<SEC-DOCUMENT>0001712543-25-000025.txt : 20250423
<SEC-HEADER>0001712543-25-000025.hdr.sgml : 20250423
<ACCEPTANCE-DATETIME>20250423170337
ACCESSION NUMBER:		0001712543-25-000025
CONFORMED SUBMISSION TYPE:	PRE 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20250414
FILED AS OF DATE:		20250423
DATE AS OF CHANGE:		20250423

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:		PRE 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00098
		FILM NUMBER:		25862339

	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>PRE 14A
<SEQUENCE>1
<FILENAME>pre14a_equus04142025.htm
<DESCRIPTION>PROXY STATEMENT
<TEXT>
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<P STYLE="font: 16pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SCHEDULE 14A INFORMATION </B></P>

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

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

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

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: MS Mincho; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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


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

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;<IMG SRC="image_005.jpg" ALT=""> </B></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 6pt Calibri, Helvetica, Sans-Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4.5pt 0 0"><B>Notice of the 2025 </B></P>

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

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

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    <TD STYLE="vertical-align: top; width: 12%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting&nbsp;Date:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">June 26, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Meeting&nbsp;Time:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11:00 a.m.,&nbsp;EDT</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Location:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Jenner &amp; Block LLP</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">1155 Avenue of the Americas, 32<SUP>nd</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">New York, NY 10036</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 9pt 0 0"><B>Purpose of the Meeting </B></P>

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    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To elect 5 directors, each for a term of one year;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To ratify the appointment of BDO USA, P.C. as the Company&rsquo;s independent registered public accountant for the fiscal year ending December&nbsp;31, 2025 and authorizing the directors to fix the remuneration thereof;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt; width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    approve, on a non-binding advisory basis, the compensation paid to the Company&rsquo;s named executive officers in 2024;</FONT></TD></TR>
</TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33px">&nbsp;</TD>
    <TD STYLE="width: 24px; padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    authorize the Company, with approval of its Board of Directors, (<B><I>&ldquo;Board&rdquo;</I></B>), to sell or otherwise issue shares
    of its common stock at a price below its then-current net asset value per share in connection with the conversion of an existing
    investment note and the exercise of warrants issued in connection therewith, and in one or more future offerings, subject to certain
    conditions as set forth herein;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To authorize the Company to issue shares of its common stock in excess of 19.99% of the Company&rsquo;s shares presently issued and outstanding in connection with the conversion of an existing investment note and the exercise of warrants issued in connection therewith, and in one or more future offerings;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    approve an amendment to our Certificate of Incorporation to provide the Board the discretion to authorize in the future, for a period
    not exceeding one year, a reverse stock split of our common stock at a reverse stock split ratio ranging from 2:1 to 5:1, inclusive
    (<B><I>&ldquo;Reverse Stock Split&rdquo;</I></B>); and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 4.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="padding-top: 4.5pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To transact such other business as may properly come before the annual meeting.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">All holders of record of shares of the Company&rsquo;s common stock (NYSE:
EQS) at the close of business on May 15, 2025 (the <B><I>&ldquo;Record Date&rdquo;</I></B>), or their legal proxy holders, are entitled
to vote at the meeting and any postponements or adjournments of the meeting.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">We are distributing this proxy statement and proxy form to stockholders
on or about May 19, 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 0 0 330.45pt; text-indent: -12.25pt">By order of the Board of Directors,</P>

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

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

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

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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">April 30, 2025</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>for the Company&rsquo;s Annual Meeting of Stockholders
to be held on June 26, 2025 </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">This proxy statement, proxy card and the Company&rsquo;s Annual Report
to Stockholders for the fiscal year ended December&nbsp;31, 2024 are available free of charge at the following website: https://equuscap.com/investor-relations/sec-filings/
or by calling our proxy solicitor Georgeson LLC, toll free, at 1-855-733-4090.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>41<SUP>ST</SUP> FLOOR </B></P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>41<SUP>st</SUP> Floor </B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">This proxy statement contains information relating
to the annual meeting of Equus Total Return, Inc. (<B><I>&ldquo;Equus&rdquo;</I></B> or the <B><I>&ldquo;Company&rdquo;</I></B>). The
annual meeting of stockholders (the <B><I>&ldquo;Meeting&rdquo;</I></B>) or any postponement or adjournment thereof will be held on June
26, 2025, beginning at 11:00 a.m., Eastern Time, at Jenner &amp; Block LLP, 1155 Avenue of the Americas, 32<SUP>nd</SUP> Floor, New York,
NY 10036. The Board of Directors (sometimes referred to hereinafter as the <B><I>&ldquo;Board&rdquo;</I></B>) is sending stockholders
this proxy statement to solicit proxies to be voted at the annual meeting. It is being mailed to stockholders on or about May 19, 2025.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">At the Meeting, stockholders will be asked to
elect Company directors (see <B>Proposal&nbsp;1</B>), ratify the selection of the Company&rsquo;s independent registered public
accountant (see <B>Proposal 2</B>), approve, on a non-binding advisory basis, compensation paid to the Company&rsquo;s named
executive officers in 2024 (see <B>Proposal 3</B>), authorize the Company to sell or otherwise issue shares of its common stock at a
price below its then-current net asset value (<B><I>&ldquo;NAV&rdquo;</I></B>) per share in connection with the conversion of an
existing investment note and the exercise of warrants issued in connection therewith, and in one or more offerings, in each case
subject to the approval of its Board of Directors (<B><I>&ldquo;Board&rdquo;</I></B>) and subject to certain conditions as set forth
herein (see <B>Proposal 4</B>), authorize the Company to issue shares of its common stock in excess of 19.99% of the Company&rsquo;s
shares currently issued and outstanding for such consideration as the Board shall deem reasonably sufficient (see <B>Proposal
5</B>), and to provide the Board the discretion to authorize in the future, for a period not exceeding one year, the Reverse Stock
Split (see <B>Proposal 6</B>).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If you owned shares of the Company on the Record Date,
you are entitled to receive notice of and to participate in the Meeting. A list of stockholders on the Record Date will be available for
inspection during normal business hours at Jenner &amp; Block LLP, 1155 Avenue of the Americas, 32<SUP>nd</SUP> Floor, New York, NY 10036
for ten days before the Meeting.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Broker Discretionary Voting</I>. New York
Stock Exchange (&ldquo;NYSE&rdquo;) rules permit a broker member to vote on certain &ldquo;routine&rdquo; matters, including the
ratification of independent registered public accountant, without instructions from the beneficial owner of the shares. The election
of directors, the non-binding vote concerning compensation of the Company&rsquo;s named executive officers in 2024, the
authorization to issue shares of common stock below NAV, the authorization to issue common stock in excess of 19.99% of our
outstanding shares, and providing the Board the discretion to authorize in the future, for a period not exceeding one year, the
Reverse Stock Split are all considered non-routine; therefore, brokers are not permitted to vote in respect of these matters without
instructions from the beneficial owners. If you hold your stock in street name and you do not instruct your broker how to vote in
the election of directors, the non-binding vote concerning compensation of the Company&rsquo;s named executive officers in 2024, the
issuance of common stock below NAV, the issuance of common stock in excess of 19.99% of our outstanding shares, and the
authorization of the Board regarding the Reverse Stock Split described in more detail herein, no votes will be cast on your behalf
regarding these proposals. Therefore, it is important that you cast your vote if you want it to count in respect of these matters.
&nbsp;</P>

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



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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A quorum must be present at the Meeting for any business
to be conducted. The presence at the Meeting, in person or by proxy, of a majority of the shares of common stock outstanding on the Record
Date, or 6,793,087 shares, will constitute a quorum. As of the Record Date, 13,586,173 shares of the Company&rsquo;s common stock, representing
the same number of votes, were outstanding.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board, including all of its independent
directors, recommends a vote &ldquo;<B>For</B>&rdquo; the election of the nominated slate of directors (see Proposal&nbsp;1),
&ldquo;<B>For</B>&rdquo; the ratification of the appointment of BDO USA, P.C. (&ldquo;BDO&rdquo;) as the Company&rsquo;s independent
registered public accountant (see Proposal&nbsp;2), &ldquo;<B>For</B>&rdquo; the approval, on a non-binding advisory basis, of
compensation paid to the Company&rsquo;s named executive officers in 2024 (see Proposal 3), &ldquo;<B>For</B>&rdquo; the approval of
the Company to issue its shares of common stock below NAV (see Proposal 4), &ldquo;<B>For</B>&rdquo; the approval of the Company to
issue shares of common stock in excess of 19.99% of shares outstanding (see Proposal 5), and &ldquo;<B>For</B>&rdquo; providing the
Board the discretion to authorize in the future, for a period not exceeding one year, the Reverse Stock Split (see Proposal 6).
Unless you give other instructions in your proxy, the persons named as proxy holders on the proxy card will vote in accordance with
the recommendations of the Board. With respect to any other matter that properly comes before the Meeting, the proxy holders will
vote as recommended by the Board or, if no recommendation is given, in their own discretion.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Election of Directors</I>. A plurality of votes
cast at the Meeting at which a quorum is present is required to elect a director. Abstentions and broker non-votes will not be counted
as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name for this proposal.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Non-Binding Advisory Vote Approving Executive Compensation
in 2024</I>. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present is required to approve,
on a non-binding advisory basis, compensation paid to the Company&rsquo;s named executive officers in 2024. Abstentions and broker non-votes
will not be counted as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name
for this proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Issuance of Shares Below NAV</I>. The affirmative
vote of holders of at least a &ldquo;majority,&rdquo; as defined in the Investment Company Act of 1940, as amended (the <B><I>&ldquo;1940
Act&rdquo;</I></B>), of (1) the outstanding shares of the Company&rsquo;s common stock and (2) the outstanding shares of the Company&rsquo;s
common stock held by persons that are not affiliated persons of the Company, is required to approve Proposal 4. Under the 1940 Act, the
vote of holders of a &ldquo;majority&rdquo; means the vote of the holders of the lesser of (a) 67% or more of the outstanding shares of
the Company&rsquo;s common stock present or represented by proxy at the Meeting if the holders of more than 50% of the shares of the Company&rsquo;s
common stock are present or represented by proxy or (b) more than 50% of the outstanding shares of the Company&rsquo;s common stock. Abstentions
will have the effect of a vote &ldquo;against&rdquo; Proposal 4.</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; text-indent: 24.5pt"><I>Issuance of Common Stock in Excess of 19.99%
of Outstanding Shares</I>. The affirmative vote of a majority of all of the votes cast at the Meeting at which a quorum is present
is required to provide the Board the discretion to authorize in the future, for a period not exceeding one year, the authorization
of the Company to issue shares of common stock in excess of 19.99% of its outstanding shares. Abstentions and broker non-votes will
not be counted as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name
for this proposal.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Reverse Stock Split</I>. The affirmative vote
of a majority of all of the votes cast at the Meeting at which a quorum is present is required to provide the Board the discretion
to authorize in the future, for a period not exceeding one year, the Reverse Stock Split. Abstentions and broker non-votes will not be
counted as votes cast and will have no effect on this proposal. Brokers may not vote uninstructed shares held in street name for
this proposal.</P>

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



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In the election of directors, you may vote
&ldquo;<B>For</B>&rdquo; all of the nominees or your vote may be &ldquo;<B>Withheld</B>&rdquo; with respect to one or more of the
nominees. If you execute your proxy or provide broker voting instructions without specifying further your preference as to the
nominees, your shares will be voted in accordance with the recommendations of the Board. To ratify the selection of the independent
registered public accountant, you may vote &ldquo;<B>For</B>&rdquo; the ratification, &ldquo;<B>Against</B>,&rdquo; or you may
&ldquo;<B>Abstain</B>.&rdquo; To cast your vote concerning the non-binding approval of compensation paid to the Company&rsquo;s
executive officers in 2024, you may also vote &ldquo;<B>For</B>&rdquo; or &ldquo;<B>Against</B>&rdquo; this proposal, or you may
&ldquo;<B>Abstain</B>&rdquo; from voting in respect of this proposal. To cast your vote concerning the approval of the Company to
issue shares of common stock below NAV, you may also vote &ldquo;<B>For</B>&rdquo; or &ldquo;<B>Against</B>&rdquo; this proposal, or
you may <B>Abstain</B>&rdquo; from voting in respect of this proposal. To cast your vote concerning the approval of the Company to
issue shares of common stock in excess of 19.99% of shares outstanding, you may also vote &ldquo;<B>For</B>&rdquo; or
&ldquo;<B>Against</B>&rdquo; this proposal, or you may &ldquo;<B>Abstain</B>&rdquo; from voting in respect of this proposal. To cast
your vote concerning providing the Board the discretion to authorize in the future, for a period not exceeding one year, the Reverse
Stock Split, you may also vote &ldquo;<B>For</B>&rdquo; or &ldquo;<B>Against</B>&rdquo; this proposal, or you may
&ldquo;<B>Abstain</B>&rdquo; from voting in respect of this proposal. Please refer to the preceding section in considering the
effect of abstentions and &ldquo;broker non-votes&rdquo; for Proposals 3, 4, 5, and 6.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If you have any questions about this proxy statement,
please call our proxy solicitor Georgeson LLC, toll free, at 1-855-733-4090.</P>

