On June 19, 2017, Robert K. Lyons resigned as a member of the board of directors (the Board") of Medley Capital Corporation (the Company"), effective as of June 19, 2017. On June 19, 2017, the Board appointed Mark Lerdal in order to fill the vacancy on the Board created by Mr. Lyons' resignation and to serve as a member of the Board, effective June 19, 2017, until the Company's 2018 annual meeting of shareholders and until his successor is duly elected and qualified. Mr. Lerdal will also serve as a member of the audit committee of the Board and as a member of the compensation committee of the Board. Mr. Lerdal was not appointed to the Board pursuant to any arrangement or understanding with any other person, and there are no current or proposed transactions between the Company and Mr. Lerdal or his immediate family members which would require disclosure under Item 404(a) of Regulation S-K promulgated by the Securities and Exchange Commission.