On January 4, 2018, Paul J. Echausse informed the board of directors of Alcentra Capital Corporation of his intent to resign from his positions as Chairman of the Board and member of the Board, each effective January 8, 2018. Mr. Echausse’s resignation was not the result of a disagreement with the company on any matter relating to its operations, policies or practices. The Board appointed Paul Hatfield to serve as Chairman of the Board, effectively immediately. Mr. Hatfield has been a member of the Board since 2013 and previously served as Chairman of the Board from 2014 through April 2017. The company also appointed Steven H. Reiff to serve as Lead Independent Director, effective immediately. In his role as the Lead Independent Director, Mr. Reiff will, among other responsibilities, preside at all Board meetings at which the Chairman of the Board is not present, including executive sessions of the Independent Directors, serve as a liaison between the Chairman of the Board and the Independent Directors, and review and approve Board meeting agendas. Mr. Reiff has served as an Independent Director on the Board since January 2017. Mr. Echausse has also been replaced on the investment adviser’s investment committee by Vijay Rajguru, Alcentra Group’s Global Co-Chief Investment Officer.