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table shows the amount of the Company&rsquo;s
common stock beneficially owned (unless otherwise indicated) as of April 1, 2025, by (1)&nbsp;any person known to the Company to be the
beneficial owner of more than 5% of the outstanding shares of the Company&rsquo;s common stock, (2)&nbsp;each director/director nominee
of the Company, (3)&nbsp;each named executive officer, and (4)&nbsp;all directors/director nominees and executive officers as a group.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The number of shares beneficially owned by each entity,
person, director/director nominee, or executive officer is determined under SEC rules and the information is not necessarily indicative
of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the entity or individual
has sole or shared voting power or investment power and also any shares that the entity or individual had the right to acquire as of April
1, 2025, or within 60 days after April 1, 2025, through the exercise of any stock option or other right. Unless otherwise indicated, to
our knowledge each individual has sole investment and voting power, or shares such powers with his spouse, with respect to the shares
set forth in the table.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7.5pt; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>&nbsp;</B></P><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0"><B>Name</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Sole</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Voting and Investment Power</B></P></TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Other</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Beneficial</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Ownership</B></P></TD><TD STYLE="font-size: 7.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 7.5pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7.5pt; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Percent of</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Class</B></P> <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-align: center"><B>Outstanding</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; text-align: left">Fraser Atkinson&#9;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">45,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">45,591</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Kenneth I. Denos&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">265,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.96</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Henry W. Hankinson&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">John A. Hardy &#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,228,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,728,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.44</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 12pt; text-align: left; text-indent: -12pt; padding-left: 12pt"><FONT STYLE="font-size: 10pt">L&rsquo;Sheryl D. Hudson</FONT><FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT><FONT STYLE="font-size: 10pt">&#9;</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -12pt; padding-left: 12pt">John J. May&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&#9;*&#9;</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Howard Todd Horberg&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">703,728</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">703,728</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.18</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">Michael Tokarz&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,172,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.35</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -12pt; padding-left: 12pt">All directors and executive officers as a group (6 persons)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830,845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,228,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,058,869</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.87</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.75pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Under the federal securities laws, our directors,
executive officers, and any persons beneficially owning more than ten percent of our common stock are required to report their ownership
of our common stock and any changes in that ownership to the Company and the SEC. Specific due dates for these reports have been established
by regulation. Based solely upon a review of reports furnished to the Company and written representations of certain persons that no other
reports were required, we believe that all of our directors and executive officers complied during 2024 with the reporting requirements
of Section 16(a) of the Securities Exchange Act of 1934 (the <B><I>&ldquo;Exchange Act&rdquo;</I></B>).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following graph compares the cumulative total return
on our common stock with the cumulative total return of the NYSE Composite Index and the S&amp;P 500 Index for the five years ended December
31, 2024. This comparison assumes $100.00 was invested in our common stock at the closing price of our common stock on December 31, 2018
and in the comparison groups and assumes the reinvestment of all cash dividends on the ex-dividend date prior to any tax effect. The stock
price performance shown on the graph below is not necessarily indicative of future price performance.</P>

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-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">&nbsp;<IMG SRC="image_006.jpg" ALT=""></P>

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

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

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

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

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">In making our recommendation that the Company&rsquo;s
financial statements be included in its Annual Report on Form 10-K for the year ended December 31, 2024, we have taken the following steps:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We discussed with BDO USA, P.C., the Company&rsquo;s independent registered public accountant for the year ended December 31, 2024, those matters required to be discussed by Public Company Accounting Oversight Board (<B><I>&ldquo;PCAOB&rdquo;</I></B>) Auditing Standard 1301, <I>Communications with Audit Committees</I>, including information regarding the scope and results of the audit. These communications and discussions are intended to assist us in overseeing the financial reporting and disclosure process.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in">&nbsp;</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We reviewed, and discussed with Equus management and BDO, the Company&rsquo;s audited balance sheet, including the schedule of investments, at December 31, 2024, and statements of operations, changes in net assets and cash flows for the year ended December 31, 2024.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">Based on the reviews and actions described above,
we recommended to the Board of Directors that the Company&rsquo;s audited financial statements be included in its Annual Report on Form
10-K for the year ended December 31, 2024 for filing with the Securities and Exchange Commission.</P>

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

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

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">This Compensation Discussion and Analysis provides
information about the fiscal year 2024 compensation policy for our named executive officers (<B><I>&ldquo;NEOs&rdquo;</I></B>). Our Compensation
Committee determines the compensation terms for our Chief Executive Officer and, to the extent charged to the Fund on an hourly basis,
the Board determines the fees that may be charged by members of the Board for their services not in connection with their duties as directors.
Our Chief Executive Officer also determines compensation for all other NEOs. This section explains how compensation decisions were made
for our NEOs during the year. The discussion below also addresses the principal elements of our approach to compensation.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In addition, at the Company&rsquo;s Annual Meeting
of Stockholders held on June 20, 2024, the Company held a non-binding stockholder vote to approve the compensation paid to its named executive
officers in 2023, commonly referred to as a &ldquo;say-on-pay&rdquo; vote. The Company&rsquo;s shareholders approved such compensation
by a non-binding, advisory vote with approximately 88.5% of the votes submitted on the proposal voting in favor of the resolution. The
Compensation Committee considered the results of this vote and views this vote as confirmation that the Company&rsquo;s shareholders support
the Company&rsquo;s executive compensation policies and decisions.</P>

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The following table summarizes the total compensation
that the Company paid during the fiscal years ended December&nbsp;31, 2024, 2023, and 2022 to the NEOs, who are the Chief Executive Officer,
the Chief Financial Officer, and our other most highly compensated executive officers who received more than $100,000 in annual compensation
from the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name and Principal Position</B></FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Year</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Salary</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Cash Bonus</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Stock Awards</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All Other Compensation<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">John A. Hardy&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2024</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2023</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 534,667</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">508,255</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">481,478</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">298,796</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">472,500</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">165,235</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 534,667</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">972,286</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">953,978</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl D. Hudson&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2024</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2023</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 295,969</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">281,875</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">242,308</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 24,500</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">21,250</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">65,000</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 19,228</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">18,188</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">18,438</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 339,697</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">321,313</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">325,746</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Secretary and CCO</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2024</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2023</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 435,950</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">415,191</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">387,227</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ &horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&horbar;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 435,950</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">415,191</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">387,227</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Compensation Committee meets from time to time
throughout the year to consider, among other matters, compensation to our Chief Executive Officer and other compensation matters, including
the administration of the Incentive Plan. On March 17, 2017, the Compensation Committee approved the grant of an aggregate of 750,000
shares of restricted stock to our NEOs under the Incentive Plan. Specific performance factors that the Compensation Committee considered
in determining the granting of restricted included the achievement of financial and operational goals in previous years and individual
employee performance during these years in such areas as work ethic, proficiency and overall contribution to the Company. In the case
of Mr. Hardy, such considerations also included his waiver of approximately $2.2 million in bonus payments related to portfolio dispositions
in prior years as described under <I>Executive Compensation Agreements</I> below. No award of restricted stock or other equity incentives
was made to our NEOs prior to the awards granted in March 2017, and no further grants or awards of restricted stock or other equity incentives
were made to our NEOs during the years 2018 through 2024. Restricted stock awards allow the Company to account for our Incentive Plan
based on the price of our common stock, fixed at the grant date of such award, resulting in a known maximum cost of such award under our
Incentive Plan at the time of grant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Because all of the awards granted under the Incentive
Plan have fully vested, there are no awards outstanding to our NEOs for which forfeiture provision have not lapsed or remain unvested
and outstanding at December 31, 2024.</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"><B><I>Equity Awards Vested in 2024 </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Inasmuch as all previous awards made under the Incentive
Plan had fully vested before January 1, 2024, there were no equity awards that vested during 2024.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 26%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Severance/Termination Payment</B></FONT></TD>
    <TD STYLE="width: 21%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Vesting of Stock Awards</B></FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">John A. Hardy&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Executive Officer<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,368,130</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;1,368,130</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl D. Hudson&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Chief Financial Officer<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295,968</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295,968</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos&mdash;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Secretary and CCO<SUP>(2)</SUP></P></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871,900</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&horbar;</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871,900</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD STYLE="width: 93%; padding-bottom: 6pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Assumes, for purposes of this table, that termination occurred on December 31, 2024.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(2)</FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-bottom: 6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Excludes accrued vacation pay, sick days, or holidays, or any health insurance contributions pursuant to the Consolidated Omnibus Budget Reconciliation Act (COBRA).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As part of our responsibilities, we have reviewed
and discussed with management the Compensation Discussion and Analysis required by Item&nbsp;402(b) of Regulation S-K, which begins on
page 9 of this proxy statement. Based on such review and discussions, we have recommended to the Board of Directors the inclusion of the
Compensation Discussion and Analysis in this proxy statement.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GOVERNANCE
OF THE COMPANY</FONT></B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 42.8pt"></P>

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Each member of the Audit Committee is an independent
director within the meaning of SEC regulations and the listing standards of the New York Stock Exchange (<B><I>&ldquo;NYSE&rdquo;</I></B>).
Fraser Atkinson, the chair of the Audit Committee, is qualified as an audit committee financial expert within the meaning of SEC regulations
and the Board has determined that he has accounting and related financial management expertise within the meaning of the listing standards
of the NYSE. The Audit Committee met five times during 2024.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Committee of Independent Directors met at regularly
scheduled Board Meetings in executive sessions without any members of management present. During 2024, each member of this Committee was
considered an independent director within the meaning of SEC regulations and the listing standards of the NYSE.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Each member of the Compensation Committee is an independent
director within the meaning of SEC regulations and the listing standards of the NYSE. This Committee did not meet in 2024.</P>

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


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    <!-- Field: /Page -->

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">All of the members of the Governance and Nominating
Committee are independent directors within the meaning of SEC regulations and the listing standards of the NYSE. This Committee met three
times during 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Governance and Nominating Committee considers
candidates for Board membership suggested by its members and other Board members, as well as management and stockholders. A stockholder
who wishes to recommend a prospective nominee for the Board should notify the Company&rsquo;s Secretary or any member of the Governance
and Nominating Committee in writing in care of Equus Total Return, Inc., 700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston, TX 77002.
To be considered by the Governance and Nominating Committee, stockholder nominations must be submitted before our fiscal year-end and
must be accompanied by a description of the qualifications of the proposed candidate and a written statement from the proposed candidate
that he or she is willing to be nominated and desires to serve if elected. The Governance and Nominating Committee will also consider
whether to nominate any person nominated by a stockholder pursuant to the provisions of the Company&rsquo;s by-laws relating to stockholder
nominations as described in &ldquo;<I>Additional Information&mdash;Stockholder Proposals for the 2026 Annual Meeting</I>,&rdquo; below.
Nominees for director who are recommended by stockholders will be evaluated in the same manner as any other nominee for director.</P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 0"></P>

<!-- Field: Page; Sequence: 18 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"></DIV>
    <!-- Field: /Page -->

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>How often did the Board meet during 2024? </I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">During 2024, the Board met eight times. Each director
attended all meetings held by the Board or the committees of the Board on which he served, and all directors attended, either in person
or via telephone, the Company&rsquo;s annual meeting of stockholders held on June 20, 2024. The Company does not have a policy about directors&rsquo;
attendance at the annual meeting of stockholders.</P>

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

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

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

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Independent/non-officer directors were paid an aggregate
of $296,500 and $315,000 as cash compensation for their services for the years ended December&nbsp;31, 2024 and 2023. The following table
set forth the cash and other forms of compensation that the Company paid to, or was otherwise earned by, each person who served as a director
during 2024:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2024 Director Compensation Table</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name</B></FONT></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fees Earned or Paid in Cash</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)*</B></P></TD>
    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Stock Awards</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option Awards</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>All Other Compensation</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Total</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>($)</B></P></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraser Atkinson</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108,000</FONT></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry W. Hankinson</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.05in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robert L. Knauss</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,500</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">79,500</FONT></TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John J. May</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.65pt; text-align: right">&mdash;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Directors</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #CCECFF">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth I. Denos</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Hardy</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,000</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in">* Includes an aggregate of $62,000 in accrued
but unpaid fees.</P>

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

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

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

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

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

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

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

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


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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Name,&nbsp;Address&nbsp; and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;with</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office&nbsp;and<BR>
    Length of Time<BR>
    Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal Occupation(s)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John A. Hardy</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 73</P></TD>
    <TD STYLE="padding-left: 5.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive&nbsp;&nbsp;Officer</FONT></TD>
    <TD STYLE="padding-left: 3.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; Chief Executive Officer since 2011.</FONT></TD>
    <TD STYLE="padding-left: 12.75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of the Company since June 2011; Executive Chairman of the Company from June 2010 to June 2011; Director of the Company since May 2010; &nbsp;Mr. Hardy has had extensive experience in the insurance, finance and banking sectors, as well as mergers and acquisitions and litigation and resolution of multi-jurisdictional disputes practicing as a Barrister from 1978-2002. Mr. Hardy was also an adjunct Professor lecturing in insurance law at the University of British Columbia from 1984-2000.</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">L&rsquo;Sheryl&nbsp;D.&nbsp;Hudson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 60</P></TD>
    <TD STYLE="padding-left: 8.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr. Vice President, CFO, and Treasurer</FONT></TD>
    <TD STYLE="padding-left: 7.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; Vice&nbsp;President, CFO, and Treasurer since 2006.</FONT></TD>
    <TD STYLE="padding-left: 13.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior Vice President, Chief Financial Officer, and Treasurer since November 2006; Chief Compliance Officer of the Company from November 2006 to July 2011. &nbsp;Ms.&nbsp;Hudson served as Associate Director of WestLB Asset Management (US), LLC from 2002 to 2006.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 8.2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 7.35pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 57</P></TD>
    <TD STYLE="padding-left: 8.2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary and CCO</FONT></TD>
    <TD STYLE="padding-left: 7.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite term; &nbsp;Secretary since 2010; CCO since 2011.</FONT></TD>
    <TD STYLE="padding-left: 13.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary of the Company since 2010.&nbsp;&nbsp;Chief Compliance Officer of the Company since July 2011. President of Kenneth I. Denos, P.C. since January 2000; Interim CEO of Tingo Group, Inc. from September 2023 to September 2024; General Counsel, director, and head of M&amp;A for Tersus Energy plc (LSE: TER) in 2005-06; General Counsel, director, and head of M&amp;A for Healthcare Enterprise Group (LSE: HEG) from 2003-2005; Principal of Outsize Capital Ltd. (investment and advisory) since July 2019.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

