Release Details

EVANSTON, Ill., May 3, 2012 (GLOBE NEWSWIRE) -- Fidus Investment Corporation (Nasdaq:FDUS) ("Fidus" or the "Company") today announced its financial results for the first quarter ended March 31, 2012. Fidus provides customized mezzanine debt and equity financing solutions primarily to lower middle market companies based in the United States. In June 2011, Fidus closed its initial public offering (the "Offering") and associated formation transactions. Except as otherwise specified, references to "we," "us," and "our" refer to Fidus Mezzanine Capital, L.P. and its subsidiaries (the "Fund"), which were acquired as part of the formation transactions with the Offering, prior to the Offering, and refer to Fidus Investment Corporation and its subsidiaries for the periods after the Offering.

First Quarter 2012 Financial Highlights

• Total investment income of $7.6 million, a 58.5% increase over prior year
• Net investment income of $3.6 million, or $0.38 per share
• Net increase in net assets resulting from operations of $3.5 million, or $0.37 per share
• Net asset value of $140.8 million at March 31, 2012, or $14.94 per share
• Originated $16.9 million of investments
• Weighted average yield on debt investments as of March 31, 2012 was 15.5%

Portfolio and Investment Activities

As of March 31, 2012, we had debt and equity investments in 25 portfolio companies, with a total fair value of $217.0 million, or approximately 106% of cost basis. During the three months ended March 31, 2012, we made investments of $16.9 million in two new and two existing portfolio companies. We received loan repayments totaling $5.8 million on debt investments, including one portfolio company loan repayment in full. As of March 31, 2012, the weighted average yield on our debt investments was 15.5%. The weighted average yield was computed using the effective interest rates for all debt investments at cost, including accretion of discounts and fees but excluding debt investments on non-accrual status, if any.

First quarter 2012 investment activity included the following new portfolio company investments:

• FutureTech Holding Company - Fidus invested $6.5 million of subordinated debt in FutureTech, a provider of information technology ("IT") and IT enabled service solutions.
• United Biologics, LLC - Fidus invested $10.0 million of senior debt with warrants in United Biologics, a provider of allergy testing and immunotherapy services.

First Quarter 2012 Financial Results

Total investment income was $7.6 million in the three months ended March 31, 2012, an increase of $2.8 million, or 58.5%, over the $4.8 million of total investment income for the three months ended March 31, 2011. This increase was primarily attributable to greater interest income on higher average levels of debt investments and higher fee income.

Total expenses were $4.0 million in the first quarter of 2012, an increase of $1.5 million, or 60.8%, over the $2.5 million in the corresponding period in 2011. The increase was primarily attributable to increased incentive and administrative service fees as well as higher interest expense, professional fees and other general and administrative expenses, partially offset by a decrease in the management fee. The increase in incentive fees of $0.9 million and administrative fees of $0.2 million as well as the decrease in management fees of $0.1 million were primarily due to the new Investment Advisory and Administration Agreements effective as of the Offering and associated formation transactions. Interest expense increased $0.1 million during the three months ended March 31, 2012 compared to the prior year period as a result of higher outstanding balances of SBA debentures. Professional fees increased $0.2 million primarily due to higher legal and accounting costs associated with being a publicly-traded company. Other general and administrative expense increased $0.2 million primarily due to higher insurance costs and board of director fees also associated with being a publicly-traded company.

Net investment income for the three months ended March 31, 2012 was $3.6 million, an increase of $1.3 million, or 55.4%, over the $2.3 million of net investment income for the corresponding period in 2011. Net investment income per share for the three months ended March 31, 2012 was $0.38.

Total realized loss for the three months ended March 31, 2012 was zero compared with $7.9 million from one investment in the corresponding period in the prior year. Net unrealized depreciation on investments was $0.1 million, or $0.01 per share, for the three months ended March 31, 2012, compared to net unrealized appreciation of $8.9 million during the three months ended March 31, 2011. Included in the net unrealized appreciation for the three months ended March 31, 2011 was a $7.9 million reclassification adjustment related to the realized loss discussed above. For the three months ended March 31, 2012, the net loss on investments totaled $0.1 million compared to a net gain on investments totaling $1.0 million in the corresponding period in 2011.

As a result of the events described above, net increase in net assets resulting from operations was $3.5 million in the three months ended March 31, 2012, or $0.37 per share, compared with a net increase in net assets of $3.3 million in the first quarter of 2011.

