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Gladstone Investment Corporation
             Quarterly Overview
     for the period ended June 30, 2012
Legal Disclaimer
This presentation may include forward-looking statements. These forward-looking
statements include comments with respect to our objectives and strategies, and the results
of our operations and our business.

However, by their nature, these forward-looking statements involve numerous assumptions,
uncertainties and opportunities, both general and specific. The risk exists that these
statements may not be fulfilled. We caution readers of this presentation not to place undue
reliance on these forward-looking statements as a number of factors could cause future
company results to differ materially from these statements.

Forward-looking statements may be influenced in particular by factors such as fluctuations
in interest rates and stock indices, the effects of competition in the areas in which we
operate, and changes in economic, political, regulatory and technological conditions. We
caution that the foregoing list is not exhaustive.

When relying on forward-looking statements to make decisions, investors should carefully
consider the aforementioned factors as well as other uncertainties and events.


                                                                                              2
Overview
โ€ข   Gladstone Investment Corporation
     โ€ข Business Development Company (BDC) with publicly traded common and preferred stock
           โ€ข Common stock (NASDAQ: GAIN)
           โ€ข Preferred stock (NASDAQ: GAINP)
     โ€ข Managed by Gladstone Management Corporation, an investment adviser registered with the SEC
        that manages more than a billion dollars of assets
     โ€ข One of a family of funds known as The Gladstone Companies (www.gladstone.com)
     โ€ข Focused on investing in subordinated debt, preferred stock, and common stock or warrants to
        purchase common stock in buyouts of private U.S. businesses
     โ€ข Went public in 2005 and has never missed paying a monthly dividend
     โ€ข Current common stock dividend is $0.60 per share (per year), paid monthly at $0.05 per share
     โ€ข Paid $0.03 bonus dividend per common share in March 2012
     โ€ข First preferred stock dividend was paid in March 2012. The annual rate is 7.125% or $0.1484
        per month per share

โ€ข   Current Portfolio
     โ€ข Over $230 million at fair value in total investments as of June 30, 2012
     โ€ข Invested in 18 companies, 13 states, 13 industries as of June 30, 2012

     Disclaimer: Past performance is not an indication of future performance

                                                                                                3
What is Gladstone Investment?
โ€ข Gladstone Investment Corporation is a publicly traded business
  development company (BDC) that invests in debt and equity
  securities consisting primarily of subordinated loans, mezzanine debt,
  preferred equity, and common stock or warrants to purchase common
  stock in small and medium-sized U.S. businesses in connection with
  buyouts and other recapitalizations.
โ€ข The company seeks to:
   โ€ข Lend to and invest in companies with proven cash flows and
      successful track records led by great managers
   โ€ข Generate current income to pay monthly dividends to stockholders
   โ€ข Achieve capital gains from the sale of appreciated equity
      securities
โ€ข Gladstone Investment is operated by an experienced management
  team, as discussed in the following slides


                                                                       4
Experienced Management Team

David Gladstone, Chairman & CEO

โ€ข Over 25 years of experience investing in mid-sized and small private
  businesses
โ€ข Current Chairman and CEO of all three Gladstone funds, these are
  public companies numbers 7, 8, and 9 in his career
โ€ข Past Chairman of Allied Capital and American Capital
โ€ข MBA from Harvard Business School; MA from American University;
  BA from University of Virginia




