On June 19, 2018, Alcentra Capital Corporation announced that David Scopelliti informed the Board of his intent to resign from his positions as a member of the Board and as Chief Executive Officer and President of the Company, effective as of June 22, 2018. Mr. Scopelliti's resignation is not a result of any disagreement on any matter relating to the Company's operations, policies or practices. On June 22, 2018, the Board appointed Vijay Rajguru to serve as the Chief Executive Officer of the Company, effective immediately, to fill the vacancy created by Mr. Scopelliti's resignation.

In addition, on June 22, 2018, the Board appointed Suhail A. Shaikh and Peter M. Glaser each to serve as Co-Presidents of the Company, effective immediately, to fill the vacancy created by Mr. Scopelliti's resignation. In addition, on June 22, 2018, Steven H. Reiff informed the Board of his intent to resign from his position as a member of the Board, effective as of June 25, 2018. Mr. Reiff's resignation is not a result of any disagreement on any matter relating to the Company's operations, policies or practices.

On June 22, 2018, the Board appointed Edward Grebow, a current member of the Board, to serve as chair of the Valuation Committee, effective June 25, 2018, and fill the vacancy created by Mr. Reiff's resignation. In connection with the resignations of Messrs. Scopelliti and Reiff, the Board approved a decrease in the size of the Board from five to three members, effective as of June 25, 2018.