On March 3, 2016, the Board of Directors of Horizon Technology Finance Corporation upon the recommendation of the Board's Nominating and Corporate Governance Committee, appointed Joseph J. Savage as an independent Class III director to fill a Class III director vacancy on the Board. The Board, upon the recommendation of the Committee, also nominated Mr. Savage to stand for election as an independent Class III director of the Company at the Company's next annual meeting and appointed Mr. Savage to serve on the Company's Audit Committee effective March 4, 2016. Mr. Savage currently serves as an Executive Vice Chairman of Webster Financial Corporation and Webster Bank, N.A. He joined Webster Bank, N.A. in April 2002 as Executive Vice President, Commercial Banking and has served as President of Webster Financial Corporation and Webster Bank, N.A. and on the board of directors of Webster Bank, N.A. Mr. Savage brings to the Board his strong knowledge and expertise in commercial lending and managing large financial organizations.

Mr. Savage's extensive experience enhances the Board's ability to manage and direct the Company's affairs.