                                                                     5
Experienced Management Team
      Terry Brubaker, COO                      Chip Stelljes, CIO                 David Dullum, President
โ€ข   More than 25 years experience in โ€ข     More than 25 years experience in โ€ข     More than 25 years experience in
    managing businesses                    portfolio investing                    portfolio investing
โ€ข   Currently COO and head of all      โ€ข   Currently CIO and head of all      โ€ข   Currently head of Gladstone
    portfolio management for all three     investing for all Gladstone public     Investment and seeking mezzanine
    Gladstone public funds                 funds, reviewing hundreds of           and buyout opportunities
โ€ข   Previously on the acquisition team     opportunities and supervising the โ€ข    Experienced in investing, due
    of James River Corp., as it grew       due diligence process on each new      diligence, reviewing hundreds of
    from $200 million to $7 billion in     investment                             new opportunities and reviewing
    revenues                           โ€ข   Past EVP at Allied Capital,            each new investment
โ€ข   Group VP of two operating              making loans and investments in โ€ข      Past partner of New England
    divisions at James River with          middle market companies                Partners, a small buyout fund
    2,300 employees, $440 million in โ€ข     Past manager of Camden Partners        located in Boston and Washington,
    revenue and 14 locations               and Columbia Capital funds,            DC
โ€ข   After James River, was CEO of          investing in communications,       โ€ข   Past partner of Frontenac
    two businesses with 800                healthcare and business services       Company for over 14 years in
    employees, $250 million in         โ€ข   MBA from University of Virginia        Chicago, investing in many mid-
    revenue and 4 locations                Business School; BA Degree in          market businesses in the Midwest
โ€ข   Former consultant with McKinsey        Economics from Vanderbilt          โ€ข   MBA from Stanford; BS in
    & Company                              University                             Engineering from Georgia Tech
โ€ข   MBA from Harvard Business
    School; BSE in Aeronautical
    Engineering from Princeton
    University

                                                                                                           6
Experienced Management Team

 David Gladstone        Terry Brubaker                            Chip Stelljes           David Dullum                                   Bob Cutlip
 Chairman & CEO      Chief Operating Officer                   Chief Investment Officer      President                               Sr. Managing Director
25+ Years Experience 25+ Years Experience                      25+ Years Experience     25+ Years Experience                         25+ Years Experience



                                                        Managing Directors and Directors*
    Buzz Cooper                   Lud Kimbrough                       John Sateri                       Greg Bowie                     Blair Gertmenian
 25+ Years Experience           25+ Years Experience              23 Years Experience               10 Years Experience               10 Years Experience

     Chris Massey                    John Freal                    Jennifer Simpson                 M. Kipp Kranbuhl                    Erika Highland
  19 Years Experience           25+ Years Experience              12 Years Experience               14 Years Experience               11 Years Experience

     Bob Pierce                     David Meier                      Chris Daniel                       Chris Lee                        Kyle Largent
 25+ Years Experience           25+ Years Experience              20 Years Experience               11 Years Experience               10 Years Experience

                                  Laura Gladstone                    Matt Tucker                     Michael Beckett
                                 12 Years Experience              13 Years Experience               17 Years Experience


 Over 20 professionals concentrating on sourcing, due diligence and portfolio management and 15 professionals in reporting

     *Directors noted here are not members of the fundsโ€™ boards of directors, rather, these are junior Managing Director positions of the Adviser

                                                                                                                                                     7
Target Market

Why we target companies in the lower middle market

Smaller companies typically offer a more compelling investment profile
than larger ones because of:
 ๏‚ง Lower purchase price multiples
 ๏‚ง Lower debt multiples
 ๏‚ง More protective covenants for lenders
 ๏‚ง Meaningful equity co-investment and likely multiple expansion upon exit
 ๏‚ง Small businesses are often less complicated




                                                                             8
Examples of Investments Made in Private Businesses

โ€ข Small manufacturer of a product or a service business needs
  money to grow
โ€ข Banks will make short-term loans if the business has collateral
  and solid cash flow
โ€ข The business gets from us:
    โ€“ Management expertise,
    โ€“ A long-term loan, but at a higher interest rate, and
    โ€“ Additional capital in the form of an equity co-investment
โ€ข We typically get:
    โ€“ An attractive long-term loan that pays monthly interest that we can
      pass on as monthly dividends to our shareholders,
    โ€“ Board seats and an ownership stake in the company through our
      equity investment, and
    โ€“ Potential for accrued dividend payouts on our preferred equity, as
      well as capital appreciation of our common stock upon an exit


                                                                            9
Examples of Areas Where We Invest
โ€ข   Light manufacturing
     โ€ข Manufacturing of small products
โ€ข   Specialty manufacturing
     โ€ข Custom and precision manufacturing
โ€ข   Chemicals, plastics and rubber manufacturing
     โ€ข Packaging and specialty items
โ€ข   Business services
     โ€ข Service companies with logistic services
โ€ข   Consumer products
     โ€ข Specialty items
โ€ข   Leisure and entertainment
     โ€ข Equipment and products
โ€ข   Distribution and transportation
     โ€ข Storage and transportation of parts



