Company Portfolio

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 150 producing and non-producing oil and gas wells, including associated development rights of approximately 21,620 acres situated on 13 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.

Orco Property Group
Orco Property Group S.A. (“OPG”) is a commercial and multi-family residential real estate holding company based in Paris. We originally invested in the bonds of Orco Germany S.A., a controlled subsidiary of OPG, in 2011.  During 2012, the Bonds were converted into 1,573,666 ordinary shares of OPG and €1,200,790 in newly-issued 6-year OPG notes. We subsequently sold all of our OPG shares in and now hold only the OPG notes.

PalletOne, Inc.
PalletOne, Inc. (“PalletOne”) is considered the largest wooden pallet manufacturer in the United States,
operating 16 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 manufacturers
on a regional basis. homebuilding industry.

Spectrum Management, LLC
Spectrum Management, LLC (“Spectrum”) uses proprietary electronic tracking equipment and software,
and a full suite of custom services to help client organizations, mainly financial institutions, protect or
recover high-value merchandise and cash. This equipment and software also benefits law enforcement
agencies by reducing the occurrence of robberies and by assisting in the apprehension of perpetrators.

Click here to visit www.sec.gov to view a current list of Equus holdings.

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.