company
expenses legal costs associated with contingencies as incurred.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0 22.75pt; text-align: justify">Environmental <FONT STYLE="letter-spacing: -0.1pt">Contingencies</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.35pt 0 22.75pt; text-align: justify; text-indent: -0.05pt">The Company&rsquo;s
activities are subject to local, state and federal laws and regulations governing environmental quality and pollution control in the United
States. The exploration, drilling and production from wells, natural gas facilities, including the operation and construction of pipelines,
plants and other facilities for transporting, processing, treating or storing natural gas and other products, are subject to stringent
environmental regulation by state and federal authorities, including the Environmental Protection Agency (&ldquo;EPA&rdquo;). Such regulation
can increase our cost of planning, designing, installing and operating such facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.55pt 0 22.75pt; text-align: justify">Significant fines and penalties
may be imposed for the failure to comply with environmental laws and regulations. Some environmental laws provide for joint and several
strict liabilities for remediation of releases of hazardous substances, rendering a person liable for environmental damage without regard
to negligence or fault on the part of such person. In addition, we may be subject to claims alleging personal injury or property damage
as a result of alleged exposure to hazardous substances, such as oil and natural gas related products.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 20.55pt 0 22.75pt; text-align: justify">At the present time, the Company
believes that none of the environmental laws materially hinder nor adversely affect the Company business. The Company believes it has
abided by and is currently in compliance with all applicable environmental laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.6pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">8.</FONT></TD><TD>Income <FONT STYLE="letter-spacing: -0.1pt">Taxes </FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">The provision for income taxes for the years ended December
31, 2024, 2023, and 2022 consisted of the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></P>

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

<P STYLE="font: 9pt Sans-Serif; margin: 1.65pt 0 0.05pt 31.5pt; color: Red"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Years Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current (expense) benefit:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(11,769</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(184,672</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(85,267</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,273</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,148</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,198</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total current (expense) benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,042</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(185,820</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(87,465</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred (expense) benefit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,037</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,913</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total deferred (expense) benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185,820</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,465</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total benefit (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</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">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt">The components of the net deferred tax assets (liabilities)
in the Company&rsquo;s balance sheets were as <FONT STYLE="letter-spacing: -0.1pt">follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.05pt 0 0; text-align: center; color: Red"><FONT STYLE="letter-spacing: -0.1pt"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">As of December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Properties</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">647,355</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">683,015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Asset retirement obligation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,447</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,895</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">State taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23,120</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,393</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net operating loss carryforwards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282,882</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,819</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,000,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,016,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(995,949</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,010,999</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Deferred tax assets after valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,855</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,123</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">State tax deduction</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,855</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,123</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,855</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,123</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; font-style: italic; text-align: left">Total net deferred tax assets (liabilities)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt">The provision for income taxes varies from the maximum
federal statutory rate of 21% for the years ended December 31, 2024, 2023, and 2022, respectively, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 22.75pt"></P>


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<P STYLE="font: 9pt Sans-Serif; margin: 9.7pt 0 0; color: Red"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Years Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; font-weight: bold; text-align: center">2022</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left">Income tax expense (benefit) at federal statutory rate</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(13,836</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">8,737</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">(111,925</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Effect of state income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,005</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">907</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">915</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">Non-deductible Equus Energy, LLC Loss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,737</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,476</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Elimination</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,099</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,913</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></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Change in valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,042</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(185,820</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(87,465</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 2pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</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">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 14pt 0 25.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 14pt 0 25.9pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">Deferred income tax assets
and liabilities are recorded based on enacted tax rates applicable to the future period when those temporary differences are expected
to be recovered or settled. For the tax years ended December 31, 2024, 2023, and 2022 the Company&rsquo;s U.S Federal statutory tax rate
was 21%. The Company is also subject to the Texas Gross Margin tax of .75% of modified taxable income as determined for Texas purposes.
This combination results in a marginal blended tax rate of approximately 21.6%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">At each of December 31, 2024,
and 2023, the tax effected amount of U.S. Federal net operating loss carryforwards (&ldquo;NOLs&rdquo;) totaled $282,882 and $259,819,
respectively. As of December 31, 2024, $26,295 in NOLs will begin to expire in varying amounts between 2036 and 2037 and the remaining
$256,586 can be carried forward indefinitely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">The Company has determined,
after weighing both positive and negative evidence, that the net deferred tax asset (&ldquo;DTA&rdquo;) for the Company is not more-likely-than-not
to be realizable. Therefore, valuation allowances of $995,949 and $1,010,999 were established at December 31, 2024 and 2023, respectively,
to completely offset the net DTA at each year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">During the current period,
the Company has estimated a taxable loss. This NOL will be carried forwarded indefinitely with no expiration and is fully offset with
a valuation allowance. As such, the Company has not recorded any current income tax expense or benefit for the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 20.45pt 0 22.75pt; text-align: justify">As of December 31, 2024, the
Company has not recorded a reserve for uncertain tax <FONT STYLE="letter-spacing: -0.1pt">positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 22.6pt"></TD><TD STYLE="width: 24.8pt"><FONT STYLE="letter-spacing: -0.05pt">9.</FONT></TD><TD>Subsequent <FONT STYLE="letter-spacing: -0.1pt">Events</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.6pt 0 22.75pt; text-align: justify">On February 13, 2025, the Company sold its leasehold interest in the McCrory
well and associated acreage located in Eastern Oklahoma in exchange for $25,000 in cash.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.2pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.6pt 0 22.75pt; text-align: justify">On March 3, 2025, Equus Total
Return, Inc. (&ldquo;ETR&rdquo;), our former parent company, sold the Company to North American Energy Opportunities Corp., a developer
of upstream oil and gas assets (&ldquo;NAEOC&rdquo;). The consideration provided by NAEOC consisted of $1.25 million in cash and 27,500
shares of preferred stock, redeemable within 6 months of the date of issuance at $100.00 per share, or an aggregate of $2.75 million,
conditional upon ETR facilitating NAEOC&rsquo;s acquisition of operating rights with respect to the Company&rsquo;s holdings in the Conger
Field, as well as the acquisition of the working interests associated with the Conger Field not already held by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.6pt 0 22.75pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 20.6pt 0 22.75pt; text-align: justify">The Company evaluates events
and transactions occurring after the balance sheet date but before the financial statements are available to be issued. The Company evaluated
such events and transactions through April 10, 2025, the date the consolidated financial statements were available for issuance.</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"></P>


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<TYPE>EX-99.2
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<FILENAME>ex992_morganepfinancials.htm
<DESCRIPTION>MORGAN E&P FINANCIALS
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 380pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 380pt"><FONT STYLE="font-size: 9pt"><A HREF="f10k_equus12312024.htm">EXHIBIT
99.2</A></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.4pt 0 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.4pt; text-align: center">Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.85pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5.4pt; text-align: center">Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt; text-align: center">As of December 31, 2024 and 2023 and
for the year ended</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt; text-align: center">December 31, 2024 and the period from
inception (April 3, 2023)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 5.35pt; text-align: center">through December 31, 2023</P>

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

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

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

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<P STYLE="font: bold 14pt Times New Roman, Times, Serif; margin: 3.05pt 0 0 0.8pt; text-align: center">&nbsp;</P>

