The Board of Directors of Medley Capital Corporation approved adoption of an internalized management structure effective January 1, 2021. The new management structure will replace the current Investment Management and Administration Agreements with MCC Advisors LLC, which expire on December 31, 2020. To lead the internalized management team, the Board approved the appointment of David Lorber, who has served as an independent director of the Company since April 2019, as interim Chief Executive Officer effective January 1, 2021. Lorber, is a Co-Founder of FrontFour Capital Group LLC. Mr. Lorber has significant principal investment expertise in both the equity and credit markets. Mr. Lorber has also served as a director of Ferro Corporation.