<SEC-DOCUMENT>0000905718-19-000427.txt : 20190506
<SEC-HEADER>0000905718-19-000427.hdr.sgml : 20190506
<ACCEPTANCE-DATETIME>20190506173055
ACCESSION NUMBER:		0000905718-19-000427
CONFORMED SUBMISSION TYPE:	SC 13D/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190506
DATE AS OF CHANGE:		20190506
GROUP MEMBERS:		USER-FRIENDLY HOLDING, LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAND CAPITAL CORP
		CENTRAL INDEX KEY:			0000081955
		IRS NUMBER:				160961359
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-31369
		FILM NUMBER:		19800503

	BUSINESS ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
		BUSINESS PHONE:		7168530802

	MAIL ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			User-Friendly Phone Book, LLC
		CENTRAL INDEX KEY:			0001743282
		IRS NUMBER:				200308784
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		281-465-5403

	MAIL ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13D/A
<SEQUENCE>1
<FILENAME>randcapital_13dam5may62019.htm
<DESCRIPTION>USER-FRIENDLY PHONE BOOK, LLC AMENDMENT NO. 5
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 13pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 14pt/18pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>SCHEDULE 13D</B></P>

<P STYLE="font: 13pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Under the Securities Exchange Act of
1934</B></P>

<P STYLE="font: 13pt/18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Amendment No.&nbsp;
5)*&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Rand
Capital Corporation</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Name of Issuer)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Common
    Stock, par value $0.10 per share</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(Title of Class of Securities)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>752185108</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">(CUSIP Number)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 42%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>Bruce Howard</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>User-Friendly Phone Book,
        LLC</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>Chief Executive Officer</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>10200 Grogan&rsquo;s Mill
        Road, Suite 440</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>The Woodlands, TX 77380</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"></P></TD>
    <TD STYLE="width: 6%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 48%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><I>with copies to:</I></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><I>&nbsp;</I><FONT STYLE="font-size: 11pt"><B>Steven
        E. Siesser, Esq.</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>Lowenstein Sandler LLP</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>1251 Avenue of the Americas</B></FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-size: 11pt"><B>New York, New York 10020</B></FONT></P></TD>
    <TD STYLE="width: 2%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name, Address
        and Telephone Number of Person</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Authorized to Receive Notices and Communications)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>May
    6, 2019</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Date of Event Which Requires Filing of this Statement)</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the filing person has previously filed
a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because
of &sect;240.13d-1(e), &sect;240.13d-1(f) or &sect;240.13d-1(g), check the following box. &#9744;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* The remainder of this cover page shall
be filled out for a reporting person&rsquo;s initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required on the remainder
of this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of section 18 of the Securities Exchange Act
of 1934, as amended (&ldquo;Act&rdquo;) or otherwise subject to the liabilities of that section of the Act but shall be subject
to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="margin-right: 0; margin-bottom: 0">CUSIP No.