Liquidity and Capital Resources

At March 31, 2012, we had $40.6 million in cash and cash equivalents, including remaining proceeds from the Offering, and $119.0 million in SBA debentures outstanding. The SBA debentures have an annual weighted average interest rate of 4.9% as of March 31, 2012. As of March 31, 2012, SBA commitments totaling $150.0 million have been received, of which $31.0 million were unfunded.

Recent Developments

On April 4, 2012, we purchased $1.0 million in common units of United Biologics, LLC, an existing portfolio company and provider of allergy testing and immunotherapy services.

Second Quarter 2012 Dividend of $0.36 Per Share Declared

The Company announced today that its Board of Directors has declared a quarterly dividend of $0.36 per share, an increase of $0.02 per share from the Company's prior quarterly dividend of $0.34 per share. This quarterly dividend is payable on June 27, 2012 to stockholders of record as of June 13, 2012.

When declaring dividends, the Company's Board of Directors reviews estimates of taxable income available for distribution, which differs from consolidated income under generally accepted accounting principles due to (i) changes in unrealized appreciation and depreciation, (ii) temporary and permanent differences in income and expense recognition, and (iii) the amount of undistributed taxable income carried over from a given year for distribution in the following year. The final determination of 2012 taxable income, as well as the tax attributes for 2012 dividends, will be made after the close of the 2012 tax year. The final tax attributes for 2012 dividends will generally include ordinary taxable income but may also include capital gains, qualified dividends and return of capital.

Fidus has adopted a dividend reinvestment plan ("DRIP") that provides for reinvestment of dividends on behalf of its stockholders, unless a stockholder elects to receive cash. As a result, when the Company declares a cash dividend, stockholders who have not "opted out" of the DRIP at least three days prior to the dividend payment date will have their cash dividends automatically reinvested in additional shares of the Company's common stock. Those stockholders whose shares are held by a broker or other financial intermediary may receive dividends in cash by notifying their broker or other financial intermediary of their election.

First Quarter 2012 Financial Results Conference Call

Fidus has scheduled a conference call for Friday, May 4, 2012 at 9:00 a.m. Eastern Time to discuss the Company's first quarter 2012 financial results.

You can access the conference call by dialing (877) 810-3368 approximately 10 minutes prior to the call. International callers should dial (914) 495-8561. A replay of the conference call may be accessed by dialing (855) 859-2056. International callers should dial (404) 537-3406. For phone replays, please reference conference ID #74707061.

The Company's quarterly results conference call will also be available via a live webcast on the investor relations section of the Company's website at http://investor.fdus.com/events.cfm. Please access the website 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the Company's website following the conclusion of the conference call. Additionally, the earnings release will be available on the investor relations section of the Company's website at http://investor.fdus.com prior to the conference call.

For a more detailed discussion of the financial and other information included in this press release, please also refer to the Company's Form 10-Q for the quarterly period ended March 31, 2012 to be filed with the Securities and Exchange Commission (www.sec.gov) on May 3, 2012.

ABOUT FIDUS INVESTMENT CORPORATION

Fidus Investment Corporation provides customized mezzanine debt and equity financing solutions to lower middle market companies, which we generally define as U.S. based companies having revenues between $10.0 million and $150.0 million. Fidus's investment objective is to provide attractive risk-adjusted returns by generating both current income from our debt investments and capital appreciation from our equity related investments. Fidus seeks to partner with business owners, management teams and financial sponsors by providing customized financing for change of ownership transactions, recapitalizations, strategic acquisitions, business expansion and other growth initiatives.

Fidus is an externally managed, closed-end, non-diversified management investment company that has elected to be treated as a business development company under the Investment Company Act of 1940, as amended. In addition, for tax purposes, Fidus intends to elect to be treated as a regulated investment company, or RIC, under Subchapter M of the Internal Revenue Code of 1986, as amended, or the Code. Fidus was formed in February 2011 to continue and expand the business of Fidus Mezzanine Capital, L.P., which commenced operations in May 2007 and is licensed by the US Small Business Administration as a small business investment company.

FORWARD-LOOKING STATEMENTS

This press release may contain certain forward-looking statements. Any such statements, other than statements of historical fact, are likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under Fidus's control, and that Fidus may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from these estimates and projections of the future as a result of a number of factors, including those described from time to time in Fidus's filings with the Securities and Exchange Commission. Such statements speak only as of the time when made, and Fidus undertakes no obligation to update any such statement now or in the future.

CONTACT: Edward H. Ross

         Chief Executive Officer

         847-859-3940