Exhibit 1
User-Friendly Phone Book, LLC Responds to Rand Capitals (NASDAQ:RAND)
April 29, 2019 Investor Presentation
The Woodlands, TX May 1, 2019
On
April 29, 2019, Rand Capital Corporation (Rand) (NASDAQ:RAND), announced that it has filed an updated investor presentation which includes a response to User-Friendly Phone Book, LLCs (User-Friendly) belief that Rand
shareholders would receive an approximately 66% greater return than that offered by the East Asset Management, LLC transaction simply from liquidating Rands portfolio. User-Friendlys belief is based on Rands own reported Net Asset
Value (NAV) of $4.99 as of December 31, 2018, contained in Rands SEC reports, which are personally certified as accurate by Rands CEO and CFO. Rands new statement that likely realizable value of assets in
liquidation [are] expected to be less than $3.00 per share, does not disclose that it is based on a fire sale of Rands assets
being sold immediately or over a relatively short period of time
, which
User-Friendly believes is misleading.
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User-Friendly never suggested a fire sale and
does not believe there needs to be a fire sale in order to benefit Rand shareholders. User-Friendly believes that a competent execution of an orderly liquidation of Rands assetsespecially considering the quality of
Rands assets like ACV Auctions, Inc., Carolina Skiff LLC, and Microcision LLC over the necessary period of time, whatever that may be, should result in a realized value well in excess of $3.00 per share.
CERTAIN INFORMATION CONCERNING THE PARTICIPANT
User-Friendly Phone Book, LLC (User-Friendly) is the sole participant in this solicitation. User-Friendly has filed a preliminary proxy statement
with the Securities and Exchange Commission (SEC) consisting of a proxy statement and accompanying WHITE proxy card to be used to solicit proxies to vote against the proposed transaction with East Asset Management, LLC at the Special
Meeting of Stockholders of Rand Capital Corporation (the Company) scheduled to be held on May 16, 2019.
USER-FRIENDLY STRONGLY
ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SECS WEB SITE AT
HTTP://WWW.SEC.GOV. IN ADDITION, USER-FRIENDLY WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO USER-FRIENDLYS PROXY SOLICITOR, MACKENZIE PARTNERS, INC., TOLL-FREE AT (800)
322-2885
or (212)
929-5500.
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Page 3 of Appendix F in Rands definitive proxy statement filed April 18, 2019
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