Equus Total Return, Inc. Announces Suspension of Distribution Policy

HOUSTON, March 24 /PRNewswire-FirstCall/ -- Equus Total Return, Inc. (NYSE:
EQS) (the "Fund") announced today that it will suspend its managed
distribution policy (the "Policy") and payment of quarterly distributions for
an indefinite period. The suspension of the Policy is effective immediately.
As originally implemented, the Policy provided for quarterly dividends at an
annualized rate equal to 10% of the Fund's market value per share as at the
end of the preceding calendar year.

At a regular meeting held on March 19, 2009, the Fund's Board of Directors
considered continuation of the Policy and a number of alternatives and other
factors before making a determination to suspend the Policy. The Fund's
chairman, Greg Flanagan, stated, "Given the circumstances of this
unprecedented economic climate, the Board believes it is in the best interest
of our shareholders to suspend the Fund's managed distribution policy". The
Fund will pay out net investment income and/or realized capital gains, if any,
on an annual basis as required under the Investment Company Act of 1940.
However, the Fund may not make additional distributions in 2009.

The Fund's policy has stated a goal of providing dependable, but not assured
distributions with respect to the common shares. Mr. Flanagan noted, however,
that the Policy has always been subject to the Board's discretion to suspend,
modify or terminate the Policy at any time. Mr. Flanagan stated that "the
Fund's Board of Directors will continue to monitor the economic environment
and the Fund's ability to pay dividends at its regular quarterly meetings."

Kenneth Denos, Chief Executive Officer and President the Fund, identified a
number of factors that influenced the decision to suspend the Policy:

-- The Fund is not presently generating sustainable current income or
capital gains sufficient to pay regular dividends. Consequently, any
dividends paid during the intermediate future are likely to primarily
consist of return of capital.
-- Like other closed-end funds, the Fund's Policy has not appeared to
narrow the Fund's share price discount from the Fund's net
asset value.

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 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