<FONT STYLE="font-size: 11pt">752185108</FONT></P>

<P STYLE="margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">1.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0">Names of reporting persons</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><B>User-Friendly
                                         Phone Book, LLC</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">2.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt">Check the appropriate box if a member of a group (see instructions)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-bottom: 3pt">(a)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt; background-color: Silver">3.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt; background-color: Silver; padding-bottom: 3pt">SEC Use Only</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">4.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0">Source of
funds (see instructions)&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><B>WC</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">5.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt">Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-top: 6pt; padding-bottom: 6pt">6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or place
    of organization&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Number of</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">7.&#9;Sole voting power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>0</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">shares beneficially</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">8.&#9;Shared voting power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>1,455,993*</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">owned by</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">each reporting</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">9.&#9;Sole dispositive power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>0</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">person with</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">10.&#9;Shared dispositive power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>1,455,993*</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">11.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Aggregate amount beneficially owned by each reporting person</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>1,455,993*</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt">12.</TD>
    <TD COLSPAN="8" STYLE="padding-top: 6pt">Check if the aggregate amount in Row (11) excludes certain shares (see instructions)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">13.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Percent of class represented by amount in Row (11)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>23.0%*</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">14.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Type of reporting person (see instructions)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>OO</B>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 11pt">*Beneficial ownership percentage is based upon 6,321,988 shares of common stock, par value $0.10 per share
(the &ldquo;Common Stock&rdquo;) of Rand Capital Corporation, a New York corporation (the &ldquo;Issuer&rdquo;), issued and outstanding as of May 2, 2019, based on information reported in the Issuer&rsquo;s Quarterly Report on Form 10-Q
filed with the SEC on May 2, 2019. User-Friendly Phone Book, LLC, a Delaware limited liability company (&ldquo;UFPB&rdquo;) is a wholly
owned subsidiary of User-Friendly Holding, LLC, a Delaware limited liability company (&ldquo;UFH&rdquo; and, together with UFPB, the &ldquo;Reporting
Persons&rdquo;). As of the date of the filing of this Schedule 13D (the &ldquo;Filing Date&rdquo;), UFPB held 1,455,993 shares
of Common Stock of the Issuer, or approximately 23.0% of the shares of Common Stock of the Issuer deemed to be issued and outstanding
as of the Filing Date. This report shall not be deemed an admission that UFPB, UFH or any other person is the beneficial owner
of the securities reported herein for purposes of Section 13 of this Act, or for any other purpose.&nbsp;&nbsp;</FONT></P>


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<P STYLE="font: 11pt/8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<P STYLE="margin-right: 0; margin-bottom: 0">CUSIP No.
<FONT STYLE="font-size: 11pt">752185108</FONT></P>

<P STYLE="margin-right: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font-size: 11pt"></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">1.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0">Names of reporting persons</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><B>User-Friendly
                                         Holding, LLC</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">2.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt">Check the appropriate box if a member of a group (see instructions)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="padding-top: 3pt; padding-bottom: 3pt">(a)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;[&nbsp;&nbsp;&nbsp;]</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt; background-color: Silver">3.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt; background-color: Silver; padding-bottom: 3pt">SEC Use Only</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">4.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 3pt; padding-bottom: 3pt"><P STYLE="margin-top: 0; margin-bottom: 0">Source of funds (see instructions)</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><B>WC</B></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; padding-top: 6pt">5.</TD>
    <TD COLSPAN="8" STYLE="border-top: Black 1pt solid; padding-top: 6pt">Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="padding-top: 6pt; padding-bottom: 6pt">6.&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship or place
