On January 22, 2019, FrontFour Capital Group LLC announced that it has issued a letter to Medley Capital Corporation shareholders responding to misleading statements contained in Company’s latest transaction presentation regarding its proposed combination with Sierra Income Corporation and Medley Management Inc. FrontFour stated that it expressed its view that the proposed transaction fails to maximize value for Company shareholders and would transfer significant value to Medley Management shareholders at the expense of Company shareholders. In addition, FrontFour stated that it reiterated its belief that the best path forward for Company shareholders is to vote down the proposed transaction and for Company to commence a corporate windup or sales process on a standalone basis.