                                                   10
Industries We Avoid

โ€ข Housing or Home Mortgage
โ€ข Auto Manufacturing & Tier One Suppliers
   โ€“ However, we have one investment, Auto Safety House,
     that is in the business of selling and servicing school
     busses and school bus parts.
โ€ข Banks & Financial Institutions
โ€ข High-tech Companies or Early Stage Start-ups




                                                               11
Typical Investment Structure

           Senior & Junior Debt                                           Preferred & Common Stock
                  (80%)                                                             (20%)
 ๏‚ง Senior-variable rates with current pay of 8-                   ๏‚ง Options to own Common Stock
   10%                                                            ๏‚ง Preferred stock
 ๏‚ง Subordinated-variable with a floor and                              ๏‚ง Dividend paid or accrued at 6% to
   fixed rates with current pay of 12-15%                                 8% per year
 ๏‚ง 5-year term with interest only paid                                 ๏‚ง 5 year term
 ๏‚ง 1st and 2nd Lien: some collateral and                          ๏‚ง Common stock or warrants to purchase
   reasonable cash flow coverage                                    common stock
 ๏‚ง Strong inter-creditor agreement that avoid                     ๏‚ง Usually accompanied by options that
   blockage of interest payments                                    provide an exit from common stock
 ๏‚ง Reasonable leverage ratios and attractive                      ๏‚ง Expected gross return is 25% to 30%
   terms
 ๏‚ง Options or success fees to enhance the
   return
 ๏‚ง Expected gross return is 18% to 20%,
   depending on risk profile

Disclaimer: Past performance is not an indication of future performance

                                                                                                             12
Track Record
โ€ข Common Stock traded on NASDAQ (GAIN)
    โ€“ Paying $0.05 per share per month, or $0.60 per share per year
    โ€“ Paid bonus dividend of $0.03 per share in March 2012
โ€ข Preferred Stock traded on NASDAQ (GAINP)
    โ€“ Paying $0.1484 per share per month, or $1.78 per share per year
โ€ข Conservative balance sheet:
    โ€“ Debt to equity ratio of 0.4 to 1.0 as of June 30, 2012, net of short-term
      borrowings
    โ€“ $31 million borrowed on $60 million line of credit
โ€ข Invested in 18 companies as of June 30, 2012
โ€ข At June 30, 2012, had two investments in default, representing
  2.0% of our investment portfolio at fair value


Disclaimer: Past performance is not an indication of future performance

                                                                                  13
Portfolio Diversification as of June 30, 2012

          Gladstone Investment: By Industry at fair value
                                  Chemicals, Plastics and Rubber - 20.5%

                                  Machinery (Non-Agriculture, Non-Construction and Non-Electronic) - 14.2%

                                  Leisure, Amusement, Motion Pictures, Entertainment - 13.3%

                                  Diversified/Conglomerate Manufacturing - 11.1%

                                  Containers, Packaging and Glass - 10.8%

                                  Electronics - 9.6%

                                  Beverage, Food and Tobacco - 4.1%

                                  Buildings and Real Estate - 3.9%

                                  Oil and Gas - 3.8%

                                  Cargo Transport -3.8%

                                  Automobile

                                  Aerospace and Defense - 1.5%

                                  Home and Office Furnishings - 1.4%




                                                                                                 14
Geographic Diversification as of June 30, 2012

 We have outstanding investments to businesses in states highlighted in blue




                                                                               15
Historical Net Investment Income

          Net Investment Income                     Total Amount       Amount Per
          FYE March 31:                              (in millions)    Common Share
          2006                                              $5.9          $0.36
          2007                                              $11.1         $0.67
          2008                                              $13.1         $0.79
          2009                                              $13.4         $0.62
          2010                                              $10.6         $0.48
          2011                                              $16.2         $0.73
          2012                                              $13.7         $0.62
          2013*                                             $13.0         $0.59
          *Annualized based on 3 months operating results