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

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

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

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

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

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

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



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

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

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

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

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Effective December 1, 2023, the Company adopted a
Compensation Recoupment Policy in accordance with the requirements of the NYSE. Under the policy, the Board may recover &ldquo;Incentive-Based
Compensation&rdquo; from any of our executive officers for up to a 3-year period for intentional misconduct, fraud in the course of employment
with the Company, failure to supervise other personnel who cause material financial damage to the Company, or if the Company is required
to restate its financial statements due to material noncompliance with relevant financial reporting requirements of the U.S. Securities
and Exchange Commission during such period.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">On March 17, 2017, the Company granted awards of restricted
stock under the Incentive Plan to certain of its directors and executive officers in the aggregate amount of 844,500 shares. The awards
were each subject to a vesting requirement over a 3-year period and have now fully vested.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Other than the awards of restricted stock under the
Incentive Plan made in 2017 as described under <I>Grants of Plan-Based Awards</I> above, the Company had no other equity awards outstanding
in the years 2018 through 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">There were no stock options, SARs or similar instruments
exercised by any executive officer of the Company and there was no vesting of stock, including restricted stock, restricted stock units
or similar instruments by any executive officer of the Company during 2024.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">The Company does not have any plan that provides for
payments or other benefits at, following, or in connection with the retirement of its executive officers.</P>

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

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

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

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

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

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

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

<P STYLE="font: 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>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">During 2024, other than pursuant to a separate written
agreement or a 401(k) plan for certain employees wherein the Company provides a match of 3% of employee compensation, the Company did
not have any defined contribution or other plan that provided for the deferral of compensation by any executive officer of the Company
on a basis that was not tax-qualified.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 22.5pt">Mr. Hardy's total compensation for 2024 was $534,667
which was paid in cash as reflected in the <I>Summary Compensation Table</I> above. The total compensation of our median employee, excluding
Mr. Hardy, for 2024 was $306,651. As a result, Mr. Hardy's total compensation was approximately 1.74 times that of our median employee
for 2024. We selected December 31, 2024 as the date used to identify our &ldquo;median employee&rdquo; whose annual total compensation
was the median of the total annual compensation of all of our officers and employees (other than our Chief Executive Officer) for 2024.
As of December 31, 2024, our officer and employee population consisted of 3 individuals (excluding Mr. Hardy), all of whom were continuously
employed or engaged by the Company during the year. To identify our median employee, we compared the annual total compensation for each
officer and employee of the Company, as determined in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, which included
salary, bonus, restricted stock awards, employer contributions to employee accounts in our 401(k) plan, employer contributions to employee
accounts in our deferred compensation plan and earnings thereon, and company-paid life insurance premiums.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">Under rules adopted pursuant to the Dodd-Frank Act,
we are required to disclose certain information about the relationship between the compensation actually paid to our principal executive
officer (&ldquo;PEO&rdquo;) and certain measures of Company performance. The material that follows is provided in compliance with these
rules; however, additional information regarding our compensation philosophy, the structure of our performance-based compensation programs,
and compensation decisions made this year is described above in our &ldquo;Compensation Discussion and Analysis&rdquo; beginning on page
9 of this Proxy Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The following table provides information regarding compensation
actually paid to our PEO for each year from 2022 to 2024, compared to our total shareholder return from December 31, 2021 through the
end of each such year, and our Net Investment Income and Increase/(Decrease) in Net Asset Value during such year.</P>

<P STYLE="font: 10pt 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">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Average</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Average </B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Value of Initial Fixed $100 Investment Based On:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Year</B></FONT></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: 7.5pt"><B>Summary Compensation Table Total for PEO<SUP>(1)</SUP></B></FONT></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: 7.5pt"><B>Compensation Actually Paid to PEO<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Summary</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Compensation</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Table Total for non-PEO NEOs<SUP>(1)</SUP></B></P></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: 7.5pt"><B>Compensation Actually Paid to Non-PEO NEOs<SUP>(1)</SUP></B></FONT></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: 7.5pt"><B>Company Total Shareholder Return<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>NYSE Composite Shareholder Return<SUP>(2)</SUP></B></FONT></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: 7.5pt"><B>Net Investment Income</B></FONT></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: 7.5pt"><B>Change in Net Asset Value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">2024</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">2023</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center">2022</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 534,667</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">972,286</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">953,978</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 534,667</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">972,286</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">953,978</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 387,824</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">368,252</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">356,487</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 387,824</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">368,252</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">356,487</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 46.22</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">60.92</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">60.08</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">$ 111.26</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">98.19</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">88.47</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">($ 3,315,000)</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">(4,035,000)</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">(3,629,000)</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">($ 18,777,000)</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">12,949,000</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: right">(1,128,000)</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">The PEO for each year in the table is John A. Hardy.&nbsp;&nbsp;The non-PEO NEOs for each year are L&rsquo;Sheryl D. Hudson and Kenneth I. Denos.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">Total Shareholder
    Return represents the value of a hypothetical $100.00 investment beginning at market close on the last trading day of 2021, assuming
    reinvestment of all the dividends.</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 87%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The following graph reflects the relationship between
compensation actually paid to our PEO and other NEOs in the years 2022-2024 with Net Investment Income and Changes to our Net Asset Value
in such 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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0pt"></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>&nbsp;<IMG SRC="image_007.jpg" ALT="" STYLE="width: 460px; height: 290px"></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>&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"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">The following graph reflects the relationship between
compensation actually paid to our PEO and other NEOs in the years 2022-2024 with Total Shareholder Return for the Company and the NYSE
Composite Index.</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: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;<IMG SRC="image_008.jpg" ALT=""></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>


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    <!-- Field: /Page -->

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The current term of office of all of the Company&rsquo;s
directors expires at the 2025 annual meeting and upon the election and qualification of their successors in office. The Board proposes
that the following nominees be elected for a new term of one year and until their respective successors have been duly elected and qualified
or until they resign, die, or are removed from office. Each of the nominees has consented to serve if elected. The Board knows of no reason
why any nominee for director would be unable to serve as a director. If at the time of the Meeting any nominee is unable or unwilling
to serve as a director of the Company, the persons named as proxies will vote for a substitute nominee designated by the Board.</P>

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 18%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Name, Address and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp; with</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 17%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and&nbsp; Length&nbsp;of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Time&nbsp;Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 38%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directorships++</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;by&nbsp;Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or Nominee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Fraser Atkinson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 67</P></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.85pt">Term&nbsp;expires</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 13.85pt">2025;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 13.85pt">Director<BR>
    since 2010.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 13.85pt">Chairman</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 13.85pt">since 2024.</P></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of GreenPower Motor Company Inc. (Nasdaq: GP) since February 2011 and CEO since June 2019. Mr.&nbsp;Atkinson was involved in both the technology and corporate finance sectors as a partner at KPMG, LLP for over 14&nbsp;years, having left the firm in September 2002.&nbsp;&nbsp;Mr. Atkinson has served as Chairman, President and Director for public and private companies.</FONT></TD>
    <TD STYLE="padding-right: -9pt; padding-left: 10.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GreenPower Motor Company Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>




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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 19%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Henry&nbsp;W.&nbsp;Hankinson</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">4355 Cobb Parkway</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Suite 501 J</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Atlanta,&nbsp;Georgia&nbsp;30339</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 83</P></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term&nbsp;expires<BR>
    2025;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Director<BR>
    since 2005.</P></TD>
    <TD STYLE="width: 47%; padding-left: 0.1in; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner and co-founder of Global Business Associates, LLC, a boutique M&amp;A consulting firm in Atlanta, GA. Mr. Hankinson is a former military officer with engineering and MBA degrees. He has held domestic and international senior executive management positions for over 30 years. In 1993 he moved to Moscow as the senior regional executive for Halliburton&nbsp;/&nbsp;Brown &amp; Root (&ldquo;HBR&rdquo;) to establish the oil &amp; gas construction market in the Former Soviet Union. In 1997 he moved to Riyadh, as the senior HBR regional Managing Director of Saudi Arabia. In 1999 he was recruited to become the COO and senior American for a large multi-national conglomerate for the Saudi Royal Family. Based in Riyadh, he was responsible for investment acquisitions and portfolio management. During his career, Mr. Hankinson has served as Chairman, CEO, COO, and Director for both small and multi-national private and public companies.</FONT></TD>
    <TD STYLE="width: 9%; padding-left: 10.7pt; font: 11pt Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  </TABLE>

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

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

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


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


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    <!-- Field: /Page -->

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 16%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">&nbsp;<B>Name, Address and Age</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Position(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp; with</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Company</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 23%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Term&nbsp;of&nbsp;Office</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>and&nbsp; Length&nbsp;of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Time&nbsp;Served</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 35%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Other</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Directorships++</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Held&nbsp;by&nbsp;Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or Nominee</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John J. May</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">Age: 76</P></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 0.2in">Term&nbsp;expires 2025;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 0.2in"><FONT STYLE="font-size: 10pt">Director since 2024.</FONT><FONT STYLE="font-size: 12pt"><BR>
    <BR>
    </FONT></P></TD>
    <TD STYLE="padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Partner of City &amp; Westminster Corporate Finance LLP.&nbsp;&nbsp;He is also a director of LGX Energy Corp., Key Mining Corp, and the Chairman of the Small Business Bureau Limited and the Genesis Initiative Limited &ndash; an advocate of micro and small and medium-sized businesses in the United Kingdom.&nbsp;&nbsp;He is also a principal of a boutique Chartered Accountancy practice in London.&nbsp;&nbsp;Previously, Mr. May has served as a director and principal of a variety of private and public companies in the United States and internationally.</FONT></TD>
    <TD STYLE="padding-left: 17.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Name,&nbsp;Address&nbsp;and&nbsp;Age</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Position(s)</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Held&nbsp; with</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Company</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Term of Office</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>and Length&nbsp;of</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Time Served</B></FONT></TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Principal&nbsp;Occupation(s)</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>During Past 5 Years</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Other</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Directorships++</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Held&nbsp;by&nbsp; Director</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><BR>
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>or Nominee</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">John A. Hardy</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 73</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Director</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term expires<BR>
    2025;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director<BR>
    since 2010.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer of the Company since June 2011; Executive Chairman of the Company from June 2010 to June 2011; Director of the Company since May 2010; Mr. Hardy has had extensive experience in the insurance, finance and banking sectors, as well as mergers and acquisitions and litigation and resolution of multi-jurisdictional disputes practicing as a Barrister from 1978-2002. Mr. Hardy was also an adjunct Professor lecturing in insurance law at the University of British Columbia from 1984-2000.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Kenneth I. Denos</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">700 Louisiana Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">41<SUP>st</SUP> Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Houston, Texas 77002</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Age: 57</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Secretary, Chief Compliance Officer, and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Term expires</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">2025;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Director</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">since 2008.</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary of the Company since 2010.&nbsp;&nbsp;Chief Compliance Officer of the Company since July 2011. President of Kenneth I. Denos, P.C. since January 2000; Interim CEO of Tingo Group, Inc. from September 2023 to September 2024; General Counsel, director, and head of M&amp;A for Tersus Energy plc (LSE: TER) in 2005-06; General Counsel, director, and head of M&amp;A for Healthcare Enterprise Group (LSE: HEG) from 2003-2005; Principal of Outsize Capital Ltd. (investment and advisory) since July 2019.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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


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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. May</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. May&rsquo;s extensive finance, accounting, and investment experience with companies around the
world, as well as his public company experience, and determined that his leadership skills are critical to the Board and the oversight
of our management.</FONT></TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Mr. Denos</I>: The Nominating and Corporate Governance
Committee and the Board considered Mr. Denos&rsquo; prior service to the Company in a variety of leadership positions, his extensive financial,
legal, international, and mergers and acquisitions experience, as well as his experience as a director of public companies, and determined
that his intimate knowledge of the Company and extensive public company operating experience are crucial to the achievement of our operational
and financial goals.</FONT></TD></TR></TABLE>

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

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

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

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

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

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

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

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

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


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 30%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Name</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 28%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities&nbsp;in&nbsp;the&nbsp; Company<SUP>(1)</SUP></B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 28%; padding-left: 0.1in">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Aggregate&nbsp;Dollar&nbsp;Range&nbsp;of&nbsp;Equity</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Securities&nbsp;in&nbsp;All&nbsp;funds&nbsp;Overseen</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or to be Overseen by Director</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>or&nbsp;Nominee in Family of</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Investment Companies</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independent Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fraser Atkinson </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,001-$100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry W. Hankinson </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$10,001-$50,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John J. May </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kenneth I. Denos </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John A. Hardy </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over $100,000</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 33px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on beneficial ownership as of April 1, 2025.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company&rsquo;s Audit Committee approved and the
Board members unanimously approved and ratified the selection of BDO USA, P.C. as the Company&rsquo;s independent registered public accountant
for the fiscal year ending December&nbsp;31, 2025. BDO has served as the Company&rsquo;s independent registered public accountant since
December 4, 2014.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Aggregate fees that BDO billed to the Company for
professional services for the years ended December&nbsp;31, 2024 and 2023 were as follows:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B>Services Provided</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>2024</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.75in"><B>2023</B></P>
    <P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0 0 1pt"><B>&nbsp;</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 55%; padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit fees<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;300,060</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="width: 16%; padding-right: 9.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;331,023</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit-related fees<SUP>(2)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176,581</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt; padding-left: 7.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104,765</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All other </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&mdash;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 12pt; text-indent: -12pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="padding-right: 18.2pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476,641</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435,788</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(1)</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">Consists of fees for the audit of our annual financial statements, review
    of quarterly statements, review of the annual proxy statement, reviews of the quarterly earnings releases, security counts, and billed
    expenses.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Consists of fees and billed expenses relating to the separate audits of Morgan E&amp;P, LLC, and Equus Energy, LLC and its subsidiary.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Audit Committee pre-approves all audit and permitted
non-audit services (including the fees and terms thereof) to be performed by any independent registered public accountant engaged by the
Company. Certain services may not be provided by the independent registered public accountant to the Company without jeopardizing the
independent registered public accountant&rsquo;s independence.</P>

