X0306 4 2020-03-12 0001321741 GLADSTONE INVESTMENT CORPORATION\DE GAIN 0001238279 DULLUM DAVID A R 1521 WESTBRANCH DRIVE SUITE 100 MCLEAN VA 22102 0 1 0 0 President Common Stock 2020-03-12 4 P 0 5000 8.99 A 115916 D Common Stock 1349 I By Spouse 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. Mr. Dullum disclaims beneficial ownership of these 1,349 shares held by his spouse and this report shall not be deemed an admission that Mr. Dullum is the beneficial owner of the securities for purposes of Section 16 or any other purpose. Michael LiCalsi, Attorney-in-fact 2020-03-16