Disclaimer: Past performance is not an indication of future performance

                                                                                     16
Gladstone Statistics vs. Public Market BDCs




                                                    GAIN                BDC Median
          Price/NAV                                  0.82x                   0.99x
          Debt/Equity                              35.3%(1)                  53.6%
          Dividend Yield                             8.0%                        9.7%
          Market Cap                                 $165                        $305

          (1) Excludes short-term borrowings.
          Source: Raymond James BDC Industry Weekly Newsletter, August 3, 2012




Disclaimer: Past performance is not an indication of future performance

                                                                                        17
We are a Shareholder Focused Company

โ€ข Maintain the monthly distribution and grow that distribution
  when earnings increase
โ€ข Emphasis on stability of income first and growth in income
  second
โ€ข Maintain liquidity so shareholder may buy or sell the stock in
  the market
โ€ข Quarterly published reports and quarterly calls to shareholders
โ€ข Robust informational website (www.gladstoneinvestment.com)
  and notifications by e-mail to those who sign up
โ€ข Shareholder dividend reinvestment plan for common stock
โ€ข Audited by PricewaterhouseCoopers LLP
โ€ข Investor Relations Hotline: (866) 366-5745
โ€ข Adviser with strong reputation (www.gladstone.com)


                                                                    18
Highlights
โ€ข Experienced Management Team: Operating team with a successful
  track record underwriting private businesses
โ€ข Successful CEO: Has a โ€œbrand nameโ€ reputation demonstrated by the
  success of nine public companies
โ€ข Business Model: Emphasis on deal flow from a proprietary
  originations network and strategic relationships with LBO funds
โ€ข Market Opportunity: Right time in the business cycle to take
  advantage of the lack of funding for businesses
โ€ข Conservative Underwriting: Focused on the cash flow of the small
  value-oriented businesses
โ€ข Focused on Interest Income Plus Capital Gains: Interest payments
  on our loans allow us to pay dividends to our shareholders and capital
  gains are extra

                                                                           19
Why Own GAIN Stock
โ€ข Common stock current yield of 8.0% at August 15, 2012
โ€ข Preferred stock current yield of 7.0% at August 15, 2012
โ€ข 85 straight monthly distributions since its IPO as of August 1, 2012
  plus a bonus one-time dividend paid in March 2012
โ€ข Potential for significant appreciation or capital gain distributions from
  equity investments
โ€ข Diversification of borrowers in various states and various industries to
  protect the dividend
โ€ข Investing in small- and mid-sized U.S. businesses with steady cash
  flows and good growth prospects
โ€ข Liquidity for investors โ€“ common and preferred stocks are listed on
  NASDAQ (GAIN & GAINP)

Disclaimer: Past performance is not an indication of future performance
                                                                          20
Other Information
โ€ข Website for Gladstone Investment
   โ€ข www.gladstoneinvestment.com
   โ€ข Contains much more information about our company
     and the companies in our portfolio
โ€ข Website for our investment adviser
   โ€ข www.gladstonemanagement.com
โ€ข Information on all funds managed by the companyโ€™s
  investment adviser
   โ€ข www.gladstone.com
โ€ข Common stock traded on NASDAQ (GAIN)
โ€ข Preferred stock traded on NASDAQ (GAINP)