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

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

<P STYLE="border-bottom: black 2.25pt solid; font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><A NAME="TableOfContents" TITLE="Table Of Contents"></A><B>Contents</B></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 97%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><B><A HREF="#a_001">Independent Auditor&rsquo;s Report</A></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 2%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B> Financial Statements</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="#a_002">Balance Sheets</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="#a_003">Statements of Operations</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="#a_004">Statements of Changes in Member&rsquo;s Deficit</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="#a_005">Statements of Cash Flows</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><A HREF="#a_006">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR></TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 3.2pt 0 0 7.9pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0"><B><A NAME="a_001"></A>Independent Auditor&rsquo;s Report</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.6pt 0 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.15pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt"><FONT STYLE="letter-spacing: -0.1pt">Opinion</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 7.9pt; text-align: justify">We have audited the financial
statements of Morgan E&amp;P, LLC (the &ldquo;Company&rdquo;), which comprise the balance sheets as of December 31, 2024 and 2023 and
the related statements of operations, changes in member&rsquo;s deficit, and cash flows for the year ended December 31, 2024 and the period
from inception (April 3, 2023) through December 31, 2023, and the related notes to the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.8pt 0 7.9pt; text-align: justify">In our opinion, the accompanying financial
statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results
of its operations and its cash flows for the <FONT STYLE="letter-spacing: -0.05pt">year ended December 31, 2024 and the </FONT>period
from inception (April 3, 2023) through December 31, 2023 in accordance with accounting principles generally accepted in the United States
of <FONT STYLE="letter-spacing: -0.1pt">America.</FONT></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt; text-align: justify">Basis for <FONT STYLE="letter-spacing: -0.1pt">Opinion</FONT></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 6.85pt 0 7.9pt; text-align: justify">We conducted our audits in accordance
with auditing standards generally accepted in the United States of America (&ldquo;GAAS&rdquo;). Our responsibilities under those standards
are further described in the Auditor&rsquo;s Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt; text-align: justify">Substantial Doubt About
the Company&rsquo;s Ability to Continue as a Going Concern</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 7.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 7.9pt; text-align: justify">The accompanying financial statements
have been prepared assuming that the Company will continue as a going concern. As described in Note 1 to the financial statements, the
Company has suffered recurring losses from operations, has a net capital deficiency, and has stated that substantial doubt exists about
the Company&rsquo;s ability to continue as a going concern. Management&rsquo;s evaluation of the events and conditions and management&rsquo;s
plans regarding these matters are also described in Note 1. The financial statements do not include any adjustments that might result
from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-align: justify">Responsibilities of Management
for the Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></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 6.8pt 0 7.9pt; text-align: justify">Management is responsible for the preparation
and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of
America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of
financial statements that are free from material misstatement, whether due to fraud or error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 6.85pt 0 7.9pt; text-align: justify">In preparing the financial statements,
management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about
the Company&rsquo;s ability to continue as a going concern within one year after the date that the financial statements are available
to be issued.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 7.9pt; text-align: justify">Auditor&rsquo;s Responsibilities
for the Audit of the Financial <FONT STYLE="letter-spacing: -0.1pt">Statements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 6.8pt 0 7.9pt; text-align: justify">Our objectives are to obtain reasonable
assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to
issue an auditor&rsquo;s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material
if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user
based on the financial statements.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.2pt 0 0 7.9pt; text-align: justify">In performing an audit in accordance
with GAAS, <FONT STYLE="letter-spacing: -0.25pt">we:</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-size: 10pt">Exercise professional judgment and maintain professional skepticism throughout the <FONT STYLE="letter-spacing: -0.1pt">audit.</FONT></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.1pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.8pt"><FONT STYLE="font-size: 10pt">Identify and assess the risks of material misstatement
of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.3pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/95% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.85pt"><FONT STYLE="font-size: 10pt">Obtain an understanding of internal control relevant
to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company&rsquo;s internal control. Accordingly, no such opinion is expressed.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.9pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.85pt"><FONT STYLE="font-size: 10pt">Evaluate the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.8pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/91% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 25.85pt"></TD><TD STYLE="width: 18.05pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify; padding-right: 6.85pt"><FONT STYLE="font-size: 10pt">Conclude whether, in our judgment, there are conditions
or events, considered in the aggregate, that raise substantial doubt about the Company&rsquo;s ability to continue as a going concern
for a reasonable period of time.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.15pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.85pt 0 7.9pt; text-align: justify">We are required to communicate with
those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and
certain internal control-related matters that we identified during the <FONT STYLE="letter-spacing: -0.1pt">audit.</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 7.9pt; text-align: justify">/s/ BDO USA, <FONT STYLE="letter-spacing: -0.2pt">P.C.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 313.5pt 0 7.9pt">Houston, Texas<BR>
April  10, 2025</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>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.7pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2pt 0 0">&nbsp;</P>

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0.2pt; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Morgan
E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0.2pt 0 0"></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><A NAME="a_002"></A>Balance <FONT STYLE="letter-spacing: -0.1pt">Sheets</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></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 COLSPAN="3" STYLE="font-style: italic">(in thousands)</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">December 31, 2024</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; text-align: center; font-weight: bold; vertical-align: bottom">December 31, 2023 </TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Assets</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 56%; text-align: left; padding-left: 9px">Cash</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">15</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">2,441</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Accounts receivable - oil and natural gas sales</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">343</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">464</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Accounts receivable - joint interest billings</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,738</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,391</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Other receivables</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">Prepaids and other current assets</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">35</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">133</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Total current assets</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">2,133</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">4,429</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Property, plant and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Oil and natural gas properties, net - full cost method</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,959</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">10,326</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other property, plant and equipment, net</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">34</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">46</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Total property, plant and equipment, net</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">6,993</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">10,372</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 1pt; padding-left: 9px">Operating lease right-of-use assets, net</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">270</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Total other assets</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">227</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">270</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">TotaI assets</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">9,353</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">15,071</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Liabilities and Member's Deficit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">Current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Accounts payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">6,656</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">2,372</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Revenue payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">319</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">221</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Prepayments from owners</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">122</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Current portion of operating lease liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">47</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">28</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Due to parent</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">550</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">13</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">Accrued liabilities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">3,162</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">5,383</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="text-indent: 40pt; padding-bottom: 1pt">Total current liabilities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">10,734</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">8,139</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Long-term liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Asset retirement obligations</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Long-term operating lease liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">207</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">254</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Note payable - due to parent</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">10,500</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">8,253</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">Long-term accrued liabilities - due to parent</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">1,471</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Total long-term liabilities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">12,182</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">8,736</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Commitments and contingencies (Note 10)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Member's deficit</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(13,563</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,804</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Total liabilities and member's deficit</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">9,353</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">15,071</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"></P>

<P STYLE="font: 1pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 406.2pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.85pt; text-align: center"><I>See accompanying notes to the financial
<FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.05pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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

<P STYLE="text-align: center; font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Morgan
E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><A NAME="a_003"></A><B>Statements
of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></B></P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 10.7pt 0 0 0.8pt; text-align: center; color: Red"></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><I>(in thousands)</I></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Year
Ended</P>
                                                                                                  <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2024</P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Period from inception (April 3, 2023) through</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2023</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">Revenues</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt; padding-left: 9px">Oil, natural gas and natural gas liquid revenues</TD><TD STYLE="width: 8%; color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; color: #000000; text-align: right">2,710</TD><TD STYLE="width: 1%; padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; color: #000000; text-align: right">270</TD><TD STYLE="width: 1%; padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 9px">Lease operating</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">2,694</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">268</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Production and other taxes</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">261</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">27</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Marketing, transportation and gathering expense</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">85</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Depreciation, depletion and amortization</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,467</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">60</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">Accretion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Impairment of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,678</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 9px">General and administrative</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,042</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">1,510</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-bottom: 1pt">Total expenses</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">13,228</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">1,865</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Other income (expense)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9px">Interest income</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">16</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9px">Interest expense</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(225</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Total other expense, net</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,241</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(209</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Net loss</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(11,759</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(1,804</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  </TABLE>


