Effective as of February 9, 2021, James G. Eaton resigned as a director of Medley Management Inc. ("MDLY"). Mr. Eaton's resignation was not the result of any disagreement with MDLY or Medley LLC on any matter relating to the operations, policies or practices of MDLY or Medley LLC. On February 9, 2021, MDLY's Board of Directors appointed Peter Kravitz to the Board as a director of MDLY, effective as of the same date. In connection with his appointment to the Board, the Board appointed Mr. Kravitz to chair a newly-constituted subcommittee of the Board created to explore restructuring transactions for Medley LLC ("the Restructuring Subcommittee"), also effective as of February 9, 2021. The Board also appointed independent directors John Dyett and Guy T. Rounsaville, Jr. to the Restructuring Committee. In connection with his appointment to the Board, the Board also appointed Mr. Kravitz to the Audit Committee of the Board, effective as of February 9, 2021. John Dyett has been appointed as chair of the Compensation Committee of the Board, filling the vacancy on such committee resulting from Mr. Eaton's resignation.