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

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

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

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


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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FOR FISCAL YEAR 2025</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Compensation Discussion and Analysis beginning
on page 9 of this proxy statement describes the Company&rsquo;s executive compensation policies and the compensation decisions that the
Compensation Committee, Board, and our Chief Executive Officer made in 2024 with respect to the compensation of the Company&rsquo;s named
executive officers. The Board is asking shareholders to cast a non-binding, advisory vote FOR the following resolution:</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 4&mdash;AUTHORIZATION OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO SELL OR OTHERWISE ISSUE SHARES OF ITS COMMON
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AT A PRICE BELOW ITS THEN-CURRENT NET ASSET VALUE
PER SHARE IN CONNECTION WITH</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE CONVERSION OF AN EXISTING INVESTMENT NOTE AND
ASSOCIATED EXERCISE OF WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND ALSO IN CONNECTION WITH ONE OR MORE FUTURE OFFERINGS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IN EACH CASE SUBJECT TO THE APPROVAL OF THE BOARD
OF DIRECTORS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">On February 10, 2025, the Company 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 (<B><I>&ldquo;Investment
Note&rdquo;</I></B>). The Investment Note is convertible into shares of the Company&rsquo;s common stock at a conversion price of $1.50
per share. Contemporaneously with the issuance of the Investment Note, the Company also issued two common stock purchase warrants to acquire
an aggregate of 2,000,000 shares of the Company&rsquo;s common stock at an exercise price of $1.50 per share (collectively, the <B><I>&ldquo;Warrants&rdquo;</I></B>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company is a closed-end investment company that
has elected to be regulated as a business development company (<B><I>&ldquo;BDC&rdquo;</I></B>) under the 1940 Act. As a BDC, the Company
is generally prohibited from issuing its common stock at a price below the then-current net asset value per share (<B><I>&ldquo;NAV&rdquo;</I></B>)
unless it meets certain conditions, including obtaining stockholder approval. Because the conversion price of the Investment Note and
the exercise price of the Warrants are each below NAV, applicable rules of the 1940 Act require that (i) holders of a majority of our
outstanding shares of common stock, as well as (ii) holders of a majority of our common stock held by non-affiliates, approve the issuance
of Equus shares upon such conversion and exercise.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In addition to the Investment Note and Warrants, the
Company is also seeking the approval of its common stockholders so that it may, in one or more public or private offerings of its common
stock, sell or otherwise issue shares of its common stock at a price below its then-current NAV, subject to the approval of the Board
and the conditions set forth in this proposal. If approved, the authorization would be effective for securities issued during a twelve-month
period expiring on the anniversary of the date of the Annual Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board believes that having the flexibility to
issue common stock below NAV in certain instances is in the best interests of the Company and its stockholders. This would, among other
things, provide access to capital markets to pursue attractive investment opportunities during periods of volatility, improve capital
resources to enable the Company to compete more effectively for high-quality investment opportunities and add financial flexibility to
comply with regulatory requirements and debt facility covenants, including the 2:1 debt-to-equity ratio that is imposed through the 150%
asset coverage requirement applicable to BDCs under the 1940 Act. It could also minimize the likelihood that the Company would be required
to sell assets that the Company would not otherwise sell in order to comply with regulatory requirements and debt facility covenants,
which sales could occur at times and at prices that are disadvantageous to the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The final terms of any such sale of common stock below
NAV will be determined by the Board at the time of issuance and the shares of common stock will not include preemptive rights. Other than
the foregoing, it is not possible to describe the future transaction or transactions in which such shares of common stock would be issued.
Instead, any transaction in which the Company issues such shares of common stock, including the nature and amount of consideration that
would be received by the Company at the time of issuance and the use of any such consideration, will be reviewed and approved by the Board
at the time of issuance. There will be no limit on the percentage below net asset value per share at which shares may be sold by the Company
or number of offerings that the Company may conduct under this proposal for the one-year period that authorization is granted. Except
for such authorizations as otherwise may be required with respect to a particular issuance under applicable law, NYSE rules or the Company&rsquo;s
certificate of incorporation, if this proposal is approved, no further authorization from the stockholders will be solicited or required
prior to a sale or other issuance of shares of common stock below NAV in accordance with the terms of this proposal. If approved, the
authorization would be effective for securities issued during a twelve-month period expiring on the anniversary of the date of the Annual
Meeting.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">To date, the Company has not issued shares below NAV
under prior authorization granted from stockholders, but it may do so in the future pursuant to the authority granted in this proxy in
connection with the conversion of the Investment Note and the exercise of the Warrants, as well as in connection with one or more future
offerings of the Company&rsquo;s common stock.</P>

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

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    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Company&rsquo;s ability to issue shares of its
common stock at a price below NAV is governed by the 1940 Act. If stockholders approve this proposal, the Company will only issue shares
of its common stock at a price below NAV pursuant to this stockholder proposal if the following conditions are met:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &ldquo;required majority&rdquo; of the Company&rsquo;s
directors have determined that any such sale would be in the best interests of the Company and its stockholders; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a &ldquo;required majority&rdquo; of the Company&rsquo;s
directors have determined in good faith, and as of a time immediately prior to the first solicitation by or on behalf of the Company of
commitments to purchase such common stock or immediately prior to the issuance of such common stock, that the price at which such shares
of common stock are to be sold is not less than a price which closely approximates the market value of those shares of common stock, less
any distributing commission or discount.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Under the 1940 Act, a &ldquo;required majority&rdquo;
of directors means both a majority of the Company&rsquo;s directors who have no financial interest in the transaction and a majority of
the Company&rsquo;s independent directors. For these purposes, directors will not be deemed to have a financial interest solely by reason
of their ownership of the Company&rsquo;s common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board, including a majority of the directors who
have no financial interest in this proposal and a majority of the independent directors, has approved this proposal as in the best interests
of the Company and its stockholders and recommends it to the stockholders for their approval. Upon obtaining the requisite stockholder
approval, the Company will comply with the conditions described above in connection with any offering undertaken pursuant to this proposal.
See below for a discussion of the risks of dilution.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Reasons to Offer Common Stock Below NAV</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board has concluded that the authorization for
the Company to sell its common stock below NAV in certain instances is in the Company&rsquo;s best interests and in the best interests
of its stockholders. In reaching this conclusion, the Board considered the following potential benefits to the Company&rsquo;s stockholders:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Market Conditions Have Created, and May in the
Future Create, Attractive Investment and Acquisition Opportunities</I>. From time to time, capital markets may experience periods of disruption
and instability. For example, in recent years, global capital markets have exhibited instability as evidenced by periodic disruptions
in liquidity in the debt capital markets, significant write-offs in the financial services sector, and the re-pricing of credit risk in
the broadly syndicated credit market. Despite actions of the U.S. federal government and foreign governments, these events contributed
to worsening general economic conditions that materially and adversely impacted the broader financial and credit markets and reduced the
availability of debt and equity capital for the market as a whole, and financial services firms in particular. As a result of the disruption
and volatility in the credit markets during this time, there has been a reduction in capital available to certain specialty finance companies
and other capital providers, causing a reduction in competition. These conditions also coincided with lower stock prices for BDCs, with
many BDCs trading below NAV. The Company believes that favorable investment opportunities to invest at attractive risk-adjusted returns,
including opportunities to make acquisitions of other companies or investment portfolios at attractive values, may be created during these
periods of disruption and volatility.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">In previous years, there have been periods of market
volatility, some lasting longer and with a greater degree of magnitude than others, including recent market conditions driven by the impact
of COVID-19, as well as widespread interruption to the functioning of the U.S. and global economies, volatility driven by instability
in the banking sector and, more recently, volatility resulting from the imposition of tariffs and resulting retaliatory trade practices.
In addition to the recent environment, the Company has seen periods during the last few years where BDCs, including the Company, have
traded significantly below NAV due to such stock market volatility. If adverse market conditions increase in severity and duration or
recur, the Company and other companies in the financial services sector may not have access to sufficient debt capital in order to take
advantage of attractive investment opportunities that are created during these periods. In addition, the debt capital that will be available,
if any, may be at a higher cost and on less favorable terms and conditions in the future. Stockholder approval of the proposal to sell
shares of the Company&rsquo;s common stock below NAV, subject to the conditions set forth in this proposal, would provide the Company
with the flexibility to raise equity capital to invest in such attractive investment opportunities, which typically need to be made expeditiously.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Greater Investment Opportunities Due to Larger
Capital Resources</I>. The additional capital raised through an offering of the Company&rsquo;s common stock or instruments convertible
into common stock may help the Company generate additional investment opportunities. With more capital to make investments, the Company
could be a more meaningful capital provider and such additional capital would allow it to compete more effectively for high-quality investment
opportunities. Such investment opportunities may be funded with proceeds of an offering of shares of the Company&rsquo;s common stock
or convertible securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Higher Market Capitalization and Liquidity May
Make the Company&rsquo;s Common Stock More Attractive to Investors</I>. If the Company issues additional shares, its market capitalization
and the amount of its publicly tradable common stock may increase, which may afford all holders of its common stock greater liquidity.
A larger market capitalization may make the Company&rsquo;s stock more attractive to a larger number of investors who have limitations
of the size of companies in which they invest. Furthermore, a larger number of shares outstanding may, over time, increase the Company&rsquo;s
trading volume, which could decrease the volatility in the secondary market price of its common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Possible Resumption of Dividends. </I>A larger
and more diversified portfolio could provide the Company with more consistent cash flow, which may support the possible resumption of
dividends in the future. Although the Company will continue to seek to generate income sufficient to begin to pay dividends in the future,
the proceeds of future offerings, and the investments thereof, could enable the Company to resume its managed distribution policy and
begin paying dividends.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Reduced Expenses Per Share</I>. An offering that
increases the Company&rsquo;s total assets may reduce its overall expenses per share due to the spreading of fixed expenses over a larger
asset base. The Company must bear certain fixed expenses, such as certain administrative, governance and compliance costs that do not
generally vary based on its size. On a per share basis, these fixed expenses will be reduced when supported by a larger asset base.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Reinstatement of RIC Status</I>. Until the fourth
quarter of 2024, the Company qualified as a registered investment company (<B><I>&ldquo;RIC&rdquo;</I></B>) under Regulation M of the
Internal Revenue Code which enabled it to pass through income and net realized gains to shareholders without incurring federal income
tax applicable to corporations. RIC rules require qualifying companies to meet certain asset and diversification tests. Accordingly, during
the period that the Company qualified as a RIC, it would, prior to the end of each fiscal quarter, acquire, on a temporary basis, U.S.
Treasury securities on margin to simultaneously increase its gross assets and the proportion of total assets held in qualifying investments
in order to ensure compliance with RIC requirements. During the fourth quarter of 2024, the Company elected to not qualify as a RIC, principally
due to the increasing amount of U.S. Treasury securities that it was required to temporarily acquire each quarter. An increase in capital
available for investment into qualifying portfolio companies in diverse industries could help the Company to re-comply with such requirements
and reinstate its status as a RIC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><I>Status as a BDC and Maintaining a Favorable Debt-to-Equity
Ratio</I>. As a BDC, the Company is dependent on its ability to raise capital through the issuance of its common stock and securities
convertible into common stock. Further, BDCs that have adopted the lower asset coverage requirement of 150% must meet a debt-to-equity
ratio of less than 2:1 in order to incur debt or issue senior securities. Therefore, to continue to build the Company&rsquo;s investment
portfolio, the Company endeavors to maintain consistent access to capital through the public and private debt markets and the public and
private equity markets, enabling it to take advantage of investment opportunities as they arise.</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">Exceeding the 2:1 debt-to-equity ratio could have
severe negative consequences for the Company, including loss of BDC status. Although the Company does not currently expect that it will
exceed this 2:1 debt-to-equity ratio, the markets in which it operates and the general economy may be volatile and uncertain. Even though
the underlying performance of a particular portfolio company may not indicate an impairment or its inability to repay all principal and
interest in full, volatility in the capital markets may negatively impact the valuations of investments and create unrealized losses on
certain investments. Any such write-downs in value, as well as unrealized losses based on the underlying performance of the Company&rsquo;s
portfolio companies, if any, will negatively impact stockholders&rsquo; equity and the resulting debt-to-equity ratio. Issuing additional
equity would allow the Company to realign its debt-to-equity ratio and avoid these negative consequences. In addition to meeting legal
requirements applicable to BDCs, having a more favorable debt-to-equity ratio would also generally strengthen the Company&rsquo;s balance
sheet and give it more flexibility to fully execute its business strategy.</P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth, for each fiscal quarter
during the last three fiscal years, the NAV of the Company&rsquo;s common stock, the range of high and low closing sales prices of its
common stock as reported on the NYSE and the closing sales price as a discount to NAV<SUP>(1)</SUP>. On , 2025, the last reported closing
sales price of the Company&rsquo;s common stock on the NYSE was $ per share, which represented a discount of approximately % to the NAV
reported by the Company as of December 31, 2024.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Ratio</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Ratio</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Price Range</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of High Sales</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>of Low Sales</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 25%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>NAV<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>High</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Low</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Price to NAV (%)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 16%; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Price to NAV (%)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal 2024</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Fourth quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.40</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.04</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">64.52%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">47.93%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Third quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.96</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.24</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">50.00%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">41.89%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Second quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$3.66</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.53</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.25</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">41.80%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">34.15%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;First quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$3.38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.68</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.42</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">49.70%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42.01%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal 2023</B></FONT></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 STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Fourth Quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$3.55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.51</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.38</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">42.54%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">38.87%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Third quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$3.49</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.55</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.41</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">44.41%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">40.40%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Second quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.96</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.65</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.46</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">55.74%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">49.32%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;First quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.72</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.47</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">68.25%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">58.33%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt"><B>Fiscal 2022</B></FONT></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 STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Fourth quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.61</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.83</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.39</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">70.11%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">53.26%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Third quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.68</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.63</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$1.49</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98.13%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">56.65%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;Second quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.75</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.70</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">98.18%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">87.04%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">&#9;First quarter</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 6.3pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.85pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.71</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.35pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">$2.20</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.25in; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">97.83%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 9.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt">81.18%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">____________________</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>We did not issue any cash distributions to shareholders during any of the periods indicated.</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: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>Net asset value per share is determined as of the last day in the relevant quarter and therefore may not reflect the net asset value
per share on the date of the high and low sales prices. The net asset values shown are based on outstanding shares at the end of each
period.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Dilution</I>. Before voting on this proposal or
giving proxies with regard to this matter, stockholders should consider the potentially dilutive effect of the issuance of shares of the
Company&rsquo;s common stock at a price that is less than NAV and the expenses associated with such issuance. Any sale of common stock
at a price below NAV would result in an immediate dilution to existing common stockholders who do not participate in such sale on at least
a pro rata basis. This dilution would include reduction in NAV as a result of the issuance of shares at a price below NAV and a proportionately
greater decrease in a stockholder&rsquo;s interest in the earnings and assets of the Company and voting interest in the Company than the
increase in the assets of the Company resulting from such issuance. There will be no limit on the percentage below net asset value per
share at which shares may be sold by the Company or number of offerings that the Company may conduct under this proposal for the one-year
period that authorization is granted. In addition, stockholders should consider the risk that the approval of this proposal could cause
the market price of the Company&rsquo;s common stock to decline in anticipation of sales of its common stock below NAV, thus causing the
Company&rsquo;s shares to trade at a discount to NAV. The 1940 Act establishes a connection between common stock sale price and NAV because,
when stock is sold or otherwise issued at a sale price below NAV, the resulting increase in the number of outstanding shares is not accompanied
by a proportionate increase in the net assets of the issuer. The Board will consider the potential dilutive effect of the issuance of
shares at a price below NAV, including possible measures to avoid or reduce the potential dilutive effect on existing stockholders when
considering whether to authorize any such issuance pursuant to the stockholder approval being sought here.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While the Board will consider anti-dilutive measures,
stockholders should also consider that they currently have no subscription, preferential or preemptive rights to additional shares of
the common stock proposed to be authorized for issuance pursuant to this proposal, and thus any future issuance of common stock at a price
below NAV will dilute such stockholders&rsquo; holdings of common stock as a percentage of shares outstanding. Further, if current stockholders
of the Company do not purchase any shares in the open market to maintain their percentage interest, regardless of whether such offering
is above or below the then-current NAV, their voting power will be diluted.</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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Dilutive Effect of Investment Note Conversion and Warrants Exercise</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table illustrates the dilutive effect
of the possible conversion of the Investment Note and exercise of the Warrants. The table assumes a principal amount of the Investment
Note of $2,000,000 and Warrants to purchase 2,000,000 shares of Equus common stock for an exercise price of $1.50 per share, or $3,000,000
in the aggregate. Based on these assumptions, the Investment Note and Warrants Issuance, if converted into shares of common stock of the
Company pursuant to the terms of such instruments, would result in the following effects to NAV and existing stockholders:<SUP>(1)</SUP></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Decrease in NAV per Share from Conversion of Investment Note and Exercise of Warrants</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equus Net Assets Prior to Conversion/ Exercise</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Aggregate Conversion Amt. / Exercise Price<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Conversion/
    Exercise Price per Share<SUP>(3)</SUP></B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Increase in net assets from Conversion/ Exercise</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equus Net Assets Following Conversion/ Exercise</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Equus Shares Outstanding Prior to Conversion/ Exercise</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>New Shares Issued</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NAV per Share</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Prior to Conversion/ Exercise</B></P></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 8%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>NAV per Share Following Conversion/ Exercise</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 7%; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Decrease</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 6%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>% Change</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCECFF">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$29,525,000</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$5,100,000</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.50</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$5,100,000</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$34,625,000</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,586,173</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,400,000</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.04</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">($0.13)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6.20%)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><FONT STYLE="font-size: 8pt">For illustrative purposes only. Assumes no other changes in net assets from those reported at December
31, 2024.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-size: 8pt">Includes the conversion of the principal amount of the Investment Note ($2,000,000) and payment of the
aggregate exercise price of the Warrants ($3,000,000). Also assumes conversion of the Investment Note after six months from issuance,
resulting in accrued interest of $100,000.</FONT></TD></TR></TABLE>

