Equus Total Return (EQS)

Common Stock Repurchases

On September 16, 2008, the Fund repurchased an aggregate of 423,960 shares of its common stock, representing 4.9% of its outstanding shares, from unaffiliated third parties in a private transaction. In compliance with federal law, the sale was effected at the shares’ market price computed as the 5-day volume-weighted average closing price prior to the date of sale, which was September 11, 2008. The shares were repurchased at a discount to the Fund’s net asset value and subsequently retired.

There were no common stock repurchases in 2007.

Common Stock Repurchases

There were no common stock repurchases in 2006 or 2005. In May through November 2004, the Fund repurchased 381,700 shares of its common stock in the open market for $3.0 million. the Fund purchased these shares at an average discount of approximately 27% from net asset value. The Fund estimates that these transactions effectively added approximately $0.18 per share to the net asset value of its outstanding shares of common stock.

Common Stock Repurchases

There were no common stock repurchases in 2005. In May through November 2004, the Fund repurchased 381,700 shares of its common stock in the open market for $3,008,795. The 381,700 shares were purchased at an average discount of approximately 27% from net asset value and the effect of these transactions added approximately $0.18 per share to the net asset value of our outstanding shares.

Common Stock Repurchases

In May through November 2004, the Fund repurchased 381,700 shares of its common stock in the open market for $3,008,795. The 381,700 shares were purchased at an average discount of approximately 27% from net asset value, and the effect of these transactions added approximately $0.18 per share to the net asset value of our outstanding shares.

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