    of organization&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 11pt"><B>Delaware</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="10" STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">Number of</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">7.&#9;Sole voting power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>0</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">shares beneficially</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">8.&#9;Shared voting power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>1,455,993*</B></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">owned by</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">each reporting</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">9.&#9;Sole dispositive power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>0</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">person with</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">10.&#9;Shared dispositive power</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt; text-align: right"><B>1,455,993*</B>&nbsp;&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 3pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">11.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Aggregate amount beneficially owned by each reporting person</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>1,455,993*</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-top: 6pt">12.</TD>
    <TD COLSPAN="8" STYLE="padding-top: 6pt">Check if the aggregate amount in Row (11) excludes certain shares (see instructions)</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;[&nbsp;&nbsp;&nbsp;&nbsp;]</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">13.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Percent of class represented by amount in Row (11)&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>23.0%*</B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">14.</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">Type of reporting person (see instructions)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 6pt 5.4pt; text-align: right"><B>OO</B>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font-size: 11pt">*Beneficial ownership percentage is based upon 6,321,988 shares of Common Stock of the Issuer issued and outstanding
as of May 2, 2019, based on information reported in the Issuer&rsquo;s Quarterly Report on Form 10-Q filed with the SEC on May 2,
2019. As of the Filing Date, UFPB held 1,455,993 shares of Common Stock of the Issuer. As a result of the foregoing, for purposes
of Reg. Section 240.13d-3, UFH may be deemed to beneficially own the 1,455,993 shares of Common Stock of the Issuer held by UFPB,
or approximately 23.0% of the shares of Common Stock of the Issuer deemed to be issued and outstanding as of the Filing Date. This
report shall not be deemed an admission that UFPB, UFH or any other person is the beneficial owner of the securities reported herein
for purposes of Section 13 of this Act, or for any other purpose</FONT>.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Explanatory
Note</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">This Amendment No. 5 (&ldquo;Amendment No. 5&rdquo;) relates to the common stock, par value $0.10 per share (the &ldquo;Common Stock&rdquo;), of Rand Capital Corporation
(the &ldquo;Issuer&rdquo;). This Amendment No. 5 amends and supplements the Statement on Schedule 13D filed with the Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) on June 21, 2018 (the &ldquo;Initial Schedule 13D&rdquo;), as amended and supplemented by Amendment No. 1, filed
June 22, 2018 (&ldquo;Amendment No. 1&rdquo;), Amendment No. 2, filed March 27, 2019 (&ldquo;Amendment No. 2&rdquo;), Amendment No. 3, filed April
10, 2019 (&ldquo;Amendment No. 3&rdquo;), and Amendment No. 4, filed April 25, 2019 (&ldquo;Amendment No. 4&rdquo;). The Initial Schedule 13D, as amended
and supplemented by Amendment No. 1, Amendment No. 2, Amendment No. 3, Amendment No. 4, and this Amendment No. 5, is referred
to herein as the &ldquo;Schedule 13D.&rdquo; Capitalized terms used and not otherwise defined herein shall have the meanings ascribed
to such terms in the Schedule 13D. Except as otherwise
provided herein, each Item of the Schedule 13D remains unchanged.</FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Item
    2.</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identity
    and Background</B></FONT></TD></TR></TABLE>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">Item 2(e) is hereby amended and restated in its entirety to read as follows:&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">On September 7, 2018, VSS Fund Management LLC (&ldquo;VSS&rdquo;) and Jeffrey T. Stevenson entered into a settlement order (the &ldquo;Settlement
Order&rdquo;) with the U.S. Securities and Exchange Commission (the &ldquo;SEC&rdquo;), without admitting or denying the findings, regarding
violations of the Investment Advisers Act of 1940 (the &ldquo;Investment Advisers Act&rdquo;). Mr. Stevenson is the managing partner of
VSS and the manager and chairman of UFH. The Settlement Order states that preliminary valuation information of certain assets
of a private equity fund managed by VSS was not disclosed to the fund&rsquo;s limited partners in 2015. Pursuant to the Settlement
Order, VSS and Mr. Stevenson were ordered to cease and desist from future violations of the Investment Advisers Act and were
required to pay a civil penalty of $200,000, which was paid. &nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Item
    4.</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purpose of the Transaction</B></FONT></TD></TR></TABLE>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">Item 4 of