<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 10.7pt 0 0 0.8pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 10.7pt 0 0 0.8pt; text-align: center"></P>

<P STYLE="font: 1pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 406.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.8pt 0 0 0.85pt; text-align: center"><I>See accompanying notes to the financial
<FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Morgan
E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt; letter-spacing: -0.25pt"><B><A NAME="a_004"></A>Statements
of Changes in Member&rsquo;s </B></FONT><B><FONT STYLE="font-size: 12pt; letter-spacing: -0.1pt">Deficit</FONT></B></P>

<P STYLE="font: bold 9pt Sans-Serif; margin: 9.35pt 0 0 0.85pt; text-align: center; color: Red"></P>




<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 9.35pt 0 0 0.85pt; text-align: center">&nbsp;</P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 9.35pt 0 0 0.85pt; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; text-align: left">(in thousands)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total Member's (Deficit) Equity</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Balance as of April 3, 2023 (Inception)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-align: left; padding-bottom: 1pt">Net loss</TD><TD STYLE="width: 10%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: right">(1,804</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Balance as of December 31, 2023</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left"></TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,804</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Net loss</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,759</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Balance at December 31, 2024</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(13,563</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  </TABLE>
<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 9.35pt 0 0 0.85pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.8pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85pt; text-align: center"><I>See accompanying notes to the financial
<FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B>Morgan
E&amp;P, LLC</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 12pt"><B><A NAME="a_005"></A>Statements
of Cash <FONT STYLE="letter-spacing: -0.1pt">Flows</FONT></B></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></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><I>(in thousands)</I></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Year Ended</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2024</P></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">Period from inception (April 3, 2023) through</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">December 31, 2023</P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD></TR>
  <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 COLSPAN="3" STYLE="font-weight: bold">Cash flows from operating activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Net loss</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">(11,759</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD><TD STYLE="width: 8%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; color: #000000; text-align: right">(1,804</TD><TD STYLE="width: 1%; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Adjustments to reconcile net loss to net cash flows</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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">&nbsp;(used in) provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Depreciation, depletion, and amortization</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,467</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">61</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Amortization of right-of-use asset</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">43</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">12</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt">Accretion</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Impairment of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">6,678</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Changes in operating assets and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-left: 10pt">Accounts receivable &ndash; oil and natural gas sales</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">121</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(464</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts receivable &ndash; joint interest billings</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(1,159</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(291</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Other receivables</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(2</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepaids and other current assets</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">98</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(133</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Accounts payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4,284</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">85</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Revenue payable</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">169</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">221</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepayments from owners</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,701</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Due to parent</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">537</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">13</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Current portion of operating lease liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(28</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Accrued liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(3,772</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">810</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Long-term accrued liabilities - due to parent</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">1,246</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">225</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Net cash provided (used in) by operating activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(2,076</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">436</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Capital expenditures</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(2,597</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(5,700</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Acquisition of oil and gas properties</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(500</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Additions to other property, plant and equipment</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(48</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Net cash used in investing activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(2,597</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">(6,248</TD><TD STYLE="vertical-align: bottom; padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left"></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 1pt; padding-left: 10pt">Proceeds from note payable - affiliate</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">8,253</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">Net cash provided by financing activities</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">2,247</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">8,253</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2">Net change in cash</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; color: #000000; text-align: right">(2,426</TD><TD STYLE="vertical-align: bottom; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; text-align: left"></TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; color: #000000; text-align: right">2,441</TD><TD STYLE="color: #000000; text-align: right"></TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Beginning of period</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,441</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">End of period</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">15</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">2,441</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Supplemental disclosure for noncash financing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;and investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Operating lease right-of-use assets additions</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(282</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Acquisition of oil and natural gas working interests funded by</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">accrued liabilities</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">(3,019</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">$</TD><TD STYLE="color: #000000; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Change in capital accounts payable and capital accruals</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">849</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(4,181</TD><TD STYLE="color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Prepayments applied to joint interest receivables</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">122</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">1,579</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 10pt">Change in asset retirement costs</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">(1</TD><TD STYLE="color: #000000; text-align: left">)</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">4</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt"></FONT></P>

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0.1pt 0 0 14.35pt; text-align: center"></P>

<P STYLE="font: 6pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.85pt; text-align: center"><I>See accompanying notes to the financial
<FONT STYLE="letter-spacing: -0.1pt">statements.</FONT></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6.25pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.5pt"></FONT></P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B><A NAME="a_006"></A>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0.05pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">1.</FONT></TD><TD>Nature of <FONT STYLE="letter-spacing: -0.1pt">Operations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">Morgan E&amp;P, LLC (&ldquo;Morgan
E&amp;P&rdquo; of the &ldquo;Company&rdquo;) was formed in April 2023 as a wholly-owned subsidiary of Equus Total Return, Inc. (the &ldquo;Fund&rdquo;)
to make investments in properties in the energy sector, with a particular emphasis on income-producing oil &amp; gas properties in the
Williston Basin in North Dakota.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">Morgan E&amp;P&rsquo;s current
working interests include associated development rights situated throughout three (3) counties in North Dakota.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.7pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Liquidity
and Going Concern</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">During the years ended December 31, 2024 and the period
from inception (April 3, 2023) through<FONT STYLE="font-size: 8pt">&nbsp;</FONT> December 31, 2023 the Company incurred net losses
of $11.8 million and $1.8 million, respectively. At December 31, 2024 and 2023, the Company had a working capital deficit of $5.6
million and $3.7 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.7pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">The financial statements of Morgan E&amp;P have been prepared
on a going concern basis, which contemplates the near-term sale of quantities of oil and gas, realization of assets and the satisfaction
of liabilities and other commitments in the normal course of business. As such, the financial statements do not include adjustments relating
to the recoverability and classification of assets and their carrying amount, or the amount and classification of liabilities that may
result should Morgan E&amp;P be unable to continue as a going concern. As of December 31, 2024, Morgan E&amp;P does not have sufficient
cash resources to fund its present operations. Morgan E&amp;P is presently seeking external financing to enable it to continue operations
over the twelve months from the date of this report, but we cannot assure you that Morgan E&amp;P will be successful in doing so, or that
such endeavors will generate sufficient liquidity to enable Morgan E&amp;P to continue operations over the next twelve months. These factors
raise substantial doubt about Morgan E&amp;P&rsquo;s ability to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="font-size: 10pt; letter-spacing: -0.05pt"><B>2.</B></FONT></TD><TD><FONT STYLE="font-size: 10pt"><B>Summary of Significant Accounting <FONT STYLE="letter-spacing: -0.1pt">Policies</FONT></B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.45pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Basis of <FONT STYLE="letter-spacing: -0.1pt">Presentation</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">The accompanying financial statements
are prepared on the accrual basis of accounting as codified in the Financial Standards Accounting Board&rsquo;s (&ldquo;FASB&rdquo;) Accounting
Standards Codification (&ldquo;ASC&rdquo;) and include the accounts of the <FONT STYLE="letter-spacing: -0.1pt">Company.</FONT></P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Cash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">The Company maintains cash and cash
equivalent balances with a major financial institution, which at times exceed federally insured limits. The Company monitors the financial
condition of the financial institution and has experienced no losses associated with these accounts. The Company did not have any cash
equivalents as of December 31, 2024 or 2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10.5pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Use of <FONT STYLE="letter-spacing: -0.1pt">Estimates</FONT></P>

