Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”) today announced that its Board of Directors has approved the terms of a non-transferable rights offering to the Fund’s shareholders to purchase shares of its common stock. The Fund intends to issue to stockholders of record non-transferable rights to subscribe for an aggregate of up to 1,772,329 shares of the Fund’s common stock. The Fund intends to file a registration statement with the Securities and Exchange Commission with respect to the shares issued pursuant to the exercise of the rights (“Registration Statement”). The record date for Equus shareholders entitled to receive such rights, if issued, shall be determined by the Fund upon the effectiveness of the Registration Statement. According to the terms approved by the Fund’s Board of Directors, each Equus stockholder will receive one non-transferable right for every share of the Fund’s common stock owned on the record date. Each five (5) rights will entitle the record-date holder to acquire, at the subscription price, one (1) share of Equus common stock. Subject to certain conditions, rights may be exercised during the subscription period, which is intended to commence immediately upon the effectiveness of the registration statement and end approximately 23 days thereafter, unless the subscription period is extended by the Fund (the “Expiration Date”) or the rights offering is terminated. Record date stockholders who fully exercise all rights issued to them are entitled to subscribe for additional shares of the Fund's common stock which were not subscribed for by other stockholders (the "Over-Subscription Privilege") by providing to the Fund, at least seven (7) days prior to the Expiration Date (the “Notice Date”), either: (i) payment of the estimated subscription price for rights initially received by them and any additional rights subscribed for in connection with the Over-Subscription Privilege, or (ii) a notice and irrevocable guarantee to the Fund for payment, by the Expiration Date, of the number of shares they intend to purchase pursuant to their Over-Subscription Privilege.