                                                        21

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Gladstone Investment

  • 1. Gladstone Investment Corporation Quarterly Overview for the period ended June 30, 2012
  • 2. Legal Disclaimer This presentation may include forward-looking statements. These forward-looking statements include comments with respect to our objectives and strategies, and the results of our operations and our business. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future company results to differ materially from these statements. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. 2
  • 3. Overview โ€ข Gladstone Investment Corporation โ€ข Business Development Company (BDC) with publicly traded common and preferred stock โ€ข Common stock (NASDAQ: GAIN) โ€ข Preferred stock (NASDAQ: GAINP) โ€ข Managed by Gladstone Management Corporation, an investment adviser registered with the SEC that manages more than a billion dollars of assets โ€ข One of a family of funds known as The Gladstone Companies (www.gladstone.com) โ€ข Focused on investing in subordinated debt, preferred stock, and common stock or warrants to purchase common stock in buyouts of private U.S. businesses โ€ข Went public in 2005 and has never missed paying a monthly dividend โ€ข Current common stock dividend is $0.60 per share (per year), paid monthly at $0.05 per share โ€ข Paid $0.03 bonus dividend per common share in March 2012 โ€ข First preferred stock dividend was paid in March 2012. The annual rate is 7.125% or $0.1484 per month per share โ€ข Current Portfolio โ€ข Over $230 million at fair value in total investments as of June 30, 2012 โ€ข Invested in 18 companies, 13 states, 13 industries as of June 30, 2012 Disclaimer: Past performance is not an indication of future performance 3
  • 4. What is Gladstone Investment? โ€ข Gladstone Investment Corporation is a publicly traded business development company (BDC) that invests in debt and equity securities consisting primarily of subordinated loans, mezzanine debt, preferred equity, and common stock or warrants to purchase common stock in small and medium-sized U.S. businesses in connection with buyouts and other recapitalizations. โ€ข The company seeks to: โ€ข Lend to and invest in companies with proven cash flows and successful track records led by great managers โ€ข Generate current income to pay monthly dividends to stockholders โ€ข Achieve capital gains from the sale of appreciated equity securities โ€ข Gladstone Investment is operated by an experienced management team, as discussed in the following slides 4
  • 5. Experienced Management Team David Gladstone, Chairman & CEO โ€ข Over 25 years of experience investing in mid-sized and small private businesses โ€ข Current Chairman and CEO of all three Gladstone funds, these are public companies numbers 7, 8, and 9 in his career โ€ข Past Chairman of Allied Capital and American Capital โ€ข MBA from Harvard Business School; MA from American University; BA from University of Virginia 5
  • 6. Experienced Management Team Terry Brubaker, COO Chip Stelljes, CIO David Dullum, President โ€ข More than 25 years experience in โ€ข More than 25 years experience in โ€ข More than 25 years experience in managing businesses portfolio investing portfolio investing โ€ข Currently COO and head of all โ€ข Currently CIO and head of all โ€ข Currently head of Gladstone portfolio management for all three investing for all Gladstone public Investment and seeking mezzanine Gladstone public funds funds, reviewing hundreds of and buyout opportunities โ€ข Previously on the acquisition team opportunities and supervising the โ€ข Experienced in investing, due of James River Corp., as it grew due diligence process on each new diligence, reviewing hundreds of from $200 million to $7 billion in investment new opportunities and reviewing revenues โ€ข Past EVP at Allied Capital, each new investment โ€ข Group VP of two operating making loans and investments in โ€ข Past partner of New England divisions at James River with middle market companies Partners, a small buyout fund 2,300 employees, $440 million in โ€ข Past manager of Camden Partners located in Boston and Washington, revenue and 14 locations and Columbia Capital funds, DC โ€ข After James River, was CEO of investing in communications, โ€ข Past partner of Frontenac two businesses with 800 healthcare and business services Company for over 14 years in employees, $250 million in โ€ข MBA from University of Virginia Chicago, investing in many mid- revenue and 4 locations Business School; BA Degree in market businesses in the Midwest โ€ข Former consultant with McKinsey Economics from Vanderbilt โ€ข MBA from Stanford; BS in & Company University Engineering from Georgia Tech โ€ข MBA from Harvard Business School; BSE in Aeronautical Engineering from Princeton University 6