<P STYLE="font: 10.5pt Times New Roman, Times, Serif; margin: 0.1pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 14.8pt; text-align: justify">The preparation of financial statements
in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates. Management believes that these estimates and assumptions provide a reasonable basis for the fair presentation of
the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">Significant estimates include volumes
of oil and natural gas reserves used in calculating depreciation and depletion of oil and gas properties, future net revenues, abandonment
obligations, impairment of unevaluated properties, full cost ceiling test, the collectability of outstanding accounts receivables, contingencies,
and the results of any potential current and future litigation. As of the end of the year and of this report date, there were no known
issues of collectability of amounts owed to the Company nor any outstanding litigation. Oil and natural gas reserve estimates, which are
the basis for unit-of- production depreciation and depletion, and impairment have numerous inherent uncertainties. The accuracy of any
reserve estimate is a function of the quality of available data and of engineering and geological interpretation and judgment. Subsequent
drilling results, testing, and production may justify revision of such estimates. Accordingly, reserve estimates are often different from
the quantities of oil and natural gas that are ultimately recovered. In addition, reserve estimates are sensitive to changes in wellhead
prices of crude oil and natural gas.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">The significant estimates are based
on current assumptions that may be materially affected by changes to future economic conditions such as the market prices received for
sales of volumes of oil and natural gas. Future changes in these assumptions may affect these significant estimates materially in the
near term.</P>