the Schedule 13D is hereby amended by adding the following immediately after the last paragraph of the Item 4 of the
Schedule 13D:&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">On May 6, 2019,
UFPB delivered a letter to shareholders of the Issuer explaining the reasons for UFPB's belief that the transaction with East is
not in the best interests of Issuer's shareholders.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt"></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse"><TR STYLE="vertical-align: top"><TD STYLE="width: 48px; font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>Item
    7.</B></FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material
    to Be Filed as Exhibits</B></FONT></TD></TR></TABLE>
</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 12pt">Exhibit A: Press
Release dated May 6, 2019.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt"></P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><FONT STYLE="font-size: 12pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><FONT STYLE="font-size: 12pt">After
reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true,
complete and correct.</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center; border-bottom: Black thin solid"><FONT STYLE="font-size: 12pt"> May
    6,     2019</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 12pt">(Date)</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>USER-FRIENDLY PHONE BOOK,
    LLC</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;/s/
    Bruce Howard</FONT></TD>
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    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Name: </FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Bruce Howard</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Chief Executive Officer</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt"><B>USER-FRIENDLY HOLDING,
    LLC</B></FONT></TD>
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    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 12pt">By:</FONT></TD>
    <TD STYLE="width: 55%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;&nbsp;/s/
    Bruce Howard</FONT></TD>
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    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Name: </FONT></TD>
    <TD STYLE="width: 47%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Bruce Howard</FONT></TD>
    <TD STYLE="width: 5%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 12pt">Chief Executive Officer</FONT></TD>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B>EXHIBIT A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right">Graphic omitted</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>User-Friendly Phone Book Files Definitive
Proxy and Open Letter,<BR>
Urging Fellow Shareholders of Rand Capital to Vote Against Transaction with East Asset Management</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Proposed Transaction Represents Approximately
41% Discount to </I><BR>
<I>Company&rsquo;s Own Stated Net Asset Value</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Rand Shareholders Would Receive 69% Greater
Return by Liquidating Company&rsquo;s Assets</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Transaction Would Transfer Over $7.8 Million
in Wealth from Current Rand Shareholders to Owners of East Asset Management</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><I>Proposed Special Dividend Would Further
Dilute Current Shareholders and </I><BR>
<I>Potentially Result in Out-of-Pocket Tax Expenses </I></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">THE WOODLANDS, TEXAS &ndash; May 6, 2019 &ndash; User-Friendly
Phone Book, LLC (&ldquo;<B>User-Friendly</B>&rdquo;), the largest shareholder of Rand Capital Corporation (&ldquo;<B>Rand</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;) (NASDAQ:RAND) owning 1,455,993 shares or 23.0% of the Company, today announced that it had
filed its definitive proxy and an open letter to fellow shareholders urging then to vote <B>AGAINST</B> the proposed transaction
with East Asset Management, LLC (&ldquo;<B>East</B>&rdquo;) using the WHITE proxy card at the special meeting of shareholders scheduled
to take place on May 16, 2019 (the &ldquo;<B>Special Meeting</B>&rdquo;).</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">As presented in the letter, the transaction proposed by Rand management
would sell a majority of the Company at a grossly inadequate price relative to the Company&rsquo;s net asset value (&ldquo;<B>NAV</B>&rdquo;),
transferring control and over $7.8 million in wealth from Rand shareholders to the owners of East immediately upon closing of the
transaction. Further, if the Board proceeds with the Transaction and declares the proposed special dividend, it will cost current
shareholders even more, both in terms of dilution and potential out-of-pocket tax expenses.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Bruce Howard, Chief Executive Officer of User-Friendly Phone Book,
said, &ldquo;Rand Capital&rsquo;s proposed take-over by East Asset Management is a brazen attempt to take millions of dollars of
value and control away from Rand&rsquo;s current shareholders. It&rsquo;s absurd to sell a majority of the Company at a 41% discount
to its net asset value. In the end, this transaction only benefits the owners of East Asset Management and the Company&rsquo;s
management team. For these reasons, I believe Rand shareholders must vote against the transaction by using the WHITE proxy card
and withholding their vote at the upcoming Special Meeting.&rdquo;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">User-Friendly strongly believes Rand shareholders should not be
asked to give up control of their Company at a significant, 41% discount to its NAV. It urges fellow shareholders to vote AGAINST
