Company Portfolio

5th Element Tracking, LLC
5th Element Tracking, LLC ("5th Element") is a technology holding company located just outside of Boston, MA. 5th Element holds a controlling interest in various technology companies, including Spectrum Management, LLC, a Dallas-based technology company that specializes in recovering stolen property.

Equus Energy
Equus Energy, LLC is a wholly-owned subsidiary of the Fund created to make investments in companies in the energy sector, with particular emphasis on income-producing oil & gas properties. In December 2011, we contributed $250,000 to the capital of Equus Energy. On December 27, 2012 we invested an additional $6.8 million in Equus Energy for the purpose of additional working capital and to fund the purchase of $6.6 million in working interests in which presently consists of 144 producing and non-producing oil and gas wells, including associated development rights of approximately 22,360 acres situated on 12 separate properties in Texas and Oklahoma. The working interests range from a de minimus amount to 50% of the leasehold production of these wells. The wells are operated by a number of experienced operators, including a major multi-national oil and gas conglomerate which has operating responsibility for approximately half of the producing well interests.

Equus Media Development Company, LLC
Equus Media Development Company, LLC (“EMDC”), a wholly-owned subsidiary of the Fund,
was formed by the Fund in January 2007.For the purpse of purchasing creative material to be used for commercial exploitation in a variety of media platforms, including, but not limited to the production of motion pictures.

MVC Capital
MVC Capital, Inc. MVC Capital, Inc. is a business development company traded on the New York Stock Exchange that provides long-term debt and equity investment capital to fund growth, acquisitions and recapitalizations of companies in a variety of industries. On May 14, 2014, Equus announced its intention to effect a transformational reorganization under the Investment Company Act of 1940 in an effort to maximize shareholder value. Part of the reorganization included a share exchange with MVC, wherein Equus issued 2,112,000 shares of its common stock in exchange for 395,839 shares of MVC common stock.

Under the terms of the reorganization, Equus intends to pursue a merger or consolidation with MVC, or a subsidiary of MVC, or one or more of MVC’s portfolio companies (the “Consolidation”). Absent Equus merging or consolidating with/into MVC, the current intention is for Equus to (i) consummate the Consolidation, (ii) terminate its election to be classified as a business development company under the 1940 Act, and (iii) be restructured as a publicly-traded operating company focused on the energy and/or financial services sector.

For additional information about MVC, please visit MVC's website at www.mvccapital.com.

PalletOne, Inc.
PalletOne, Inc. (“PalletOne”) is considered the largest wooden pallet manufacturer in the United States,
operating 21 facilities in eleven states. PalletOne also owns and operates a major Florida-based wood
treating plant. PalletOne has a diverse customer base and competes with numerous other pallet manufacturers
and treated wood supplies.

The  list of Equus portfolio securities is not a solicitation, offer or recommendation to acquire or dispose of a particular security, and there is no assurance, as of the date of publication, that the securities purchased remain in the Fund’s portfolio or that securities sold have not been repurchased.