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

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


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Revenue Receivables and Joint
Interest Billing <FONT STYLE="letter-spacing: -0.1pt">Receivables</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">Accounts receivable primarily consists
of accrued revenue from oil and gas sales and costs related to joint interest partners&rsquo; working interest share. The Company routinely
assesses the recoverability of all material receivables to determine their collectability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">The Company estimates credit losses
based on historical loss experience, current conditions, and reasonable and supportable forecasts. The estimation process considers relevant
factors such as borrower creditworthiness, asset type, and the economic environment. These assumptions are based on management judgement
and are reviewed and updated as necessary. No allowance for credit losses was considered necessary as of December 31, 2024 or 2023.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Properties</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 14.8pt; text-align: justify">The Company follows the full
cost method of accounting for oil and gas properties. Under this method of accounting, all costs incurred for both successful and unsuccessful
exploration and development activities, including salaries, benefits and other internal costs directly identified with these activities,
and oil and gas property acquisitions are capitalized. All costs related to production, general corporate overhead or similar activities
are expensed as incurred. Proved properties are amortized using the units of production method (&ldquo;UOP&rdquo;). The UOP calculation,
in its simplest terms, multiplies the percentage of estimated proved reserves produced by the cost of those reserves. The amortization
base in the UOP calculation includes the sum of proved property, net of accumulated depreciation, depletion and amortization (&ldquo;DD&amp;A&rdquo;),
estimated future development costs (future costs to access and develop reserves) and asset retirement costs that are not already included
in oil and gas property, less related salvage value. In arriving at rates under the UOP method, the quantities of recoverable oil and
natural gas reserves are established based on estimates made by the third-party geologists and engineers using end-of-period costs and
an unweighted arithmetic average of commodity prices in effect on the first day of each of the previous twelve months, held flat for the
life of the production, except where prices are defined by contractual arrangements. Prices are adjusted for &ldquo;basis&rdquo; or location
differentials which require significant judgment, as does the projection of future production volumes and levels of future costs, including
future development costs. In addition, considerable judgment is necessary in determining when unproved properties become impaired and
in determining the existence of proved reserves once a well has been drilled. All of these judgments may have significant impact on the
calculation of depletion expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify">Under the full-cost method
of accounting, the net book value of oil and gas properties may not exceed a calculated &ldquo;ceiling.&rdquo; The ceiling
limitation is the estimated future net cash flows from proved oil and gas reserves, discounted at ten percent per annum. Estimated
future cash flows exclude future cash outflows associated with settling accrued asset retirement obligations. The estimated future
net cash flows are calculated using end-of-period costs and an unweighted arithmetic average of commodity prices in effect on the
first day of each of the previous twelve months, held flat for the life of the production, except where prices are defined by
contractual arrangements. Prices are adjusted for &ldquo;basis&rdquo; or location differentials. Any excess of the net book value of
proved oil and gas properties over the ceiling is charged to expense and reflected as impairment in the accompanying statements of
operations During the year ended December 31, 2024 and the period from inception (April 3, 2023) through December 31, 2023, the
Company recognized impairment expense of $6,678,000 and $0, respectively. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 0.2in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify">Proceeds from the sales or disposition
of oil and gas proved and unproved properties are accounted for as a reduction of capitalized costs with no gain or loss recognized, unless
such reduction would significantly alter the relationship between capitalized costs and proved reserves, in which case the gain or loss
is recognized in the statement of operations. In general, a significant alteration occurs when the deferral of gains or losses will result
in an amortization rate materially different from the amortization rate calculated upon recognition of gains or losses. Abandonments of
properties are accounted for as adjustments of capitalized costs with no loss recognized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05in 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 14.8pt; text-align: justify">On November 7, 2023, the Company
sold approximately 36.77% of its working interests in the first two (2) horizontal wells drilled, for $100. Additionally, the Company
received a prepayment of $5,600,000 to be applied against future drilling costs related to the Company&rsquo;s first two wells. The funds
were held in a Company-controlled bank account and accounted for as prepayments from owners on the balance sheet. As capital expenditures
are incurred, the amounts recorded on the Joint Interest Billings (&ldquo;JIBs&rdquo;) are credited against the prepaid account until
the full amount is realized.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Other Property, Plant and Equipment</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify">Other property, plant and equipment
is stated at cost and is depreciated or amortized using the straight-line method over the estimated useful lives of the related assets
which range from 2 to 5 years. Additions and improvements to other property, plant and equipment are capitalized and depreciated over
the estimated useful lives. Routine maintenance and repair costs are expensed as incurred. When assets are retired or otherwise disposed
of, the cost and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in earnings
for the period. Depreciation expense related to other property and equipment was $12,000 and $2,000 for the year ended December 31, 2024
and the period from inception (April 3, 2023) through December 31, 2023, respectively.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Revenue <FONT STYLE="letter-spacing: -0.1pt">Recognition</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify">The Company recognizes revenue
at the point in time when control of the promised goods is transferred to customers at an amount that reflects the consideration to which
the entity expects to be entitled in exchange for those goods or services under ASC 606, <I>Revenue from Contracts with Customers </I>(&quot;ASC
606&quot;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">The Company&rsquo;s revenue is generated
primarily from the sale of oil, gas and natural gas liquids (&ldquo;NGL&rdquo;) produced from working interests in oil and gas properties
owned by the Company. As a working interest owner, the Company is responsible for the incurred production expenses proportionate to the
interest stipulated in the operating agreement. As the operator, the Company manages the daily well operations and allocates the proportionate
share of expenditures to each non-operated working interest owner through JIBs managed by a third party accounting vendor. Sales of oil,
gas and NGLs are recognized at the time control of the product is transferred to the customer on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">As the operator, the Company is responsible
for negotiating and determining pricing, volume, and delivery terms with its customers. Such pricing terms are often a function of a specified
discount from the daily/monthly NYMEX or Henry Hub average. The discount is usually based on differentials such as distance of the field/wells
from the distribution node or the buyer&rsquo;s storage facility, as well as the quality of the product itself (i.e., in the case of oil,
its <FONT STYLE="letter-spacing: -0.1pt">gravity).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 14.8pt; text-align: justify">Revenue is measured based on
consideration specified in the contract with the customer and excludes any amounts allocated to third parties (royalty owners, non-operated
working interest owners, unleased owners, etc.). The Company recognizes revenue at the amount that reflects the consideration it expects
to be entitled to in exchange for transferring control of those goods to the customer. The contract consideration is typically allocated
to specific performance obligations in the contract according to the terms of the contract. Each unit of oil or gas is considered a separate
performance obligation under the contract. Wells are spot measured hourly to determine production and the composition of each of the products
(i.e. oil, gas, NGLs) from the well. Each month the consideration obtained by the operator is allocated to the related performance obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.6pt"><I>Performance <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.3pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 16.9pt; text-align: justify">A performance obligation is a promise
in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract&rsquo;s transaction
price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.
Revenue is recognized when performance obligations are satisfied in accordance with contractual terms, in an amount that reflects the
consideration the Company expects to be entitled to in exchange for services rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">Depending on the contract and commodity,
there are various means by which upstream entities can transfer control (i.e., at the wellhead, inlet, tailgate of the processing plant,
or a location where the product is delivered to a third party). The Operator has control of the commodity before it is extracted, therefore
consideration must be given to whether the transfer of control of the commodity is to the operator or to the end customer at the point
of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">Unless special arrangements are entered
into, the Company&rsquo;s performance obligations are generally considered performed when control of the extracted commodity transfers
when it is delivered to the end customer at the agreed- upon market or index price. At the end of each month, when the performance obligation
is satisfied, the variable consideration can be reasonably estimated. Variances between the Company&rsquo;s estimated revenue and actual
payments are recorded in the month the payment is received.</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8.9pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.6pt"><I>Contract <FONT STYLE="letter-spacing: -0.1pt">Balances</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.8pt 0 14.8pt; text-align: justify">Receivables from contracts with customers
are recorded when the right to consideration becomes unconditional, which generally occurs when control of the product has been transferred
to the customer. As the operator, the Company processes invoices to non-operator working interest owners and makes appropriate payments
to vendors, working interest owners, royalty owners, and other contracted parties. Other than trade receivables, the Company&rsquo;s contracts
do not give rise to contract assets or liabilities under ASC 606.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.8pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 43.6pt"><I>Principal vs. <FONT STYLE="letter-spacing: -0.1pt">Agent</FONT></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.75pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 14.8pt; text-align: justify">ASC 606 focuses on control of the
specified goods and services as the overarching principle for entities to consider when determining whether they are acting as a principal
or an agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.55pt 0 14.8pt; text-align: justify">An entity acting as a principal
records revenue on a gross basis if it controls a promised good or service before transferring that good or service to the customer. An
entity is an agent if it does not control the promised good or service before transfer to the customer. If the entity is an agent, it
records as revenue the net amount it retains for its agency services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify; text-indent: -0.05pt">Under the Company&rsquo;s
normal operating activity arrangements, the Company, as operator, is responsible for negotiating, fulfilling and collecting the agreed-upon
amount from the sale with the end customer and is, therefore, determined to be acting as principal. The principal versus agent consideration
will continue to be assessed for new contracts, both within and outside the Company&rsquo;s normal operating activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: justify">Major Customers and Concentration
of Credit <FONT STYLE="letter-spacing: -0.2pt">Risk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">In the exploration, development and
production business, production is normally sold to relatively few customers. All of the Company&rsquo;s customers are concentrated in
the oil and natural gas industry and revenue can be materially affected by current economic conditions, the price of certain commodities
such as crude oil and natural gas and the availability of alternate purchasers. The Company believes the loss of any of its major purchasers
would not have a long-term material adverse effect on its operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">Environmental
Expenditures</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">The Company is subject to extensive
federal, state and local environmental laws and regulations. These laws regulate the discharge of materials into the environment and may
require the Company to remove or mitigate the environmental effects of the disposal or release of petroleum or chemical substances at
various sites. Environmental expenditures are expensed or capitalized depending on their future economic benefit. Expenditures that relate
to an existing condition caused by past operations and that have no future economic benefits are expensed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 13.7pt 0 14.8pt; text-align: justify; text-indent: -0.05pt">Liabilities
for expenditures of a non-capital nature are recorded when environmental assessment and/or remediation is probable, and the costs can
be reasonably estimated. Such liabilities are generally undiscounted unless the timing of cash payments for the liability or component
is fixed or reliably determinable. No such liabilities existed or were recorded at December 31, 2024 and 2023.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 11.45pt 0 0 14.8pt; text-align: justify">Asset Retirement <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.05pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.65pt 0 13.5pt; text-align: justify">The initial estimated asset
retirement obligation related to property and equipment is recorded as a liability at its fair value, with an offsetting asset retirement
cost recorded as an increase to the associated property and equipment on the balance sheet. If any of the assumptions used in determining
the fair value of the recorded asset retirement obligation change, a revision is recorded to both the asset retirement obligation and
the asset retirement cost. Revisions in estimated liabilities can result from changes in estimated inflation rates, changes in service
and equipment costs and changes in the estimated timing of an asset&rsquo;s retirement. Asset retirement costs are depreciated using a
systematic and rational method similar to that used for the associated property and equipment. Accretion on the liability is recognized
over the estimated productive life of the related assets. Accretion expense for the year ended December 31, 2024 and the period from inception
(April 3, 2023) through December 31, 2023 was $1,000 and $0, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt"><FONT STYLE="letter-spacing: -0.1pt">Leases</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 7.15pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 16.9pt; text-align: justify">The Company follows ASC 842 &ndash;
<I>Leases</I>, which requires lessees to recognize on the balance sheet a right of use asset, representing its right to use the underlying
asset for the lease term, and a lease liability for all leases with terms greater than 12 months and the use of practical expedient for
leases less than 12 months. The guidance also requires qualitative and quantitative disclosures designed to assess the amount, timing,
and uncertainty of cash flows arising from leases. The Company currently has one operating lease related to its office space located in
Centennial, <FONT STYLE="letter-spacing: -0.1pt">Colorado.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.5pt 0 0">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Income <FONT STYLE="letter-spacing: -0.1pt">Taxes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.75pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">The Company is a single member limited
liability company that has elected to be taxed as a corporation under Subchapter C of the Internal Revenue Code. For state tax purposes,
the Company will file a combined Texas margin tax filing with its direct parent, Equus Total Return, Inc., and its related affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.45pt 13.65pt 0 14.8pt; text-align: justify">The Company accounts for income
taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future
tax consequences of the events that have been included in the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">Under this method, deferred tax assets
and liabilities are determined based on the differences between the financial statements and tax bases of assets and liabilities using
enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred
tax assets and liabilities is recognized in income in the period that includes the enactment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 14.8pt; text-align: justify">The Company records deferred tax
assets to the extent the Company believes these assets will more-likely-than-not be realized. In making such determinations, the Company
considers all available positive and negative evidence, including future reversals of existing temporary differences, projected future
taxable income, tax planning strategies and recent financial operations. In the event the Company were to determine that it would be able
to realize deferred income tax assets in the future in excess of their net recorded amount, an adjustment to the valuation allowance would
be made which would reduce the provision for income taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">ASC Topic 740-10, <I>Income Taxes,
</I>provides that a tax benefit from an uncertain position may be recognized in the financial statements when it is more-likely-than-not
that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on technical
merits. This guidance also addresses measurement, derecognition, classification, interest and penalties, accounting for interim periods,
disclosure and transition. The Company has no material uncertain tax positions in its prior or current filings.</P>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 14.8pt; text-align: justify">Recently Issued Accounting
<FONT STYLE="letter-spacing: -0.1pt">Pronouncements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 13.6pt 0 14.8pt; text-align: justify; text-indent: -0.05pt">In December
2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance aims to improve
the effectiveness of income tax disclosures primarily through improvements to the income tax rate reconciliation disclosure along with
information on income taxes paid. The guidance is effective for the Company for fiscal years beginning after December 15, 2025 with early
adoption permitted. We are currently evaluating the impact of this standard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 11.5pt 13.6pt 0 14.8pt; text-align: justify; text-indent: -0.05pt">In November
2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40) Reporting Comprehensive Income-Expense Disaggregation Disclosures,
which broadens the disclosures required for certain costs and expenses in the Company&rsquo;s annual and interim consolidated financial
statements. This ASU is effective prospectively for fiscal years beginning after December 15, 2026, and interim reporting periods within
fiscal years beginning after December 15, 2027.The Company is currently evaluating the impact of this standard.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9.65pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.8pt"></TD><TD STYLE="width: 27.55pt"><FONT STYLE="letter-spacing: -0.05pt">3.</FONT></TD><TD>Note Payable &ndash; Due to <FONT STYLE="letter-spacing: -0.1pt">Parent</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 13.6pt 0 14.8pt; text-align: justify">The Company maintains a credit agreement
with its parent organization, as amended, which provides for a maximum credit amount of $10.5 million which was increased from $10.0 million
during first quarter 2024 and which may be further increased. As of December 31, 2024, the Company had outstanding borrowings under the
credit agreement of $10,500,000 and $0 available for future borrowings. The interest rate on borrowings under the credit agreement was
12.0% for the year ended December 31, 2024 and the period from inception (April 3, 2023) through December 31, 2023. The payment terms
of the credit agreement is the entire principal amount, together with all accrued but unpaid interest, shall be due and payable on the
three-year anniversary date (the &ldquo;Maturity Date&rdquo;), which is May 12, 2026. The credit agreement is collateralized by all assets
held by the Company and there are no covenants required by the lender, which is an affiliate.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 11.45pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">4.</FONT></TD><TD>Oil and Gas <FONT STYLE="letter-spacing: -0.1pt">Properties</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: justify">Oil and gas properties as of December
31, 2024 and 2023 consist of the <FONT STYLE="letter-spacing: -0.1pt">following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 9pt Sans-Serif; margin: 0.05pt 0 0 14.8pt; text-align: center; color: Red"><FONT STYLE="letter-spacing: -0.1pt"><B></B></FONT></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>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">December 31,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-style: italic">(in thousands)</TD><TD STYLE="text-align: center; font-weight: bold; vertical-align: bottom">2024</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD COLSPAN="4" STYLE="text-align: center; font-weight: bold; vertical-align: bottom">2023</TD></TR>
  <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 STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left; padding-bottom: 1pt">Proved properties being depleted</TD><TD STYLE="width: 8%; color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; color: #000000; text-align: right">15,151</TD><TD STYLE="width: 1%; padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; color: #000000; text-align: right">10,385</TD><TD STYLE="width: 1%; padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">15,151</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">10,385</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less:&nbsp;&nbsp;Accumulated depreciation, depletion and impairment</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(8,192</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(59</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="2">Total proved oil and natural gas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt">&nbsp;property balance</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">6,959</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; padding-bottom: 1pt">$</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; color: #000000; text-align: right">10,326</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: right"></TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: center"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: justify"></P>

