Effective as of August 31, 2019, Jeff Tonkel is retiring and will be a senior advisor to the Medley platform and will remain a director of Medley Management Inc. and Medley Capital Corporation. Accordingly, Mr. Tonkel will resign from his positions as President of MDLY, Sierra Income Corporation, and Sierra Total Return Fund. Mr. Tonkel's decision to resign as President of MDLY, Sierra, and Sierra Total Return Fund was not due to any dispute or disagreement with MDLY, Sierra, or Sierra Total Return Fund, or on any matter relating to the operations, policies or practices of MDLY, Sierra, or Sierra Total Return Fund.