Equus Total Return, Inc. Announces Year-End Net Asset Increase of 10.7%

HOUSTON, March 31 /PRNewswire-FirstCall/ -- Equus Total Return, Inc.
(NYSE: EQS) (the "Fund" or "Equus") today reported total net assets of
$103.2 million, representing an increase in net assets of 10.7% after payment
of cash dividends of $2.2 million during the year. Comparative data is
summarized below (in thousands, except per share amounts):

December 31, 2007 December 31, 2006
----------------- -----------------
Net assets $103,216 $93,236
Shares outstanding 8,401 8,164
Dividend per share $0.50 $2.625
Net assets per share $12.29 $11.42

NAV INCREASE. The net asset value of the Fund increased from
approximately $93 million at the end of 2006 to approximately $103.2 million
at December 31, 2007. Net capital gains of $5.3 million were realized from
the sale or disposition of portfolio companies. Dividends totaling
$4.1 million, or $0.50 per share (in cash or shares, as elected), were
declared quarterly during 2007. The primary increase in net assets was due to
the write-up of the Fund's investment in Infinia Corporation, a solar
technology company, of approximately $17.7 million, which increased the Fund's
net asset value by $2.11 per share.
REVISED DISTRIBUTION POLICY. In February 2008, the Fund revised its
managed distribution policy to one which seeks to make quarterly distributions
at an annualized rate equal to 10% of the Fund's market value of $6.31 at
December 31, 2007.
NEW INVESTMENTS. New investments totaling $21.1 million were made in
alternative energy, media, entertainment and leisure sectors. These are
represented by Infinia Corporation, Equus Media Development Company, LLC, Big
Apple Entertainment Partners LLC and Nickent Golf, Inc. The Fund also made
eight follow-on investments in existing portfolio companies.
The Fund held approximately $31.0 million in cash at December 31, 2007, of
which $17.3 million has been allocated for follow-on investment commitments.
$10.6 million has been invested during the first quarter of 2008.
Kenneth I. Denos, Chief Executive Officer and President, commented, "We
are pleased to report that Equus achieved the objectives of providing dividend
income and capital appreciation to our shareholders in 2007. We strive to
create shareholder value by identifying and making investments that are
consistent with these objectives and are representative of our 'twenty-first
century trends' investment philosophy."
Equus Total Return, Inc. 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 Equus Total Return, Inc. may be obtained from Equus'
website at http://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 risks and uncertainties described in the Fund's
filings with the Securities and Exchange Commission. 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.
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 Company or any other person that the events or circumstances
described in such statements are material.
CONTACT: Brett Chiles
(713) 529-0900

SOURCE Equus Total Return, Inc.

Brett Chiles of Equus Total Return, Inc., +1-713-529-0900