Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”) today announced that its Board of Directors has amended the terms of a non-transferable rights offering to the Fund’s shareholders to purchase shares of its common stock wherein each Equus shareholder will receive one non-transferable right for every share of the Fund’s common stock owned on the record date. According to the original terms of the offering, five rights were required to acquire one share of Equus common stock. Today’s amendment now reduces the number of rights required to be held on the record date to three (3) in order to acquire one (1) share of Equus common stock. The reduction in the ratio of rights required to acquire a share of the Fund’s common stock has resulted in an increase in the aggregate number of shares that may be issued from the exercise of such rights from 1,772,329 to 2,953,882. Certain factors considered by the Equus Board of Directors in approving an increase in the size of the proposed rights offering included the anticipated size and scale of new investment opportunities in which the Fund may invest for the benefit of its stockholders and a desire to diversify the Fund’s portfolio into more income generating investments that also possess the potential for capital appreciation. The Fund has filed a registration statement with the Securities and Exchange Commission with respect to the shares that are proposed to be issued pursuant to the exercise of the rights (the “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. 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.