all proposals on the WHITE proxy card and to discard any card they have received from the Company.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">The full text of the letter to Rand shareholders is included below:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">May 6, 2019</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Dear Fellow Rand Capital Corporation Shareholder:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><U>YOUR INVESTMENT IN RAND CAPITAL IS AT
RISK!</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Please find enclosed our proxy materials and <B>WHITE</B> proxy
card related to Rand Capital Corporation&rsquo;s (&ldquo;Rand&rdquo; or the &ldquo;Company&rdquo;) special meeting of shareholders
scheduled to take place on May 16, 2019 (the &ldquo;Special Meeting&rdquo;). We own 1,455,993 of Rand&rsquo;s shares, or over 23%,
and are Rand&rsquo;s largest shareholder. We are leading an initiative to stop Rand from giving away control the Company in the
proposed transaction with East Asset Management, LLC (&ldquo;East&rdquo;) for far too little money.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">If the Board proceeds with the East transaction and declares the
proposed dividend (the &ldquo;Special Dividend&rdquo;), it will <B><U>COST YOU MONEY</U></B> and ownership, as we describe below.&nbsp;
The cash limitation on the Special Dividend could require you to pay your resulting tax with <B><U>YOUR OWN</U></B> money.&nbsp;
The Special Dividend also will further dilute your ownership in Rand.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>RAND IS ASKING YOU TO GIVE UP CONTROL OF
YOUR COMPANY</B><BR>
<B>FOR NO PREMIUM</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">We are extremely disappointed that Rand&rsquo;s board of directors
(the &ldquo;Board&rdquo;) has chosen to move forward with such a transaction and we urge you to <B><U>VOTE AGAINST</U></B> all
of the proposals to be voted upon at the Special Meeting because we believe the transaction is bad for shareholders for the following
reasons:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>INADEQUATE PRICE</U>: </B>East&rsquo;s $3.00 per share acquisition
price represents an approximately 41% discount to the Company&rsquo;s stated net asset value (NAV) of $5.06 per share as of March
31, 2019. This is in spite of the fact that East will gain a controlling interest, for which acquirers typically must pay a premium.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>GREATER RETURN UPON LIQUIDATION:</U></B> put another way,
Rand shareholders would receive an approximately 69% greater return, relative to East&rsquo;s $3.00 per share acquisition price,
if Rand simply sold off its assets for their NAV of $5.06 per share, as recent transactions by the Company prove can be done.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>SUBSTANTIAL DILUTION</U>: </B>current shareholders&rsquo;
investment in Rand will be diluted by approximately 24% as a result of the East transaction, reducing the NAV per share by $1.24
to $3.82 per share. At the same time, East will see the NAV of their investment increase 82 cents per share, or 27%. This significant
transfer of wealth from current shareholders to East has been approved by Rand management.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>POTENTIAL TAX CONSEQUENCES</U>: </B>there is no assurance
that Rand will declare the Special Dividend (or any cash dividends going forward), and if it does declare the Special Dividend,
the Special Dividend may not include sufficient cash to provide shareholders with the ability to fully satisfy the resulting tax
obligation.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>CONFLICTS OF INTEREST</U>: </B>the Adviser&rsquo;s fee structure
under the proposed Investment Management Agreement misaligns the interests of the Adviser and the Company&rsquo;s shareholders.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>QUESTIONABLE VALUATIONS</U>: </B>there is no credible support
that the value of the assets to be contributed by East (the &ldquo;Contributed Assets&rdquo;), which comprise 52.4% of the aggregate
consideration to be received by Rand, have been accurately measured.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>Please remember, you are not getting
paid anything for your shares if the transaction is approved, but you will be selling control of the Company.</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>INADEQUATE PRICE</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>The acquisition price of $3.00 per share represents an approximately
41% discount to Rand&rsquo;s NAV of $5.06 per share as of March 31, 2019. In a transaction where East will be acquiring a controlling
interest, we believe Rand should be commanding a <I><U>premium</U></I> for its shares, not giving them away for a 41% discount!</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">In the Definitive Proxy Statement filed by Rand on April 18, 2019
(the &ldquo;Proxy Statement&rdquo;), Rand management has taken great pains to argue that it is receiving income-producing assets
at an acceptable price, but ignores the question on which we are actually voting: <B><U>control of Rand AND fair compensation to
its shareholders</U></B>.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">If the proposed transaction is approved, East will own approximately
57% of Rand, with its stake possibly to increase with any dividend that is declared in the future. As of March 31, 2019, Rand&rsquo;s
NAV per share increased to $5.06 per share. <B>The $3.00 per share purchase price that East will be paying for its controlling
stake in your company is now an approximately 41% discount to Rand&rsquo;s most recently reported NAV per share! </B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>User-Friendly believes that East is providing extremely inadequate
