GAING · Gladstone Investment Corporationde · Insider Trading

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $16.45 to $16.55 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Represents a distribution of securities by the Zena Mercedes Yvonne Dullum Trust to the trust's beneficiaries in connection with a distribution of all of the trust's assets.

These securities were held by the Zena Mercedes Yvonne Dullum Trust for the benefit of Mr. Dullum's family. Mr. Dullum was successor Trustee to the trust. Mr. Dullum does not have an economic interest in the trust and disclaims beneficial ownership of these securities. The filing of this report is not an admission that Mr. Dullum is the beneficial owner of these securities for the purposes of Section 16 or for any other purpose.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $13.115 to $13.13 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $13.0299 to $13.08 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $14.64 to $14.69 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $6.78 to $6.89 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $6.43 to $7.04 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $7.34 to $7.36 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $8.94 to $9.00 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $11.82 to $11.92 inclusive. The reporting person undertakes to provide to Gladstone Investment Corporation, any security holder of Gladstone Investment Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.