Fifth Street Finance Corp. Releases An Update to Its SBIC Application

WHITE PLAINS, N.Y., May 18, 2009 (GLOBE NEWSWIRE) -- Fifth Street Finance Corp.
(NYSE:FSC) releases an update to its SBIC application.

We are not issuing a full newsletter this month since we announced our second
fiscal quarter earnings on May 7th, but we did want to provide an update to our
SBIC application process. We met with the investment committee of the Investment
Division of the SBA last week as a required first step in the SBIC application
process. Subsequent to that meeting, the investment committee invited us to
continue moving forward through the licensing process and begin the formal
licensing application process. Our application is subject to the approval of the
SBA; however, we remain cautiously optimistic that we will complete the
licensing process. That being said, we have received no assurance or indication
from the SBA that we will receive a license, or of the timeframe in which we
would receive a license, should one ultimately be issued to us.

We look forward to providing further updates to you in our June newsletter.

Sincerely,

The Fifth Street Team

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Forward-Looking Statements

This press release may contain certain forward-looking statements, including
statements with regard to the future performance of Fifth Street Finance Corp.
Words such as "believes," "expects," "projects," and "future" or similar
expressions are intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent uncertainties in
predicting future results and conditions. Certain factors could cause actual
results to differ materially from those projected in these forward-looking
statements, and these factors are identified from time to time in our filings
with the Securities and Exchange Commission. Fifth Street Finance Corp.
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise.

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CONTACT: Fifth Street Finance Corp.
Investor Relations
Stacey Thorne, VP
(914) 286-6811
Stacey@fifthstreetcap.com