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Patricia Baronowski

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EQUUS ANNOUNCES THIRD QUARTER NET ASSET VALUE

HOUSTON, TX – November 16, 2018 – Equus Total Return, Inc. (NYSE: EQS) (the “Fund” or “Equus”) reports net assets as of September 30, 2018, of $46.6 million, an increase of approximately $2.5 million since June 30, 2018. Net asset value per share increased to $3.45 as of September 30, 2018 from $3.26 as of June 30, 2018. Comparative data is summarized below (in thousands, except per share amounts):

As of the Quarter Ended	9/30/2018		6/30/2018		3/31/2018		12/31/2017		9/30/2017
Net assets	$	46,571	$	44,132	$	43,260	$	43,007	$	41,999
Shares outstanding		13,518		13,518		13,518		13,518		13,518
Net assets per share	$	3.45	$	3.26	$	3.20	$	3.18	$	3.11

The following were the portfolio companies that had significant changes to their fair values during the third quarter of 2018:

Increase in Value of PalletOne. The fair value of the Fund’s share interest in PalletOne Inc. (“PalletOne”), increased from $19.0 million to $20.5 million during the third quarter of 2018. During the twelve months ended September 30, 2018, PalletOne reported significant increases in revenue and EBITDA as compared to the twelve months ended September 30, 2017. Equus holds an 18.7% fully-diluted share interest in PalletOne, one of the largest wooden pallet manufacturers in the United States. The Fund received advice and assistance from a third-party valuation firm to support its determination of the fair value of this investment.

Increase in the Value of MVC Capital Shares. The trading price of MVC Capital, Inc.’s (“MVC”) common stock increased from $9.50 per share on June 30, 2018 to $9.65 per share on September 30, 2018. In addition to the 510,545 MVC shares held by Equus at June 30, 2018, the Fund received 8,047 MVC shares as a dividend during the third quarter of 2018. The increase in the MVC share price during the quarter, together with the receipt of share dividends, led to a corresponding increase in the fair value of this holding from $4.85 million at June 30, 2018 to $5.0 million at September 30, 2018.

Increase in the Value of Equus Energy. The Fund established Equus Energy, LLC (“Equus Energy”) as a wholly-owned subsidiary in 2011 to be used as a platform for energy-related investments, with particular emphasis on oil and gas enterprises. Equus Energy owns various working interests, which are presently derived from 142 producing

and non-producing oil and gas wells, including associated development rights of approximately 21,520 acres, situated on 11 separate properties in Texas and Oklahoma. The working interests range from a de minimus amount to 50% of the leasehold that includes these wells. Also included in the interests acquired by Equus Energy are working interests of 7.5% and 2.5% in the Burnell and North Pettus Units, respectively, which collectively comprise approximately 13,000 acres located in the area known as the “Eagle Ford Shale” play. The fair value of the Fund’s holding in Equus Energy increased from $9.0 million to $10.5 million during the third quarter of 2018, principally due to improved economic prospects affecting mineral rights held by Equus Energy. The Fund received advice and assistance from a third-party valuation firm to support our determination of the fair value of this investment.

About Equus

The Fund is a business development company that trades as a closed-end fund on the New York Stock Exchange under the symbol "EQS". Additional information on the Fund may be obtained from the Fund’s website at www.equuscap.com.

This press release may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Fund’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the performance of the Fund, including our ability to achieve our expected financial and business objectives, and the other risks and uncertainties described in the Fund’s filings with the SEC. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. Except as required by law, the Fund undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Fund or any other person that the events or circumstances described in such statements are material.

Start Scientific, Inc. 8-K