<P STYLE="font: 8pt/115% Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&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: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD><FONT STYLE="font-size: 8pt">The conversion/exercise price may be subject to downward adjustment in the event that the Company issues
common stock or instruments convertible into common stock at a purchase price or conversion price less than $1.50 per share. </FONT></TD></TR></TABLE>

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

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

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Examples of Dilutive Effect of a Future Issuance of Shares Below NAV</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table explains and provides hypothetical
examples on the impact of a public or private offering of the Company&rsquo;s common stock at a price less than NAV where existing stockholders
do not purchase any shares in the offering. As shown in the table, these stockholders will experience an immediate decrease in the NAV
of the shares they hold and their NAV per share. These stockholders will also experience a disproportionately greater decrease in their
participation in the Company&rsquo;s earnings and assets and their voting power than the increase the Company will experience in its assets,
potential earning power and voting interests due to the offering. These stockholders may also experience a decline in the market price
of their shares, which often reflects, to some degree, announced or potential increases and decreases in NAV. This decrease could be more
pronounced as the size of the offering and level of discounts increase. There is no maximum level of discount from NAV at which the Company
may sell shares pursuant to this authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The table illustrates the level of NAV dilution that
would be experienced by a nonparticipating stockholder in four different hypothetical offerings of different sizes and levels of discount
from NAV. It is not possible to predict the level of market price decline that may occur. These examples are provided for illustrative
purposes only.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The example assumes that the issuer has 13.6 million
shares outstanding and net assets of $29.5 million, which means that the NAV per share is $2.17. The chart illustrates the dilutive effect
on Stockholder A of (a) an offering of 1.36 million shares of common stock (10% of the outstanding shares) at $1.95 per share after offering
expenses and commissions (a 10% discount from NAV per share), (b) an offering of 2.72 million shares of common stock (20% of the outstanding
shares) at $1.74 per share after offering expenses and commissions (a 20% discount from NAV per share), (c) an offering of 4.08 million
shares of common stock (30% of the outstanding shares) at $1.52 per share after offering expenses and commissions (a 30% discount from
NAV per share), and (d) an offering of 5.43 million shares of common stock (40% of the outstanding shares) at $1.28 per share after offering
expenses and commissions (a 40% discount from NAV per share). The prospectus or other offering document pursuant to which any discounted
offering is made will include a chart based on the actual number of shares of common stock in such offering and the actual discount to
the most recently determined NAV. It is not possible to predict the level of market price decline that may occur.</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">&nbsp;</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">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Example 1</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Example 2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Example 3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Example 4</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10% Offering at</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>10% Discount</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>20% Offering at</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>20% Discount</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30% Offering at</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30% Discount</B></P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>40% Offering at</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>40% Discount</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Prior to Sale Below NAV</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Following Sale</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>% Change</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Following Sale</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>% Change</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Following Sale</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>% Change</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Following Sale</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>% Change</B></FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Offering Price</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Price per Share to Public</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net Proceeds per Share to Issuer</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.95</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.74</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.52</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.28</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Decrease/Increase to Net Asset Value</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Shares Offered</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,358,617</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,717,235</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,075,852</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,434,469</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Shares Outstanding</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,586,173</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,944,790</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,303,408</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">17,662,025</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,020,642</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net Asset Value per Share</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.15</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.92%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.10</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3.30%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.02</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6.91%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.92</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11.72%)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Dilution to Non-Participating Stockholder</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Shares Held by Stockholder A</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,931</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,931</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,931</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,931</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">67,931</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage Held by Stockholder A</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.45%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(9.09%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.42%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(16.67%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.38%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(23.08%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.36%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(28.57%)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Net Asset Value Held by Stockholder A</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$146,052</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.92%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$142,542</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3.30%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$137,221</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6.91%)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$130,136</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11.72%)</FONT></TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Investment by Stockholder A (assumed to be $2.17 per Share)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$147,410</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total Dilution to Stockholder A (Total Net Asset Value Less Total Investment)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(1,359)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(4,868)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(10,190)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(17,274)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Investment per Share Held by Stockholder A (Assumed to be $2.17 per share on Shares Held Prior to Sale)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.17</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Net Asset Value per Share Held by Stockholder A</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.15</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$2.02</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$1.92</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Dilution Per Share Held by Stockholder A (Net Asset Value per Share Less Investment per Share)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(0.02)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(0.07)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(0.15)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">$(0.25)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Percentage Dilution to Stockholder A (Dilution per Share Divided by Investment per Share)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(0.92%)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(3.30%)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(6.91%)</FONT></TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(11.72%)</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #CCECFF; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-bottom: 10pt; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Prior to the time of issuance, the Board may determine
to issue shares of the Company&rsquo;s common stock below NAV in a registered public offering or in a private placement, either with or
without an obligation to seek to register their resale at the request of the holders. The Board may also determine to use an underwriter
or placement agent to assist in selling such shares of common stock if it concludes that doing so would assist in marketing such securities
on favorable terms.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board also considered the effect of the following
factors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the costs and benefits of a common stock offering below
NAV compared to other possible means for raising capital or concluding not to raise capital;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the size of a common stock offering in relation to the number
of shares outstanding;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the general condition of the securities markets; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 54.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any impact on operating expenses associated with an increase
in capital.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Board, including a majority of the non-interested
directors who have no financial interest in this proposal, concluded that the overall benefits to the stockholders from increasing the
Company&rsquo;s capital base outweighed the detriments.</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"><B>Required Vote</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The affirmative vote of holders of at least a &ldquo;majority,&rdquo;
as defined in the 1940 Act, of (1) the outstanding shares of the Company&rsquo;s common stock entitled to vote at the Meeting and (2)
the outstanding shares of the Company&rsquo;s common stock entitled to vote at the Meeting held by persons that are not affiliated persons
of the Company, is required to approve this proposal. Under the 1940 Act, the vote of holders of a &ldquo;majority&rdquo; means the vote
of the holders of the lesser of: (a) 67% or more of the outstanding shares of the Company&rsquo;s common stock present or represented
by proxy at the Meeting if the holders of more than 50% of the shares of the Company&rsquo;s common stock are present or represented by
proxy, or (b) more than 50% of the outstanding shares of the Company&rsquo;s common stock. Abstentions and broker non-votes, if any, will
have the effect of a vote against this proposal.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>THE PROPOSAL TO AUTHORIZE THE
COMPANY TO SELL OR OTHERWISE ISSUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>SHARES OF ITS COMMON STOCK
AT A PRICE BELOW ITS THEN-CURRENT NAV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>PURSUANT TO A CONVERSION OF
THE INVESTMENT NOTE AND EXERCISE OF THE WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 24.5pt"><B>AND IN ONE OR MORE OFFERINGS,
IN EACH CASE SUBJECT TO THE APPROVAL OF THE BOARD AND SUBJECT TO THE CONDITIONS AS SET FORTH HEREIN</B></P>


