MDLX Medley LLC

Medley Management Inc. (NYSE:MDLY), an alternative asset manager, today announced it has partnered with CatchMark Timber Trust, Inc. (NYSE:CTT) and a consortium of institutional investors to acquire 1.1 million acres of prime East Texas timberlands for $1.39 billion. This is the largest timberland transaction in a decade and includes high-quality timberlands with existing supply agreements.

“As a preferred equity investor in the transaction, our investment assists CatchMark in buying this significant timberland asset,” said James Frank, Senior Managing Director and Head of Tactical Opportunities at Medley. “CatchMark, an experienced timberland manager with an impressive management team, is an ideal partner to lead this joint venture.”

Brook Taube, CEO of Medley, said “Medley is pleased to be part of this significant transaction, which we believe will generate attractive returns for our investors. We continue to grow our Tactical Opportunities vertical at Medley through strong partnerships with institutional investors and high-quality operating partners.”

Medley invested in the transaction through its Tactical Opportunities group. Others named in the preferred equity consortium include BTG Pactual Timberland Investment Group and Highland Capital Management. The transaction is expected to close within 90 days, subject to customary closing conditions. Upon close, Medley will join the Board of the joint venture.

ABOUT MEDLEY

Medley is an alternative asset management firm offering yield solutions to retail and institutional investors. Medley’s national direct origination franchise, with over 75 people, is a premier provider of capital to the middle market in the U.S. Medley has over $5 billion of assets under management in two business development companies, Medley Capital Corporation (NYSE:MCC) (TASE:MCC) and Sierra Income Corporation, a credit interval fund, Sierra Total Return Fund (NASDAQ:SRNTX) and several private investment vehicles. Over the past 15 years, Medley has provided capital to over 400 companies across 35 industries in North America.1 For additional information, please visit Medley Management Inc. at www.mdly.com.

Medley LLC, the operating company of Medley Management Inc., has outstanding bonds which trade on the New York Stock Exchange under the symbols (NYSE:MDLX) and (NYSE:MDLQ). Medley Capital Corporation is dual-listed on the New York Stock Exchange (NYSE:MCC) and the Tel Aviv Stock Exchange (TASE:MCC) and has outstanding bonds which trade on both the New York Stock Exchange under the symbols (NYSE:MCV), (NYSE:MCX) and the Tel Aviv Stock Exchange under the symbol (TASE:MCC.B1).

FORWARD-LOOKING STATEMENTS

Statements included herein may contain “forward-looking statements”. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of assumptions, risks and uncertainties, which change over time. Actual results may differ materially from those anticipated in any forward-looking statements as a result of a number of factors, including those described from time to time in filings by the Company with the Securities and Exchange Commission. Except as required by law, the Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

This release does not constitute an offer of any Medley Fund.

Investor Relations Contact:  Sam Anderson Head of Capital Markets & Risk Management Medley Management Inc. 212-759-0777

Media Contact: Erin Clark Teneo Strategy 646-214-8355

1 Medley Management Inc. is the parent company of Medley LLC and several registered investment advisors (collectively, “Medley”). Assets under management refers to assets of our funds, which represents the sum of the net asset value of such funds, the drawn and undrawn debt (at the fund level, including amounts subject to restrictions) and uncalled committed capital (including commitments to funds that have yet to commence their investment periods). Assets under management are as of December 31, 2017.