Oxford Lane Capital Corp. Announces First Fiscal Quarter Dividend of $0.55 per Share

GREENWICH, CT--(Marketwire - May 29, 2012) - Oxford Lane Capital Corp. ("Oxford Lane" or "Company") (NASDAQ: OXLC) announced today that the Company's Board of Directors has declared a first fiscal quarter dividend of $0.55 per share, payable on June 29, 2012 to shareholders of record as of June 15, 2012.

The Company also announced that its net asset value per share as of March 31, 2012 was equal to $17.05.

The Company's annual report on Form N-CSR is on file with the Securities and Exchange Commission.

About Oxford Lane Capital Corp.

Oxford Lane Capital Corp. is a publicly-traded registered closed-end management investment company. It seeks to achieve its investment objective of maximizing total return by investing primarily in senior secured loans made to companies whose debt is unrated or is rated below investment grade, with an emphasis on current income. Those investments may take a variety of forms, including the direct purchases of such loans (either in the primary or secondary markets) or through investments in entities that in turn own a pool of such loans.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions, including statements with regard to the anticipated use of the net proceeds of the Company's securities offering. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates" and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.