  • 7. Experienced Management Team David Gladstone Terry Brubaker Chip Stelljes David Dullum Bob Cutlip Chairman & CEO Chief Operating Officer Chief Investment Officer President Sr. Managing Director 25+ Years Experience 25+ Years Experience 25+ Years Experience 25+ Years Experience 25+ Years Experience Managing Directors and Directors* Buzz Cooper Lud Kimbrough John Sateri Greg Bowie Blair Gertmenian 25+ Years Experience 25+ Years Experience 23 Years Experience 10 Years Experience 10 Years Experience Chris Massey John Freal Jennifer Simpson M. Kipp Kranbuhl Erika Highland 19 Years Experience 25+ Years Experience 12 Years Experience 14 Years Experience 11 Years Experience Bob Pierce David Meier Chris Daniel Chris Lee Kyle Largent 25+ Years Experience 25+ Years Experience 20 Years Experience 11 Years Experience 10 Years Experience Laura Gladstone Matt Tucker Michael Beckett 12 Years Experience 13 Years Experience 17 Years Experience Over 20 professionals concentrating on sourcing, due diligence and portfolio management and 15 professionals in reporting *Directors noted here are not members of the fundsโ€™ boards of directors, rather, these are junior Managing Director positions of the Adviser 7
  • 8. Target Market Why we target companies in the lower middle market Smaller companies typically offer a more compelling investment profile than larger ones because of: ๏‚ง Lower purchase price multiples ๏‚ง Lower debt multiples ๏‚ง More protective covenants for lenders ๏‚ง Meaningful equity co-investment and likely multiple expansion upon exit ๏‚ง Small businesses are often less complicated 8
  • 9. Examples of Investments Made in Private Businesses โ€ข Small manufacturer of a product or a service business needs money to grow โ€ข Banks will make short-term loans if the business has collateral and solid cash flow โ€ข The business gets from us: โ€“ Management expertise, โ€“ A long-term loan, but at a higher interest rate, and โ€“ Additional capital in the form of an equity co-investment โ€ข We typically get: โ€“ An attractive long-term loan that pays monthly interest that we can pass on as monthly dividends to our shareholders, โ€“ Board seats and an ownership stake in the company through our equity investment, and โ€“ Potential for accrued dividend payouts on our preferred equity, as well as capital appreciation of our common stock upon an exit 9
  • 10. Examples of Areas Where We Invest โ€ข Light manufacturing โ€ข Manufacturing of small products โ€ข Specialty manufacturing โ€ข Custom and precision manufacturing โ€ข Chemicals, plastics and rubber manufacturing โ€ข Packaging and specialty items โ€ข Business services โ€ข Service companies with logistic services โ€ข Consumer products โ€ข Specialty items โ€ข Leisure and entertainment โ€ข Equipment and products โ€ข Distribution and transportation โ€ข Storage and transportation of parts 10
  • 11. Industries We Avoid โ€ข Housing or Home Mortgage โ€ข Auto Manufacturing & Tier One Suppliers โ€“ However, we have one investment, Auto Safety House, that is in the business of selling and servicing school busses and school bus parts. โ€ข Banks & Financial Institutions โ€ข High-tech Companies or Early Stage Start-ups 11
  • 12. Typical Investment Structure Senior & Junior Debt Preferred & Common Stock (80%) (20%) ๏‚ง Senior-variable rates with current pay of 8- ๏‚ง Options to own Common Stock 10% ๏‚ง Preferred stock ๏‚ง Subordinated-variable with a floor and ๏‚ง Dividend paid or accrued at 6% to fixed rates with current pay of 12-15% 8% per year ๏‚ง 5-year term with interest only paid ๏‚ง 5 year term ๏‚ง 1st and 2nd Lien: some collateral and ๏‚ง Common stock or warrants to purchase reasonable cash flow coverage common stock ๏‚ง Strong inter-creditor agreement that avoid ๏‚ง Usually accompanied by options that blockage of interest payments provide an exit from common stock ๏‚ง Reasonable leverage ratios and attractive ๏‚ง Expected gross return is 25% to 30% terms ๏‚ง Options or success fees to enhance the return ๏‚ง Expected gross return is 18% to 20%, depending on risk profile Disclaimer: Past performance is not an indication of future performance 12