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<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; text-align: center"><B>PROPOSAL 5&mdash;AUTHORIZATION OF THE COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO SELL OR OTHERWISE ISSUE SHARES OF ITS COMMON
STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IN EXCESS OF 19.99% OF ITS OUTSTANDING SHARES IN
CONNECTION WITH THE CONVERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OF THE INVESTMENT NOTE AND THE EXERCISE OF THE WARRANTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AND IN ONE OR MORE FUTURE OFFERINGS</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Rule 312.03(c) of the NYSE Listing Manual requires
shareholder approval for the issuance of common stock or securities convertible into common stock that has, or will have upon issuance,
voting power in excess of 19.99% of an issuer&rsquo;s outstanding voting securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">As described under Proposal 4 above, the Company
has issued the Investment Note and Warrants, each of which are convertible or exercisable into shares of the Company&rsquo;s common stock
at a price of $1.50 per share. Excluding the conversion of accrued interest on the Investment Note, the Investment Note and Warrants (collectively,
the <B><I>&ldquo;Convertible Securities&rdquo;</I></B>) are collectively convertible or exercisable into an aggregate of 3,333,333 shares
of Equus common stock, or approximately 24.5% of the Company&rsquo;s shares currently issued and 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; text-indent: 24.5pt">In addition, the Convertible Securities contain an
adjustment mechanism that will decrease the relevant conversion or exercise price if the Company issues shares of its common stock at
a price less than $1.50 per share (there is no corresponding upward adjustment mechanism for issuances above $1.50). Consequently, the
number of shares of common stock underlying the Convertible Securities could be higher than 24.5% of the Company&rsquo;s outstanding shares.
Moreover, the Investment Note bears interest at the rate of 10.0% per annum, which amount is also convertible at $1.50 per share and subject
to the adjustment mechanism. With or without the adjustment mechanism, the conversion of the Convertible Securities would exceed the 19.99%
limit set forth under Section 312.03(c) of the NYSE Listing Manual.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The issuance of the Convertible Securities
is part of a broader financing strategy of the Company to secure investment capital in order to grow and diversify its investment portfolio.
Such financing may take the form of sales of common stock or instruments convertible into common stock. Although the amount of any such
financing has not been determined, the issuance of such securities, separate from the Convertible Securities, will likely exceed the 19.99%
threshold, either individually or collectively.</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">Accordingly, the Board has therefore approved, and
recommends that the Company&rsquo;s stockholders adopt, a proposal to approve, for purposes of the rules of NYSE, the potential issuance
of more than 19.99% of the Company&rsquo;s outstanding shares of common stock in connection with the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion of the Investment Note;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of the Warrants; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42.5pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A public or private sale or issuance of equity securities
of the Company in one or more future offerings in exchange for such consideration as the Board deems reasonably sufficient.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 24.5pt">For purposes of this proposal, such authorization
is hereinafter referred to as the <B><I>&ldquo;Stock Issuance Proposal&rdquo;</I></B>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Our Common Stock is listed on NYSE and, as a result,
the Company is subject to the rules and regulations of NYSE. Section 312.03 of the NYSE Listing Manual requires an issuer to obtain stockholder
approval prior to the issuance of common stock in any transaction or series of related transactions, if, among other things: (i) the common
stock has, or will have upon issuance, voting power equal to or in excess of 19.99% of the voting power outstanding before the issuance
of such stock; or (ii) the number of shares of common stock to be issued is, or will be upon issuance, equal to or in excess of 19.99%
of the number of shares of common stock outstanding before the issuance of common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The approval of the Company&rsquo;s stockholders is
required because, in the event that the holders of the Convertible Securities elect to convert these instruments into common stock, the
Company will be required to issue more than 19.99% of its currently outstanding common stock to effect such conversion.</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; text-indent: 24.5pt"></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Approval of the Company&rsquo;s stockholders is also
required because, in addition to the Convertible Securities, the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Company may seek to issue shares of common stock or securities
convertible into common stock in one or more future offerings (<B><I>&ldquo;Future Offerings&rdquo;</I></B>). It is likely that the
number of shares of common stock issued in connection with any such Future Offerings will also exceed 19.99% of our current
outstanding shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The shares of common stock that are proposed to be
issued upon conversion of the Convertible Securities and in connection with any Future Offerings will have the same rights and privileges
as the shares of our common stock currently authorized and outstanding. Holders of common stock received from the conversion of the Convertible
Securities are not entitled to preemptive rights to purchase common stock or other securities, or to cumulative voting rights in relation
to the foregoing, and holders of common stock received in connection with Future Offerings will similarly not be entitled to such rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The Board believes that authorizing the issuance of
additional shares of common stock upon conversion of the Convertible Securities and in connection with Future Offerings is fair to and
in the best interests of the Company and the Company&rsquo;s stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Effect of Vote in Favor of the Stock Issuance Proposal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A vote in favor of the Stock Issuance Proposal is
a vote in favor of approving, for purposes of the rules of the NYSE, the issuance of shares of common stock upon conversion of the Convertible
Securities and in connection with Future Offerings that exceeds 19.99% of its currently outstanding common stock as calculated prior to
any such issuance. Approval of the Stock Issuance Proposal will allow us to, subject to the satisfaction of other conditions (including
the approval of the issuance of shares of common stock below NAV in Proposal 4), issue shares of common stock upon conversion of the Convertible
Securities and in connection with Future Offerings.</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">Approval of the Stock Issuance Proposal will not affect
the rights of current holders of outstanding shares of common stock. Approval will, however, allow us to, subject to the satisfaction
of other conditions, issue a significant number of additional shares of common stock. In the event that the Convertible Securities are
converted into shares of common stock or we issue shares of common stock in Future Offerings, the issuance of such shares is expected
to cause a significant dilution in the relative percentage interests of our current stockholders. Sales of substantial amounts of common
stock in the public market, or the perception that these sales could occur, coupled with the increase in the outstanding number of shares
of common stock relative to shares of common stock currently outstanding, could cause the market price of our common stock to decline.
See &ldquo;<I>Security Ownership of Certain Beneficial Owners and Management</I>&rdquo; and &ldquo;<I>Risk Factors</I>&rdquo; above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Effect of Not Obtaining Required Vote for Approval of the Stock Issuance
Proposal</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">If we are unable to obtain approval of the Stock Issuance
Proposal, we will be unable to issue shares of common stock upon conversion of the Convertible Securities or in connection with a Future
Offering to the extent such issuance would exceed 19.99% of the outstanding shares of our common stock. If we are unable to issue shares
of common stock upon conversion of the Convertible Securities on the terms currently contemplated or in connection with Future Offerings
on terms reasonably determined by our Board, we may be required to pursue other alternatives to strengthen our liquidity position. These
alternatives may include (subject to market conditions) the issuance of nonconvertible debt, the potential sale of our assets and/or other
strategic transactions and/or other measures. These alternatives involve significant uncertainties, potential significant delays, costs
and other risks, and there can be no assurance that any of these alternatives will be available on acceptable terms, or at all, in the
current market environment or in the foreseeable future.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Approval of the Stock Issuance Proposal requires the
affirmative vote of the holders of a majority in voting power of the votes cast by holders of common stock. Abstentions and broker non-votes,
if any, will have no effect on the vote on the Stock Issuance Proposal.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE PROPOSAL TO AUTHORIZE THE COMPANY TO SELL OR
OTHERWISE ISSUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SHARES OF ITS COMMON STOCK IN EXCESS OF 19.99% OF
ITS OUTSTANDING SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IN CONNECTION WITH THE CONVERSION OF THE INVESTMENT
NOTE AND THE EXERCISE OF THE WARRANTS AND IN ONE OR MORE FUTURE OFFERINGS</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PROPOSAL 6&mdash;GIVING THE BOARD
THE DISCRETION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO AUTHORIZE IN THE FUTURE, FOR A PERIOD NOT EXCEEDING ONE YEAR</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>THE REVERSE STOCK SPLIT</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">We are asking our stockholders to approve
an amendment to our Certificate of Incorporation, which the Board has approved and declared advisable, to provide the Board the discretion
in the future, for a period not exceeding one year, to authorize a reverse stock split (the <B><I>&ldquo;Reverse Stock Split&rdquo;</I></B>)
of all issued and outstanding shares of our common stock, at a ratio ranging from 2:1 to 5:1, inclusive.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The primary purpose of the Reverse
Stock Split, if effected, is to raise the per share trading price of our common stock by reducing the number of outstanding shares
in order to maintain our listing on the NYSE. On April 10 through April 15, 2025, the closing trading price of our shares was below
$1.00. Under Section 802.01C of the NYSE Listed Company Manual, a company is required to maintain an average closing price of at
least $1.00 over thirty consecutive trading days (the <B><I>&ldquo;Average Price Rule&rdquo;</I></B>). Companies whose shares trade
below this threshold for an average of thirty consecutive days are subject to suspension and possible delisting if they fail to
comply with the Average Price Rule within six months of receiving written notice from the NYSE. As of the date of this Proxy
Statement, the Company has not received any notice from the NYSE of its failure to comply with Section 802.01C. Nevertheless, as a
cautionary matter, the Company is seeking to provide the Board the discretion to effect the Reverse Stock Split so as to avoid
possible future noncompliance with the Average Price Rule.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Amendment to Charter Required</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Under Delaware law, a reverse split of a
corporation&rsquo;s outstanding shares requires an amendment to its Certificate of Incorporation, for which stockholder approval is
required. The effectiveness of such an amendment or the abandonment thereof, notwithstanding stockholder approval, will be
determined by the Board, at its sole option, following the annual meeting of stockholders. The text of the proposed form of
Certificate of Amendment to our Certificate of Incorporation (the <B><I>&ldquo;Certificate of Amendment&rdquo;</I></B>) is attached
hereto as Appendix A. If approved by stockholders at the Meeting and implemented by the Board, the Reverse Stock Split will become
effective upon the filing of the Certificate of Amendment with the Secretary of State of the State of Delaware, or such later date
as is chosen by the Board and set forth in the Certificate of Amendment (the <B><I>&ldquo;Effective Date&rdquo;</I></B>). If the
Board chooses to proceed with the Reverse Stock Split, will publicly announce the Reverse Stock Split ratio chosen by the Board
prior to the Effective Date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Reasons for a Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>To Maintain Our Listing on the NYSE</I>.
As discussed above, the primary purpose of the Reverse Stock Split is to raise the per share trading price of the Company&rsquo;s common
stock in order to maintain its listing on the NYSE. Delisting from the NYSE may adversely affect the Company&rsquo;s ability to raise
additional financing through the public or private sale of equity securities, may significantly affect the ability of investors to trade
in the Company&rsquo;s securities, and may negatively affect the value and liquidity of the Company&rsquo;s common stock. Delisting may
also have other negative impacts, including potential loss of employee confidence, the loss of institutional investors or interest in
business development and investment opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>To Potentially Improve the Marketability
and Liquidity of our Common Stock</I>. The Board believes that an increased stock price may also improve the marketability and liquidity
of our common stock. For example, many brokerages, institutional investors and funds have internal policies that either prohibit them
from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers by
restricting or limiting the ability to purchase such stocks on margin. Additionally, investors may be dissuaded from purchasing stocks
below certain prices because brokers&rsquo; commissions, as a percentage of the total transaction value, can be higher for low-priced
stocks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>To Decrease the Risk of Market Manipulation
of our Common Stock</I>. The Board believes that the potential increase in stock price may reduce the risk of market manipulation of our
common stock, which we believe is enhanced when our stock trades below $1.00 per share. By reducing market manipulation risk, we may also
thereby potentially decrease the volatility of our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>To Provide Us With Flexibility With Respect
to Our Authorized Common Stock</I>. As shown in the table on page 42 below, a Reverse Stock Split is expected to increase the number of
authorized, but unissued and unreserved, shares of our common stock. These additional shares would provide flexibility to the Company
for raising capital; repurchasing debt; providing equity incentives to employees, officers, directors, consultants and advisors (including
pursuant to our existing 2016 Equity Incentive Plan); expanding our business through the acquisition of other businesses and for other
purposes. However, at present, we do not have any specific plans, arrangements, understandings or commitments for the additional shares
that would become available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Accordingly, for these and other reasons, the
Board believes that a Reverse Stock Split is in the best interests of the Company and our stockholders.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Criteria to be Used for Determining Whether to Implement
a Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Proposal 6 gives the Board discretion to select
a Reverse Stock Split ratio from within a range between and including 2:1 and 5:1 based on the Board&rsquo;s then-current assessment
of the factors below, and in order to maximize Company and stockholder interests. In determining whether to implement the Reverse Stock
Split, and which ratio to implement, if any, the Board may consider, among other factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the historical trading price and trading volume of our common
stock;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the then-prevailing trading price and trading volume of
our common stock and the expected impact of the Reverse Stock Split on the trading market in the short- and long-term;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the continued listing requirements for our common stock
on the NYSE or other applicable exchanges;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock outstanding;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">which Reverse Stock Split ratio would result in the least
administrative cost to us; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prevailing industry, market and economic conditions.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Certain Risks and Potential Disadvantages Associated
with a Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We cannot assure stockholders that the
Reverse Stock Split, if effected, will sufficiently increase our stock price to ensure compliance with the NYSE&rsquo;s Average
Price Rule. The effect of a Reverse Stock Split on our stock price cannot be predicted with any certainty, and the history of
reverse stock splits for other companies in our industry is varied, particularly since some investors may view a reverse stock split
negatively. It is possible that our stock price after a Reverse Stock Split will not increase in the same proportion as the
reduction in the number of shares outstanding, causing a reduction in the Company&rsquo;s overall market capitalization. Further,
even if we implement a Reverse Stock Split, our stock price may decline due to various factors, including our future performance and
general industry, market and economic conditions. This percentage decline, as an absolute number and as a percentage of our overall
market capitalization, may be greater than would occur in the absence of a Reverse Stock Split. In addition, if the Board effected
the Reverse Stock Split to enable the Company to regain compliance with the NYSE&rsquo;s Average Price Rule, we cannot assure
stockholders that we will continue to be able to maintain compliance with the NYSE&rsquo;s other rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The proposed Reverse Stock Split may decrease
the liquidity of our common stock and result in higher transaction costs. The liquidity of our common stock may be negatively impacted
by the reduced number of shares outstanding after the Reverse Stock Split, which would be exacerbated if the stock price does not increase
following the split. In addition, a Reverse Stock Split would increase the number of stockholders owning &ldquo;odd lots&rdquo; of fewer
than 100 shares, trading in which generally results in higher transaction costs. Accordingly, a Reverse Stock Split may not achieve the
desired results of increasing marketability and liquidity as described above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The implementation of a Reverse Stock Split
would result in an effective increase in the authorized number of shares of common stock available for issuance, which could, under certain
circumstances, have anti-takeover implications. The additional shares of common stock available for issuance could be used by the Company
to oppose a hostile takeover attempt or to delay or prevent changes in control or in our management. Although the Reverse Stock Split
has been prompted by business and financial considerations, and not by the threat of any hostile takeover attempt (nor is the Board currently
aware of any such attempts directed at us), stockholders should be aware that approval of the Reverse Stock Split could facilitate future
efforts by us to deter or prevent changes in control, including transactions in which stockholders might otherwise receive a premium for
their shares over then-current market prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Stockholders should also keep in mind that the
implementation of a Reverse Stock Split does not have an effect on the actual or intrinsic value of our business or a stockholder&rsquo;s
proportional ownership interest (subject to the treatment of fractional shares). However, should the overall value of our common stock
decline after a Reverse Stock Split, then the actual or intrinsic value of shares held by stockholders will also proportionately decrease
as a result of the overall decline in value.</P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0pt"><B>Effects of a Reverse Stock Split</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">As of the Effective Date:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
                                            two (2) to five (5) shares of common stock outstanding (depending on the Reverse Stock Split
                                            ratio selected by the Board) will be combined, automatically and without any action on the
                                            part of the Company or its stockholders, into one new share of common stock;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">no fractional shares of common stock will be issued; instead,
stockholders who would otherwise receive a fractional share will receive cash in lieu of the fractional share (as detailed below);</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">proportionate adjustments will be made to the number of
shares issuable upon the exercise or vesting of all then-outstanding stock options, warrants and restricted stock units, which will result
in a proportional decrease in the number of shares of common stock reserved for issuance upon exercise or vesting of such stock options,
warrants and restricted stock units, and, in the case of stock options, a proportional increase in the exercise price of all such stock
options;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock then reserved for issuance
under our 2016 Equity Incentive Plan will be reduced proportionately; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the number of shares of common stock then reserved for issuance
pursuant to the Investment Note and Warrants described in Proposals 4 and 5 above will be reduced proportionately, and, the conversion
and exercise prices of the Investment Note and Warrants will be increased proportionately.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">The following tables summarize, for illustrative
purposes only, the anticipated effects of a Reverse Stock Split on our shares available for issuance based on information as of April
17, 2025 and without giving effect to the treatment of fractional shares.</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="width: 28%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Status</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Shares of Common Stock Authorized</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Shares of Common Stock Issued and Outstanding</B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Shares of Common Stock Reserved for Future Issuance<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Number of Shares of Common Stock Authorized but Unissued and Unreserved<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 2%; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding-right: 0.7pt; padding-left: 0.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>Hypothetical Initial Market Value of Shares of Common Stock Authorized but Unissued and Unreserved</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Pre-Reverse Stock Split</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,586,173</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;5,090,228 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;81,323,599 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81,844,070 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Post-Reverse Stock Split 2:1</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,793,087</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;2,545,114 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;90,661,800 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182,484,070 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Post-Reverse Stock Split 3:1</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,528,724</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,696,743 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;93,774,533 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283,124,070 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Post-Reverse Stock Split 4:1</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,396,543</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,272,557 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;95,330,900 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383,764,070 </FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCECFF">
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Post-Reverse Stock Split 5:1</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">100,000,000</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,717,235</FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;1,018,046 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;96,264,720 </FONT></TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.7pt; padding-left: 0.7pt; text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484,404,070 </FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0.25in; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">Includes 3,400,000 pre-Reverse Stock Split Shares issuable from the conversion of the Investment Note and Warrants described in Proposal 4 above, and 1,690,228 pre-Reverse Stock Split Shares issuable under the Company&rsquo;s 2016 Equity Incentive Plan.</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">(2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Based upon a hypothetical post-split
                           stock price calculated by multiplying the closing price on April 17, 205 ($1.0064) by the reverse-split ratio.</FONT></TD></TR>
                                </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">A Reverse Stock Split would affect all stockholders uniformly.
As of the Effective Date, each stockholder would own a reduced number of shares of common stock. Percentage ownership interests, voting
rights and other rights and preferences would not be affected, except to the extent that the Reverse Stock Split would result in fractional
shares (as described below).</P>