<P STYLE="font: 1pt/1pt Times New Roman, Times, Serif; margin: 0 0 0 386.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 10.9pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">5.</FONT></TD><TD>Asset Retirement <FONT STYLE="letter-spacing: -0.1pt">Obligations</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 1.95pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.35pt 0 15.1pt; text-align: justify">The fair value of a liability for
Asset Retirement Obligations (&ldquo;ARO&rdquo;) is recorded in the period in which it is incurred if a reasonable estimate of fair value
can be made, and the corresponding cost is capitalized as part of the carrying amount of the related long-lived asset. The liability is
accreted to its then present value each period, and the capitalized cost is depreciated over the useful life of the related asset. If
the liability is settled for an amount other than the recorded amount, an adjustment is made to the full cost pool, with no gain or loss
recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. The Company
has estimated its future ARO with respect to its operations. The ARO assets, which are carried on the balance sheet as part of the full
cost pool, have been included in the Company&rsquo;s amortization base for the purposes of calculating depreciation, depletion and amortization
expense and the ceiling test for impairment</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 14.8pt; text-align: justify">The Company estimates the initial
fair value of its ARO based on discounted cash flow projections using numerous estimates, assumptions and judgments regarding such factors
as the existence of a legal obligation for an ARO, amounts and timing of settlements; the credit-adjusted risk-free rate to be used; and
inflation rates. The Company&rsquo;s initial recording of AROs are Level 3 fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.95pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 12.55pt 0 16.9pt">The following summarizes the changes in the asset retirement
obligation for the years ended December 31, 2024 and the period from inception (April 3, 2023) through December 31, 2023:</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="font-style: italic">(in thousands)</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7" STYLE="font-weight: bold">Balances at beginning of period</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="6">Additions</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">- </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7">Revision of estimate</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">(1</FONT>)</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="color: #000000">- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD COLSPAN="7">Accretion expense</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">1 </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 0.5pt solid; text-align: right"><FONT STYLE="color: #000000">- </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD COLSPAN="7" STYLE="font-weight: bold">Balances at end of period</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="color: #000000">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 </FONT></TD></TR>
  </TABLE>

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


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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

