GOOD · Gladstone Commercial Corp

Transaction made in accordance with previously adopted 10b5-1 plan.

Transaction made in accordance with previously adopted 10b5-1 plan.

Transaction made in accordance with previously adopted 10b5-1 plan.

Transaction made in accordance with previously adopted 10b5-1 plan.

Transaction made in accordance with previously adopted 10b5-1 plan.

Mr. Gerson disclaims beneficial ownership of these 100 shares held by his son and this report shall not be deemed an admission that Mr. Gerson is the beneficial owner of the securities for purposes of Section 16 or any other purpose.

Mr. Gerson disclaims beneficial ownership of these 100 shares held by his daughter and this report shall not be deemed an admission that Mr. Gerson is the beneficial owner of the securities for purposes of Section 16 or any other purpose.

Mr. Gerson disclaims beneficial ownership of these 752 shares held by his spouse and this report shall not be deemed an admission that Mr. Gerson is the beneficial owner of the securities for purposes of Section 16 or any other purpose.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $15.58 to $15.595 inclusive. The reporting person undertakes to provide to Gladstone Commercial Corporation, any security holder of Gladstone Commercial 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 $11.22 to $11.2375 inclusive. The reporting person undertakes to provide to Gladstone Commercial Corporation, any security holder of Gladstone Commercial 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 $11.2084 to $11.2665 inclusive. The reporting person undertakes to provide to Gladstone Commercial Corporation, any security holder of Gladstone Commercial 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 $13.6326 to $13.72 inclusive. The reporting person undertakes to provide to Gladstone Commercial Corporation, any security holder of Gladstone Commercial 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.

Mr. Gerson disclaims beneficial ownership of these 552 shares held by his spouse and this report shall not be deemed an admission that Mr. Gerson is the beneficial owner of the securities for purposes of Section 16 or any other purpose.

Mr. Cooper disclaims beneficial ownership of all of the shares held by his spouse and this report shall not be deemed an admission that Mr. Cooper is the beneficial owner of the securities for purposes of Section 16 or any other purpose.

The reporting person transferred 102,000 shares previously held directly to the Gladstone American Trust.

The price reported in column 4 is a weighted average price. These shares were purchased in multiple transactions ranging from $13.3125 to $13.32 inclusive. The reporting person undertakes to provide to Gladstone Commercial Corporation, any security holder of Gladstone Commercial 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 sale reported in this Form 4 was made by a broker, without instruction by the reporting person, to satisfy a margin call by the broker, to whom these shares were pledged as collateral for a margin account.