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

<P STYLE="margin: 0pt; font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in">A Reverse
Stock Split would not affect the registration of our common stock under Section 12(b) of the Exchange Act, and we would continue to be
subject to the periodic reporting and other requirements of the Exchange Act. Barring delisting by the NYSE, our common stock would continue
to be listed on the NYSE under the symbol &ldquo;EQS,&rdquo; but would have a new Committee on Uniform Securities Identification Procedures
(CUSIP) number after the Effective Date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0.25in 0 10pt"><B>Cash Payment In Lieu of Fractional Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in">No fractional shares of common stock will be
issued as a result of the Reverse Stock Split. In lieu of any fractional shares to which a stockholder of record would otherwise be entitled,
the Company will pay cash (without interest and subject to withholding taxes, as applicable) equal to such fraction multiplied by the
closing price of the common stock on Nasdaq on the first business day immediately preceding the Effective Date (as adjusted in good faith
by the Company to account for the reverse stock split ratio). After the Effective Date, a stockholder otherwise entitled to a fractional
interest will not have any voting, dividend or other rights with respect to such fractional interest, except to receive such cash payment.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Additionally, under the escheat laws of the
various jurisdictions where stockholders may reside, where the Company is domiciled or where the cash payment may be deposited, sums due
for fractional interests that are not timely claimed after the Effective Date may be required to be paid to the designated agent for such
jurisdiction, unless correspondence has been received by us or the transfer agent concerning ownership of such funds within the specified
time period. Thereafter, stockholders otherwise entitled to receive such payments would need to seek them directly from the state to which
they were paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">As of April 1, 2025, there were 586 common stockholders
of record. After the Effective Date, stockholders owning less than a whole share will no longer be stockholders. We do not intend for
this transaction to be the first step in a series of plans or proposals of a &ldquo;going private transaction&rdquo; within the meaning
of Rule 13e-3 of the Exchange Act.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Procedure for Effecting a Reverse Stock Split</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Beneficial Holders of Common Stock</I>.
Stockholders who hold their shares through a bank, broker or other nominee will be treated in the same manner as registered stockholders
who hold their shares in their names. Banks, brokers and other nominees will be instructed to effect the Reverse Stock Split for beneficial
owners of such shares. However, banks, brokers or other nominees may implement different procedures than those to be followed by registered
stockholders for processing the Reverse Stock Split, particularly with respect to the treatment of fractional shares. Stockholders whose
shares of common stock are held in the name of a bank, broker or other nominee are encouraged to contact their bank, broker or other
nominee with any questions regarding the procedures for implementing the Reverse Stock Split with respect to their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in"><I>Registered Holders of Common Stock</I>.
Registered stockholders who hold shares electronically in book-entry form under the direct registration system (i.e., do not have
stock certificates evidencing their share ownership but instead have a statement reflecting the number of shares registered in their
accounts) and, as a result, do not need to take any action to receive post-split shares. If they are entitled to receive post-split
shares, they will automatically receive, at their address of record, a transaction statement indicating the number of post-split
shares held following the Effective Date.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Material U.S. Federal Income Tax Consequences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The following is a summary of material U.S.
federal income tax consequences of a Reverse Stock Split to stockholders. This summary is based on the provisions of the Internal Revenue
Code of 1986, as amended (the &ldquo;Code&rdquo;), U.S. Treasury regulations, administrative rulings and judicial decisions, all as in
effect on the date of this filing, and all of which are subject to change or differing interpretations, possibly with retroactive effect.
Any such change or differing interpretation could affect the tax consequences described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">We have not sought and will not seek an opinion
of counsel or ruling from the Internal Revenue Service (the <B><I>&ldquo;IRS&rdquo;</I></B>) with respect to the statements made and the
conclusions reached in the following summary, and there can be no assurance that the IRS or a court will agree with such statements and
conclusions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This summary is limited to stockholders that
are U.S. holders, as defined below, and that hold our common stock as a capital asset (generally, property held for investment).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This summary is for general information only
and does not address all U.S. federal income tax considerations that may be applicable to a holder&rsquo;s particular circumstances or
to holders that may be subject to special tax rules, such as, for example, brokers and dealers in securities, currencies or commodities,
banks and financial institutions, regulated investment companies, real estate investment trusts, expatriates, tax-exempt entities, governmental
organizations, traders in securities that elect to use a mark-to-market method of accounting for their securities, certain former citizens
or long-term residents of the U.S., insurance companies, persons holding shares of our common stock as part of a hedging, integrated or
conversion transaction or a straddle or persons deemed to sell shares of our common stock under the constructive sale provisions of the
Code, persons that hold more than 5% of our common stock, persons that hold our common stock in an individual retirement account, 401(k)
plan or similar tax-favored account, or partnerships or other pass-through entities for U.S. federal income tax purposes and investors
in such entities. This summary does not address any U.S. federal tax consequences other than U.S. federal income tax consequences (such
as estate or gift tax consequences), the Medicare tax on net investment income, the alternative minimum tax or any U.S. state, local or
foreign tax consequences. This summary also does not address any U.S. federal income tax considerations relating to any other transaction
other than the Reverse Stock Split.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">For purposes of this summary, a &ldquo;U.S.
holder&rdquo; means a beneficial owner of our common stock that is, for U.S. federal income tax purposes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an individual who is a citizen or resident of the U.S.;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a corporation created or organized in or under the laws
of the U.S., any state thereof or the District of Columbia;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an estate the income of which is subject to U.S. federal
income taxation regardless of its source; or</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a trust if (1) it is subject to the primary supervision
of a court within the U.S. and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) it
has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">If an entity (or arrangement) classified as
a partnership for U.S. federal income tax purposes holds shares of our common stock, the tax treatment of a partner in the partnership
will generally depend upon the status of the partner and the activities of the partnership. If a holder of our common stock is a partner
of a partnership holding shares of our common stock, such holder should consult his or her own tax advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">This summary of certain U.S. federal income
tax consequences is for general information only and is not tax advice. Stockholders are urged to consult their own tax advisor with respect
to the application of U.S. federal income tax laws to their particular situation as well as any tax considerations arising under other
U.S. federal tax laws (such as the estate or gift tax laws) or under the laws of any state, local, foreign or other taxing jurisdiction
or under any applicable tax treaty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The Reverse Stock Split is intended to be treated
as a recapitalization for U.S. federal income tax purposes. Assuming the Reverse Stock Split qualifies as a recapitalization, except as
described below with respect to cash received in lieu of a fractional share, a U.S. holder will not recognize any gain or loss for U.S.
federal income tax purposes upon the Reverse Stock Split. In the aggregate, a U.S. holder&rsquo;s tax basis in the common stock received
pursuant to the Reverse Stock Split (excluding the portion of the tax basis that is allocable to any fractional share) will equal the
U.S. holder&rsquo;s tax basis in its common stock surrendered in the Reverse Stock Split in exchange therefor, and the holding period
of the U.S. holder&rsquo;s common stock received pursuant to the Reverse Stock Split will include the holding period of the common stock
surrendered in the Reverse Stock Split in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">In general, a U.S. holder who receives a cash
payment in lieu of a fractional share will recognize capital gain or loss equal to the difference between the amount of cash received
in lieu of the fractional share and the portion of the U.S. holder&rsquo;s tax basis of the common stock surrendered in the Reverse Stock
Split that is allocable to the fractional share. Such gain or loss generally will be long-term capital gain or loss if the U.S. holder&rsquo;s
holding period in its common stock surrendered in the Reverse Stock Split is more than one year as of the date of the Reverse Stock Split.
The deductibility of net capital losses by individuals and corporations is subject to limitations. Depending on a stockholder&rsquo;s
individual facts and circumstances, it is possible that cash received in lieu of a fractional share could be treated as a distribution
under Section 301 of the Code, so stockholders should consult their own tax advisors as to that possibility and the resulting tax consequences
to them in that event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">U.S. holders that have acquired different blocks
of our common stock at different times or at different prices are urged to consult their own tax advisors regarding the allocation of
their aggregated adjusted basis among, and the holding period of, our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Information returns generally will be required
to be filed with the IRS with respect to the payment of cash in lieu of a fractional share made pursuant to the Reverse Stock Split unless
such U.S. holder is an exempt recipient and timely and properly establishes with the applicable withholding agent the exemption. In addition,
payments of cash in lieu of a fractional share made pursuant to the Reverse Stock Split may, under certain circumstances, be subject to
backup withholding, unless a U.S. holder timely provides to the applicable withholding agent proof of an applicable exemption or a correct
taxpayer identification number, and otherwise complies with the applicable requirements of the backup withholding rules. Any amounts withheld
under the backup withholding rules are not additional tax and may be refunded or credited against the U.S. holder&rsquo;s U.S. federal
income tax liability, provided that the U.S. holder timely furnishes the required information to the IRS. U.S. holders should consult
their tax advisors regarding their qualification for an exemption from backup withholding and the procedures for obtaining such an exemption.</P>


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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0.25in 0 10pt"><B>Accounting Consequences</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The par value per share of our common stock
will remain unchanged at $0.001 per share following the Reverse Stock Split. As a result, as of the Effective Date, the stated capital
on the Company&rsquo;s balance sheets attributable to common stock will be reduced proportionally based on the Reverse Stock Split ratio,
and the additional paid-in capital will be credited with the amount by which the capital is reduced. The net income or loss per share
of common stock will be increased as a result of the fewer shares of common stock outstanding. The Reverse Stock Split will be reflected
retroactively in our consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>No Dissenter&rsquo;s or Appraisal Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 10pt; text-indent: 0.5in">Under the Delaware General Corporation
Law, stockholders are not entitled to dissenter&rsquo;s or appraisal rights with respect to the Reverse Stock Split or the corresponding
amendment to our Certificate of Incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt"><B>Interest of Certain Persons in Matter to be Acted Upon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">No officer or director has any substantial interest,
direct or indirect, by security holdings or otherwise, in connection with the Reverse Stock Split that is not shared by all other stockholders.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0.25in 0 10pt"><B>Recommendation of the Board</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BOARD RECOMMENTS A VOTE</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&ldquo;FOR&rdquo;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GIVING THE BOARD THE DISCRETION TO
AUTHORIZE IN THE FUTURE, FOR A PERIOD NOT EXCEEDING ONE YEAR THE REVERSE STOCK SPLIT</B></P>