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<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">6.</FONT></TD><TD>Fair Value Measurements</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.5pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.6pt 0 14.8pt; text-align: justify">Morgan E&amp;P uses various inputs
in determining the fair value of certain assets and liabilities. ASC 820, <I>Fair Value Measurements and Disclosures, ASC 820, </I>establishes
a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The asset or liability&rsquo;s fair value
measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.
The three levels of the fair value hierarchy under ASC 820, including the types of Company assets or liabilities that fall under each
category and the valuation methodologies used to measure fair value, are described below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.7pt 0 65.2pt; text-align: justify; text-indent: -50.45pt"><I>Level
1 </I>- Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active <FONT STYLE="letter-spacing: -0.1pt">markets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.05pt 13.7pt 0 65.2pt; text-align: justify; text-indent: -0.7in"><I>Level
2 - </I>Inputs to the methodology are other than quoted market prices in active markets that are observable, either directly or indirectly,
such as quoted prices for similar assets or liabilities; quoted prices that are in inactive markets; inputs other than quoted prices that
are observable for the assets or liability; and inputs that are derived principally from or corroborated by observable market data by
correlation or other means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.65pt 0 65.2pt; text-align: justify; text-indent: -0.7in"><I>Level 3 </I>-
Inputs to the valuation methodology are unobservable inputs (i.e. projections, estimates, interpretations, etc.) that are supported by
little or no market activity and that are significant to the fair value of the assets or <FONT STYLE="letter-spacing: -0.1pt">liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">The inputs and methodology used for
valuing the Company&rsquo;s assets and liabilities are not indicators of the risks associated with those assets and liabilities.</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 14.8pt; text-align: justify">The following is a description of the valuation
methodology used for assets and liabilities measured at fair <FONT STYLE="letter-spacing: -0.1pt">value:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify"><I>Asset retirement obligation at
initial recognition: </I>The Company&rsquo;s ARO is based on the present value of future estimated cash flows, using a credit-adjusted
risk-free discount rate and has been categorized under ASC 820 as a Level 3 fair value assessment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.7pt 0 14.8pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">The Company&rsquo;s financial
instruments consist primarily of cash, accounts receivable, accounts payable and other current liabilities and amounts due to parent.
The carrying amounts of accounts receivable, accounts payable and other current liabilities and amounts due to parent are representative
of their respective fair values due to short-term maturity of these instruments.&nbsp;</P>

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<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">7.</FONT></TD><TD>Concentrations of Credit Risk</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: 2.5pt 0 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">Financial instruments, which potentially
subject the Company to concentrations of credit risk, consist principally of cash and receivables. The Company maintains its cash with
a financial institution it believes has high credit quality. The Company at times maintains bank deposits in excess of insured limits.
The possibility of a loss exists if the bank holding excess deposits were to fail. Trade receivables result from oil and gas sales to
a small number of purchasers and cost-sharing amounts of operating and capital costs billed to partners for properties operated by the
Company. To mitigate this credit risk, the Company closely monitors the payment history and credit worthiness of each customer.</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 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10.9pt; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">8.</FONT></TD><TD>Legal Matters and Contingencies</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"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0.05pt 0 0 14.8pt; text-align: justify">Litigation and Other Legal
<FONT STYLE="letter-spacing: -0.1pt">Matters</FONT><FONT STYLE="font-size: 8pt; font-style: normal; font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">On August 27, 2024, Ystaas
Electrical Services, LLC and ENETK, LLC (collectively, the &ldquo;YES-ENETK Plaintiffs&rdquo;) filed a complaint against Morgan in
the Southwest Judicial District Court in Billings County, North Dakota alleging breach of contract by Morgan in connection with
services provided by the YES-ENETK Plaintiffs relating to Morgan&rsquo;s two operating wells.&nbsp; The Complaint seeks damages of
$605,336 in the aggregate, together with interest and attorneys&rsquo; fees and, in the alternative, seeks to foreclose liens held
by the YES-ENETK Plaintiffs on the two wells. Morgan is actively contesting the Complaint. The Company has accrued the total
invoices outstanding to the YES-ENETK Plaintiffs of $605,336 within accounts payable on the balance sheet. </P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">On February 26, 2025, Pro
Energy I, LLC (&ldquo;Pro Energy&rdquo;) filed a Petition with the District Court in Harris County, Texas alleging Morgan&rsquo;s
breach of contract in connection with an agreement between Morgan and Pro Energy, dated October 17, 2024, wherein Morgan agreed to
acquire Pro Energy&rsquo;s carried working interest in the development rights held by Morgan, in exchange for a payment of $2.4
million no later than January 31, 2025. The Company has recorded the amount within accrued liabilities on the balance sheet at
December 31, 2024. The Petition seeks damages in the form of payment of the purchase price, together with interest, as well as
attorneys&rsquo; fees.&nbsp; Morgan has not yet responded to the Petition.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">On February 6, 2025, Sabre Production
Services, LLC (&quot;Sabre&quot;) filed its complaint asserting claims for non-payment of services rendered. The parties reached a settlement
in this case.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">On January 21, 2025, Bob&rsquo;s
Oil Field Services, Inc. (&quot;Bob's&quot;) served the Company with its complaint in the Southwest Judicial District, Billings County,
North Dakota, asserting claims for breach of contract, foreclosure of well lien, unjust enrichment, quantum meruit, and promissory estoppel.
The parties are currently in the process of drafting  a settlement
agreement.&nbsp;</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">The Company has other vendors
that have filed liens and/or threatened litigation as a result of non-payment of invoices, but the Company is not able to estimate
any potential losses as of December 31, 2024, and has accrued all invoices the Company believes outstanding to the respective
vendors.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">Certain conditions may exist as
of the date the financial statements are issued, which may result in a loss to the Company, but which will only be resolved when one
or more future events occur or fail to occur. The Company&rsquo;s management and its legal counsel assess such contingent liabilities,
and such assessment inherently involves an exercise of judgment. In assessing loss contingencies related to legal proceedings that are
pending against the Company or unasserted claims that may result in such proceedings, the Company&rsquo;s legal counsel evaluates the
perceived merits of any legal proceedings or unasserted claims, as well as the perceived merits of the amount of relief sought or expected
to be sought therein.</P>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 13.75pt 0 14.8pt; text-align: justify">If the assessment of a loss contingency indicates that it is probable that
a loss has been incurred and the amount of the liability can be reasonably estimated, then the estimated liability is accrued in the Company&rsquo;s
financial statements. If the assessment indicates that a potentially material loss contingency is not probable, but is reasonably possible,
or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible
loss, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve
guarantees, in which case the nature of the guarantee would be disclosed. The Company expenses legal costs associated with contingencies
as incurred.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.55pt 0 0"></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10.9pt; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">9.</FONT></TD><TD>Income Taxes</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0">The provisions for income taxes for the year ended December
31, 2024 and 2023 consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Years Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; font-style: italic">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Current (expense) benefit:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(2,468,353</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(378,285</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(386,332</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total current (expense) benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,854,685</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(378,285</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred (expense) benefit:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,468,353</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">378,285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;State</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,332</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font-family: Arial, Helvetica, Sans-Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total deferred (expense) benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,854,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">378,285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 5.2pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9pt">The components of the net deferred tax assets (liabilities) in
the Company&rsquo;s balance sheets were as <FONT STYLE="letter-spacing: -0.1pt">follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.75pt"><FONT STYLE="letter-spacing: -0.1pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">As of December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Deferred tax assets:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Asset retirement obligation</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">764</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">808</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net operating loss carryforwards</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,456,671</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,343,725</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">State Deferred Tax Asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">386,332</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></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,105</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">Total Deferred Tax Assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,855,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,359,638</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State Valuation Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(386,332</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Federal Valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,846,637</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(378,285</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred Tax Assets after Valuation Allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622,575</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,981,353</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">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred tax liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Oil &amp; Gas Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"></TD><TD STYLE="text-align: right">(622,575</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,981,353</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total Deferred Tax Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(622,575</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,981,353</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total net deferred tax assets (liabilities)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 22.75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 22.75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 9pt">The provision for income taxes varies from the maximum federal
statutory rate of 21% for the year ended:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 9pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom">
    <TD STYLE="font-weight: bold; font-style: italic">Years Ended December 31,</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2024</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center">2023</TD></TR>
  <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; background-color: rgb(204,238,255)">
    <TD STYLE="width: 56%; text-align: left">Income tax expense (benefit) at federal statutory rate</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(2,469,326</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">(378,835</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">State Deferred Tax Benefit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(386,332</TD><TD STYLE="text-align: left">)</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></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-deductible Expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Change in valuation allowance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,854,685</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">378,285</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 9pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 41pt 0 9pt"></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.45pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">Deferred income tax assets and liabilities
are recorded based on enacted tax rates applicable to the future period when those temporary differences are expected to be recovered
or settled. For the tax year ended December 31, 2024, the Company&rsquo;s U.S Federal statutory tax rate was 21%.&nbsp;The Company is
also subject to the Texas Gross Margin tax of .75% of modified taxable income as determined for Texas purposes and North Dakota state
income tax. This combination results in a marginal blended tax rate of approximately 23.9%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">At December 31, 2024, and 2023, the
tax effected amount of U.S. Federal net operating loss carryforwards (&ldquo;NOLs&rdquo;) totaled $3,456,671 and $2,343,725, respectively.
The total amount of NOLs remaining can be carried forward indefinitely. The Company also has North Dakota net operating loss carryforwards
totaling $497,743 at December 31, 2024, which can be carried forward indefinitely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">The Company has determined, after weighing
both positive and negative evidence, that the net deferred tax asset (DTA) for the Company is not more-likely-than-not to be realizable.
Therefore, federal valuation allowances of $2,846,637 and $378,285 were established at December 31, 2024 and 2023, respectively, to completely
offset the net DTA at each year-end. A state valuation allowance of $386,332 was also established at December 31, 2024, to offset the
net state DTA at year-end.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10.9pt; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">10.</FONT></TD><TD>Leases</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">The Company determines if an arrangement
is a lease at inception of the contract. If an arrangement is a lease, the present value of the related lease payments is recorded as
a liability, and an equal amount is capitalized as a right-of-use asset on the Company&rsquo;s balance sheet. The Company elected to include
payments for non-lease components associated with certain leases when determining the present value of the lease payments. Right-of-use
assets represent the Company&rsquo;s right to use an underlying asset for the lease term, and lease liabilities represent the Company&rsquo;s
obligation to make lease payments arising from the lease. The Company&rsquo;s estimated incremental borrowing rate, determined at the
lease commencement date, is used to calculate present value. The incremental annual borrowing rate used for the year ended December 31,
2024 and the period from inception (April 3, 20243) to December 31, 2023 was 12.00% for operating leases (there were no financing leases).
For these purposes, the lease term includes options to extend the lease when it is reasonably certain that the Company will exercise such
options. Leases with terms of 12 months or less at inception are not recorded on the balance sheet unless there is a significant cost
to terminate the lease, including the cost of removal of the leased asset. As the Company is the responsible party under these arrangements,
the Company records the resulting assets and liabilities on a gross basis on its balance sheet.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">The Company has one operating
lease related to office space. Lease expense related to this lease for the year ended December 31, 2024 and the period from inception
(April 3, 2023) through December 31, 2023 was $73,000 and $11,630, respectively, and is included in the &ldquo;General and administrative&rdquo;
line on the statements of operations. The remaining lease term for the lease is 5.25 years and 4.25 years at December 31, 2024 and 2023,
respectively. The lease does not include a clause for extension, therefore any desired future occupation of the leased premises by the
Company would be negotiated and completed under a new agreement with the Landlord. The Company may terminate the lease in the ordinary
course of business, but would still be liable for payments on the remaining lease term. The only option the Company has to terminate the
lease early would be in the event the property incurred significant damage that would require the premises to undergo restoration in excess
of fifteen (15) months, which then the Company would need to provide a thirty (30) days notice to terminate the lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">The following table presents
a schedule of future minimum lease payments required under the lease agreement as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&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-style: italic">(in thousands)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; font-weight: bold; vertical-align: bottom"></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating Lease</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left">For the year ending December 31, 2025</TD><TD STYLE="width: 10%; color: #000000">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #000000; text-align: left">$</TD><TD STYLE="width: 18%; color: #000000; text-align: right">74</TD><TD STYLE="width: 1%; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">For the year ending December 31, 2026</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">75</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">For the year ending December 31, 2027</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">77</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">For the year ending December 31, 2028</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">78</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">For the year ending December 31, 2029</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">19</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total lease payments</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">323</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less imputed interest</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(69</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total lease obligations</TD><TD STYLE="color: #000000">&nbsp;</TD>
    <TD STYLE="color: #000000; text-align: left">&nbsp;</TD><TD STYLE="color: #000000; text-align: right">254</TD><TD STYLE="color: #000000; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</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; padding-bottom: 1pt">Less current obligations</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">(47</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Long-term lease obligation</TD><TD STYLE="color: #000000; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; color: #000000; text-align: right">207</TD><TD STYLE="padding-bottom: 1pt; color: #000000; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.6pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.95pt; text-align: center"><FONT STYLE="letter-spacing: -0.25pt"></FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.05pt 0 0">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0.35pt 0 0 4.3pt; text-align: center"><B>Morgan E&amp;P, <FONT STYLE="letter-spacing: -0.25pt">LLC</FONT></B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>Notes to Financial Statements</B></P>

