Gladstone Investment Corporation's Board of Directors Expands and Elects Terry Earhart

Gladstone Investment Corporation's Board of Directors Expands and Elects Terry
                                   Earhart

PR Newswire

MCLEAN, Va., Oct. 15, 2012

MCLEAN, Va., Oct. 15, 2012 /PRNewswire/ -- Gladstone Investment
Corporation(NASDAQ: GAIN) (the "Company") announced today that on October 10,
2012, the Company's board of directors increased the number of directors from
nine to ten in accordance with the Company's Certificate of Incorporation, as
amended, and elected Terry Earhart as a director to fill the resulting
vacancy. Mr. Earhart was also appointed a member of each of the Company's
Compensation Committee and the Company's Ethics, Nominating and Corporate
Governance Committee, effective immediately. Mr. Earhart is an "independent
director" within the meaning of NASDAQ Stock Market Marketplace Rule
5605(a)(2) and Section 10A of the Securities and Exchange Act of 1934, as
amended.

(Logo: http://photos.prnewswire.com/prnh/20101005/GLADSTONEINVESTMENT )

Mr. Earhart founded and, since 2005, has served as Executive Vice President
and a member of the board of directors of Strategic Global Services Network, a
non-governmental organization, or NGO, that has opened six schools, a medical
clinic and facilitated the start-up of several micro enterprise businesses in
Africa. From 1989 to 2011, Mr. Earhart was a professor of business
information systems and management at Messiah College in Grantham,
Pennsylvania, teaching courses in strategic management, finance and
computers. He also served as Chair of the Faculty and Chair of the Management
and Business Department at Messiah College. Mr. Earhart previously served on
boards of directors of Jacksonville Navy Federal Credit Union, Navy Mutual Aid
Society, Athens-Clarke Country Humane Society, and Navy Supply Corps
Foundation. Mr. Earhart was also the founder of both Athens-Clarke Country
Humane Society and Navy Supply Corps Foundation, which has distributed over
three million dollars in scholarships. From 1964 to 1989, Mr. Earhart held
several positions in the United States Navy, including Engineering Officer,
Supply Officer, Comptroller, Director Inventory Control, Director of Navy
Payroll, Director of Naval Weapons and Ammunition, and Director of Naval
Software Development for Inventory Control Systems. During his career in the
Navy he served on ships and naval stations throughout the world. He received
numerous awards and medals during his distinguished career and he retired as
Navy Captain to pursue his interest in teaching college. Mr. Earhart holds a
MBA from Harvard Business School and a Bachelor of Science in Engineering from
the U.S. Naval Academy.

Gladstone Investment Corporation is a publicly traded business development
company that seeks to make debt and equity investments in small and mid-sized
businesses in the United States in connection with acquisitions, changes in
control and recapitalizations. The Company has paid 87 consecutive monthly
cash distributions on its common stock including a bonus dividend paid on its
common stock in March 2012. Information on the business activities of all the
Gladstone funds can be found at www.gladstonecompanies.com.

For Investor Relations inquiries related to any of the monthly dividend paying
Gladstone funds, please visit www.gladstone.com.

SOURCE Gladstone Investment Corporation

Website: http://gladstoneinvestment.investorroom.com
Contact: Gladstone Investment Corporation, +1-703-287-5893