  • 13. Track Record โ€ข Common Stock traded on NASDAQ (GAIN) โ€“ Paying $0.05 per share per month, or $0.60 per share per year โ€“ Paid bonus dividend of $0.03 per share in March 2012 โ€ข Preferred Stock traded on NASDAQ (GAINP) โ€“ Paying $0.1484 per share per month, or $1.78 per share per year โ€ข Conservative balance sheet: โ€“ Debt to equity ratio of 0.4 to 1.0 as of June 30, 2012, net of short-term borrowings โ€“ $31 million borrowed on $60 million line of credit โ€ข Invested in 18 companies as of June 30, 2012 โ€ข At June 30, 2012, had two investments in default, representing 2.0% of our investment portfolio at fair value Disclaimer: Past performance is not an indication of future performance 13
  • 14. Portfolio Diversification as of June 30, 2012 Gladstone Investment: By Industry at fair value Chemicals, Plastics and Rubber - 20.5% Machinery (Non-Agriculture, Non-Construction and Non-Electronic) - 14.2% Leisure, Amusement, Motion Pictures, Entertainment - 13.3% Diversified/Conglomerate Manufacturing - 11.1% Containers, Packaging and Glass - 10.8% Electronics - 9.6% Beverage, Food and Tobacco - 4.1% Buildings and Real Estate - 3.9% Oil and Gas - 3.8% Cargo Transport -3.8% Automobile Aerospace and Defense - 1.5% Home and Office Furnishings - 1.4% 14
  • 15. Geographic Diversification as of June 30, 2012 We have outstanding investments to businesses in states highlighted in blue 15
  • 16. Historical Net Investment Income Net Investment Income Total Amount Amount Per FYE March 31: (in millions) Common Share 2006 $5.9 $0.36 2007 $11.1 $0.67 2008 $13.1 $0.79 2009 $13.4 $0.62 2010 $10.6 $0.48 2011 $16.2 $0.73 2012 $13.7 $0.62 2013* $13.0 $0.59 *Annualized based on 3 months operating results Disclaimer: Past performance is not an indication of future performance 16
  • 17. Gladstone Statistics vs. Public Market BDCs GAIN BDC Median Price/NAV 0.82x 0.99x Debt/Equity 35.3%(1) 53.6% Dividend Yield 8.0% 9.7% Market Cap $165 $305 (1) Excludes short-term borrowings. Source: Raymond James BDC Industry Weekly Newsletter, August 3, 2012 Disclaimer: Past performance is not an indication of future performance 17
  • 18. We are a Shareholder Focused Company โ€ข Maintain the monthly distribution and grow that distribution when earnings increase โ€ข Emphasis on stability of income first and growth in income second โ€ข Maintain liquidity so shareholder may buy or sell the stock in the market โ€ข Quarterly published reports and quarterly calls to shareholders โ€ข Robust informational website (www.gladstoneinvestment.com) and notifications by e-mail to those who sign up โ€ข Shareholder dividend reinvestment plan for common stock โ€ข Audited by PricewaterhouseCoopers LLP โ€ข Investor Relations Hotline: (866) 366-5745 โ€ข Adviser with strong reputation (www.gladstone.com) 18
  • 19. Highlights โ€ข Experienced Management Team: Operating team with a successful track record underwriting private businesses โ€ข Successful CEO: Has a โ€œbrand nameโ€ reputation demonstrated by the success of nine public companies โ€ข Business Model: Emphasis on deal flow from a proprietary originations network and strategic relationships with LBO funds โ€ข Market Opportunity: Right time in the business cycle to take advantage of the lack of funding for businesses โ€ข Conservative Underwriting: Focused on the cash flow of the small value-oriented businesses โ€ข Focused on Interest Income Plus Capital Gains: Interest payments on our loans allow us to pay dividends to our shareholders and capital gains are extra 19
  • 20. Why Own GAIN Stock โ€ข Common stock current yield of 8.0% at August 15, 2012 โ€ข Preferred stock current yield of 7.0% at August 15, 2012 โ€ข 85 straight monthly distributions since its IPO as of August 1, 2012 plus a bonus one-time dividend paid in March 2012 โ€ข Potential for significant appreciation or capital gain distributions from equity investments โ€ข Diversification of borrowers in various states and various industries to protect the dividend โ€ข Investing in small- and mid-sized U.S. businesses with steady cash flows and good growth prospects โ€ข Liquidity for investors โ€“ common and preferred stocks are listed on NASDAQ (GAIN & GAINP) Disclaimer: Past performance is not an indication of future performance 20
  • 21. Other Information โ€ข Website for Gladstone Investment โ€ข www.gladstoneinvestment.com โ€ข Contains much more information about our company and the companies in our portfolio โ€ข Website for our investment adviser โ€ข www.gladstonemanagement.com โ€ข Information on all funds managed by the companyโ€™s investment adviser โ€ข www.gladstone.com โ€ข Common stock traded on NASDAQ (GAIN) โ€ข Preferred stock traded on NASDAQ (GAINP) 21