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

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


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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A copy of the Company&rsquo;s Annual Report on Form
10-K for the year ended December 31, 2024 (without exhibits, unless otherwise requested) is provided concurrently with this proxy statement.
A copy of the Company&rsquo;s 2024 Annual Report on Form 10-K and copies of the Company&rsquo;s quarterly reports on Form 10-Q are also
available without charge upon request. Please direct your request to Equus Total Return, Inc., Attention: Secretary, 700 Louisiana Street,
41<SUP>st</SUP> Floor, Houston, TX 77002, or call our proxy solicitor Georgeson LLC toll-free at (800) 903-2897. Copies also may be requested
through the Company&rsquo;s website at <I>www.equuscap.com</I>. (Information contained on the Company&rsquo;s website is not incorporated
into this proxy statement.) Copies are also posted via EDGAR on the SEC&rsquo;s website at <I>www.sec.gov</I>.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Stockholder Proposals for the 2026 Annual Meeting</B>.
Stockholders interested in submitting a proposal for inclusion in the proxy materials for the annual meeting of stockholders in 2026 may
do so by following the procedures prescribed in SEC Rule 14a-8. To be eligible for inclusion, the Company&rsquo;s Secretary must receive
stockholder proposals no later than December&nbsp;31, 2025. Proposals should be sent to the Company, at 700 Louisiana Street, 41<SUP>st</SUP>
Floor, Houston, TX 77002, Attention: Secretary. Submission of a stockholder proposal does not guarantee inclusion in the Company&rsquo;s
proxy statement or form of proxy because certain SEC rules must be met.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">Stockholder proposals with respect to Director nominations
require written notice of your intent to make such a nomination either by personal delivery or by U.S. mail, postage prepaid, to Kenneth
I. Denos, Secretary, Equus Total Return, Inc., 700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston, TX 77002, within the time limits
described above for delivering a stockholder proposal notice and comply with the information requirements in our by-laws relating to Director
nominations by stockholders. These requirements are separate from and in addition to the SEC&rsquo;s requirements that a stockholder must
meet in order to have a stockholder proposal included in the Company&rsquo;s proxy statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">The proxy solicited by the Board of Directors for
the 2026 annual meeting will confer discretionary authority to vote on any stockholder proposal presented at that meeting, unless the
Company is provided with notice of such proposal no later than December 31, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt">A copy of the full text of the by-law provisions discussed
above may be obtained by writing to the Corporate Secretary, 700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston, TX 77002 and is included
as an exhibit to the Company&rsquo;s annual report on Form 10-K for the year ended December&nbsp;31, 2024 as filed with the SEC via EDGAR
on April 10, 2025.</P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Communications with the Board</B>. Interested parties
who wish to communicate directly with the Board, or specified individual directors may do so by writing to the Board or individual directors
in care of the Chairman, Equus Total Return, Inc., 700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston, TX 77002. At the direction of
the Board, all mail received will be opened and screened for security purposes. The mail will then be logged in. All mail, other than
trivial or obscene items, will be forwarded. Trivial items will be delivered to the directors at the next scheduled Board meeting. Mail
addressed to a particular director will be forwarded or delivered to that director. Mail addressed to &ldquo;Independent Directors,&rdquo;
&ldquo;Outside Directors&rdquo; or &ldquo;Non-Management Directors&rdquo; will be forwarded or delivered to the Chairman of the Committee
of Independent Directors. Mail addressed to the &ldquo;Board of Directors&rdquo; will be forwarded or delivered to the Chairman of the
Board. Concerns relating to accounting, internal controls, or auditing matters are handled in accordance with procedures established by
the Audit Committee with respect to such matters.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24.5pt"><B>Corporate Governance</B>. The Company is a Delaware
corporation subject to the provisions of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;). The Company&rsquo;s day-to-day operations
and requirements as to the place and time, conduct, and voting, at a meeting of stockholders are governed by the Company&rsquo;s certificate
of incorporation and by-laws, the provisions of the DGCL, the provisions of the 1940 Act and NYSE rules. The Company has adopted a code
of business conduct and ethics applicable to our Directors, officers (including our principal executive officer, principal financial officer
and controller) and employees. Our code of business conduct and ethics meets NYSE listing standard requirements and the requirements of
Section&nbsp;406 of the Sarbanes-Oxley Act of 2002. A copy of our certificate of incorporation and by-laws, corporate governance guidelines,
and the charters of the Audit, Compensation, and Nominating and Corporate Governance Committees may be obtained by writing to the Secretary,
Equus Total Return Inc., 700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston, TX 77002. Our code of business conduct and ethics, corporate
governance guidelines and committee charters are also available by accessing the Company&rsquo;s website at <I>www.equuscap.com</I>. (Information
contained on the Company&rsquo;s website is not incorporated into this proxy statement.) In the event that the Company amends or waives
any provisions of our code of business conduct and ethics applicable to our principal executive officer, principal financial officer or
controller, we intend to disclose the same on the Company&rsquo;s website at <I>www.equuscap.com. </I></P>

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

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

<P STYLE="font: 7.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 7.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 7.5pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>APPENDIX A</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CERTIFICATE OF AMENDMENT</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TO THIRD RESTATED CERTIFICATE OF INCORPORATION</B></P>

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>OF EQUUS TOTAL RETURN, INC.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Equus Total Return, Inc. (the &ldquo;Corporation&rdquo;),
a corporation organized and existing under and by virtue of the provisions of the General Corporation Law of the State of Delaware (the
&ldquo;General Corporation Law&rdquo;), does hereby certify as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
current name of the Corporation is Equus Total Return, Inc., and the Corporation was originally incorporated pursuant to the General Corporation
Law on August 16, 1991.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Corporation&rsquo;s Third Restated Certificate of Incorporation was filed with the Secretary of State of the State of Delaware to become
effective on February ___, 2021 (as amended from time to time, the &ldquo;Certificate of Incorporation&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendments to the Certificate of Incorporation set forth in this Certificate of Amendment were duly authorized and adopted in accordance
with Section 242 of the General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amendment to the existing Certificate of Incorporation being effected hereby is to amend and restate in its entirety the Fifth Article
of the Certificate of Incorporation as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in"><U>Fifth</U>: Effective as of 12:01 a.m.
Eastern Time on&emsp;&emsp;&emsp; (the &ldquo;Effective Time&rdquo;), each&emsp;&emsp;&emsp;&emsp; shares of the Corporation&rsquo;s Common
Stock issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the Corporation
or the respective holders thereof, be combined and converted into one share of Common Stock without increasing or decreasing the par value
of each share of Common Stock (the &ldquo;Reverse Stock Split&rdquo;). No fractional shares of Common Stock shall be issued as a result
of the Reverse Stock Split and, in lieu thereof, upon surrender after the Effective Time of a certificate or book entry position which
formerly represented shares of Common Stock that were issued and outstanding immediately prior to the Effective Time, any person who would
otherwise be entitled to a fractional share of Common Stock as a result of the Reverse Stock Split, following the Effective Time, shall
be entitled to receive a cash payment (without interest and subject to withholding taxes, as applicable) equal to the fraction of a share
of Common Stock to which such holder would otherwise be entitled multiplied by the closing price of Common Stock on the New York Stock
Exchange on the first business day immediately preceding the Effective Time (as adjusted in good faith by the Corporation to account for
the reverse stock split ratio). The Reverse Stock Split shall occur whether or not the certificates representing such shares of Common
Stock are surrendered to the Corporation or its transfer agent. Each certificate or book entry position that immediately prior to the
Effective Time represented shares of Common Stock shall thereafter represent the number of shares of Common Stock into which the shares
of Common Stock represented by such certificate or book entry position has been combined, subject to the elimination of fractional interests
set forth above.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Certificate of Amendment to the Certificate of Incorporation shall be effective as of 12:01 a.m. Central Time on ___________, 202__.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">IN WITNESS WHEREOF, the Corporation has caused
this Certificate of Amendment to the Certificate of Incorporation to be signed by its Chief Executive Officer this &emsp;&emsp;&emsp;
day of &emsp;&emsp;&emsp;, 202__.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">By: ________________________________</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">John A. Hardy</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in">Chief Executive Officer</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 0 3in; text-indent: 0.5in"></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: 20%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>EQUUS TOTAL RETURN, INC.</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>700 LOUISIANA STREET</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"><B><I>41<SUP>ST</SUP> FLOOR</I></B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt"><B><I>HOUSTON, TX 77002</I></B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 80%">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY INTERNET &ndash; go to www.proxyvote.com for more
    information</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">Use the Internet to transmit your voting instructions and for
    electronic delivery of information up until 11:59 P.M. Eastern Time the day before the meeting date. Have your proxy card in hand when
    you access the web site and follow the instructions to obtain your records and to create an electronic voting instruction form.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>ELECTRONIC DELIVERY OF FUTURE PROXY MATERIALS</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">If you would like to reduce the costs incurred by our company
    in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via
    e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when
    prompted, indicate that you agree to receive or access proxy materials electronically in future years.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY PHONE &ndash; 1-855-733-4090</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt">Use any touch-tone telephone to transmit your voting instructions
    up until 11:59 P.M. Eastern Time the day before the meeting date. Have your proxy card in hand when you call and then follow the instructions.</P>
    <P STYLE="font: 4.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0 5.15pt"><B>VOTE BY MAIL</B></P>
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0 0 0.75pt 5.15pt">Mark, sign and date your proxy card and return it in the
    postage-paid envelope we have provided.</P></TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0"></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 0.75pt; width: 32%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; text-align: center; width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">KEEP THIS PORTION FOR YOUR RECORDS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 0.1in; width: 32%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-left: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">DETACH&nbsp;AND&nbsp;RETURN&nbsp;THIS&nbsp;PORTION&nbsp;ONLY</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED.</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="12" STYLE="border-top: black 1.5pt solid; border-left: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">EQUUS TOTAL RETURN, INC.</FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Withhold</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For All</B></FONT></TD>
    <TD STYLE="border-top: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-top: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To withhold authority to vote for any individual</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>All</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Except</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">nominee(s), mark &ldquo;For All Except&rdquo; and write the</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THE BOARD OF DIRECTORS RECOMMENDS YOU VOTE</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="18"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">number(s) of the nominee(s) on the line below</FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>&ldquo;FOR&rdquo; THE ELECTION OF DIRECTORS</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Vote On Directors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="12" STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">1.</FONT></TD>
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Election of the five nominees listed below to the Board of Directors:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">&nbsp;<B>Nominees:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">01) Fraser Atkinson</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">02) Kenneth I. Denos</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">03) Henry W. Hankinson</FONT></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">
    <P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0">04) John A. Hardy</P></TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">05) John J. May</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="11"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Proposals</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="12">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>For</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Against</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>Abstain</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">2.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To ratify the selection of BDO USA, P.C. as the Company&rsquo;s independent registered public accountant for the fiscal year ending December 31, 2025.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" 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: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">3.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To approve, in a non-binding vote, the compensation paid to the Company&rsquo;s executive officers in 2024, as disclosed pursuant to Item 402 of Regulation S-K, including the Compensation Discussion and Analysis, compensation tables, and narrative discussion.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="26" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" 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: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">4.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To authorize the Company to sell or otherwise issue shares of its common stock at a price below its then-current net asset value per share in connection with the conversion of the Investment Note, the exercise of the Warrants, and in one or more offerings, in each case subject to the approval of its Board of Directors and subject to the conditions as set forth herein.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-left: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">5.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To authorize
    the Company to issue shares of its common stock in excess of 19.99% of shares currently outstanding in connection with the
    conversion of the Investment Note, the exercise of the Warrants, and in one or more offerings, for such consideration as the Board
    may reasonably deem sufficient.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD>
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  <TR>
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    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">6.</FONT></TD>
    <TD COLSPAN="26" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">To provide
the Board the discretion to authorize in the future, for a period not exceeding one year, a reverse stock split of the Company&rsquo;s
outstanding shares at a ratio between 2:1 and 5:1.</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: MS Mincho; font-size: 7.5pt">&#9744;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="10">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="4">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THE BOARD OF DIRECTORS KNOWS OF NO OTHER MATTER TO COME BEFORE THE MEETING. IF ANY OTHER MATTER IS PROPERLY BROUGHT BEFORE THE MEETING WITH RESPECT TO WHICH THE COMPANY WAS NOT PROVIDED NOTICE ON OR BEFORE MAY 10, 2025, THE PROXIES WILL HAVE DISCRETION TO VOTE THE PROXY ON SUCH MATTER IN ACCORDANCE WITH THEIR BEST JUDGMENT.</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="34">&nbsp;</TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt"><B>THIS PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER DIRECTED HEREIN. IF NO DIRECTION IS MADE, THE PROXY WILL BE VOTED FOR ELECTION OF DIRECTORS.</B></FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="38"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">(<B>NOTE: </B>Please sign exactly as your name(s) appear(s) hereon. All holders must sign. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. If a corporation, please sign in full corporate name by authorized officer. If a partnership, please sign in partnership name by authorized person.)</FONT></TD>
    <TD STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="15" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="5" ROWSPAN="2" STYLE="border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="4" ROWSPAN="2" STYLE="border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-left: black 1.5pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-left: black 1.5pt solid; border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Signature [PLEASE SIGN WITHIN BOX]</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Date</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Signature (Joint Owners)</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7.5pt">Date</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1.5pt solid; border-right: black 1.5pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
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    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7.5pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Important Notice Regarding the Availability of
Proxy Materials for the Annual Meeting:</B></P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 98%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-left: 6pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid">
    <P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EQUUS TOTAL RETURN, INC.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>700 Louisiana Street, 41<SUP>st</SUP> Floor, Houston,
    TX 77002</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>This Proxy is Solicited by the Board of Directors
    of Equus Total Return, Inc. (the &ldquo;Company&rdquo;)</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>for the Annual Meeting of Stockholders on June 26,
    2025</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 23.75pt">The undersigned hereby constitutes and appoints John
    A. Hardy and Kenneth I. Denos, and each or any of them, as proxies, with full power of substitution and revocation, the true and lawful
    attorneys and proxies of the undersigned at the Annual Meeting of Stockholders of the Company to be held on June 26, 2025, at 11:00 a.m.
    EDT, at Jenner &amp; Block LLP, 1155 Avenue of the Americas, 32<SUP>nd</SUP> Floor, New York NY 10036 and any adjournment or postponement
    thereof (the &ldquo;Annual Meeting&rdquo;) and to vote the shares of Common Stock, $.001 par value per share, of the Company (&ldquo;Shares&rdquo;),
    standing in the name of the undersigned on the books of the Company on May 15, 2025, the record date for the Annual Meeting, with all
    powers the undersigned would possess if personally present at the Annual Meeting.</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 24pt">The undersigned hereby acknowledges previous receipt
    of the Notice of Internet Availability of Proxy Materials, setting forth information on how to access the Notice of Annual Meeting of
    Stockholders and the Proxy Statement on the Internet, and hereby revokes any proxy or proxies heretofore given by the undersigned.</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>If you have not voted via the Internet or by telephone,</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>please sign, date and return promptly in the enclosed
    envelope.</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Continued and to be signed on the reverse side</B></P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 0.75pt; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 6pt">&nbsp;</TD></TR>
  </TABLE>

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

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

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

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

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

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

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

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

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

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