<P STYLE="font: 12pt/100% Times New Roman, Times, Serif; margin: 7.15pt 0 0 0.1pt; text-align: center"><B>December 31, 2024 and 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.05pt 0 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 10.9pt; margin-bottom: 0">
<TR STYLE="vertical-align: top"><TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">11.</FONT></TD><TD>Asset Acquisition</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.05pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3.05pt 0 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">On May 12, 2023, the Company entered
into a Purchase and Sale Agreement (&ldquo;PSA&rdquo;) to acquire lease rights in the Williston Basin from a private party (the &ldquo;Seller&rdquo;).
In exchange for the rights to the leases, the Company paid the Seller a one-time payment of $500,000 at closing. There were no other assets
nor liabilities included with the acquisition. The Company has recorded the acquisition at cost on the balance sheet. The asset acquired
does not meet the definition of a business as the asset is merely leases provided for the right to drill for hydrocarbons within a specified
timeframe.</P>

<P STYLE="font: 10pt/95% Times New Roman, Times, Serif; margin: 0 6.8pt 0 16.9pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">As of October 1, 2024, the Company
entered into a Settlement Agreement to acquire all interests from the carried working interest owner on the leases related to the acquisition
above in exchange for a $2.4 million cash settlement payment to be made prior to January 31, 2025, forgiveness of the net joint-interest
receivable due from the seller of $619,000, and a 2.0% overriding royalty interest (&ldquo;ORRI&rdquo;) on the acreage. Any unpaid amounts
bear interest from the closing date at the prime rate plus 2%. Accrued interest at December 31, 2024 related to the unpaid amounts was
insignificant. The Company has recorded the acquisition and the related payment liability at cost within <FONT STYLE="font-size: 8pt; line-height: 95%">&nbsp;</FONT>accrued
liabilities on the balance sheet as of December 31, 2024.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 9.65pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 14.7pt"></TD><TD STYLE="width: 24.75pt"><FONT STYLE="letter-spacing: -0.05pt">12.</FONT></TD><TD>Subsequent <FONT STYLE="letter-spacing: -0.1pt">Events</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.3pt 0 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 6.5pt 0 0.1in; text-align: justify">The Company evaluates events and
transactions occurring after the balance sheet date but before the financial statements are available to be issued. The Company evaluated
such events and transactions through April 10, 2025<FONT STYLE="font-size: 8pt"></FONT>, the date the financial statements were available
for issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.1pt 0 0">&nbsp;</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"></P>



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


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