financial consideration to you and all shareholders in return for depriving us of the benefit of this increase in Rand&rsquo;s
NAV and stripping away control for inadequate compensation. </B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>GREATER RETURN UPON LIQUIDATION</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Simply liquidating Rand&rsquo;s portfolio would net shareholders
an approximately 69% larger return than the proposed transaction with East.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">As of March 31, 2019, the fair value of Rand&rsquo;s total assets
was $32.5 million with net assets of $32.0 million. By simply undertaking an orderly and methodical liquidation of Rand&rsquo;s
asset portfolio, Rand shareholders would receive approximately $5.06 per share, which represents $2.06 or 69% more than the $3.00
per share offered by the proposed transaction with East.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Management contends that a liquidation would require selling the
portfolio at an approximate 41% discount to its fair value. However, this premise is not supported by Rand&rsquo;s own results
reported in its Quarterly Report on Form 10-Q filed on May 2, 2019. For example, Rand reports that it received a 6% <B><U>premium</U></B>
relative to carrying value from the realization of its investment in eHealth Global Technologies, Inc!</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Even if proceeds from an orderly liquidation of assets only yielded
75% of their fair value, equating to $3.80 per share, current shareholders would still receive 80 cents per share or 27% more than
the East acquisition price.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>We believe empirical evidence supports our view that Rand
could liquidate its portfolio for a premium to fair value, and not at a 41% discount, as is being proposed in the transaction with
East. We believe the competent execution of an orderly liquidation would yield well in excess of $3.00 per share to Rand shareholders.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">While the Proxy Statement and management&rsquo;s other public statements
claim that the Company&rsquo;s asset portfolio has a &ldquo;liquidation value&rdquo; of less than $3.00 per share, this statement
is based on Rand&rsquo;s assets &ldquo;being sold immediately or over a relatively short period of time.&rdquo;<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt"><SUP>[1]</SUP></FONT>
This fire sale approach is yet another example of management&rsquo;s poor judgment in our view.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>SUBSTANTIAL DILUTION</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>We do not believe that the proposed transaction adequately compensates
Rand or its shareholders for the significant dilution that will occur as a result of the proposed transaction with East.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">If the proposed transaction is approved, East will own approximately
57% of the Company&rsquo;s outstanding shares of common stock. Given that the 8,333,333.33 shares of common stock will be issued
at a price below the Company&rsquo;s per share NAV, <B><U>shareholders will suffer substantial dilution immediately upon consummation
of the proposed transaction, and will receive inadequate compensation for such dilution in our view.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">_____________________________</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>[1]</SUP></FONT> Page 3
of Appendix F of Proxy Statement.</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>Immediately upon the consummation of the proposed transaction,
Rand&rsquo;s NAV per share will drop to $3.82 per share, a $1.24 per share decline!</U></B> Because shareholders are not being
cashed out of their investments, shareholders will now hold a diluted investment that has been significantly impaired.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">To make matters worse, Rand has stated that management, the Board
and East intend to receive their portion of the Special Dividend in additional shares of common stock. Rand attempts to characterize
this noncommittal intention as a charitable gesture on management&rsquo;s and East&rsquo;s part, stating that it is a &ldquo;strong
indication of our confidence in the future of Rand and has the effect of increasing the amount of cash available to all other shareholders.&rdquo;<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt"><SUP>[2]</SUP></FONT>
<B><U>However, we see it as an additional means by which East will dilute current shareholders and increase its ownership at shareholders&rsquo;
expense.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Further, because the Company has structured the Special Dividend
to occur <I>after </I>the consummation of the proposed transaction, East will be entitled to 57% of the Special Dividend, as well
as its proportional share of any <I>future</I> dividends. <B><U>Therefore, if East elects to receive payment of the Special Dividend
in additional stock, East&rsquo;s ownership will increase further and if they take it in cash, it will reduce East&rsquo;s actual
cash contribution in the transaction to a meager $9 million!</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>POTENTIAL TAX CONSEQUENCES</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>The distribution of the Special Dividend, if declared, will
be taxable to shareholders and </B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>you may have to pay more tax out of your pocket than the cash
you receive in the dividend.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">In connection with Rand&rsquo;s plan to elect to be taxed as a
Regulated Investment Company (&ldquo;RIC&rdquo;), Rand currently intends to declare a Special Dividend equal to approximately $22.0
million. While there is significant uncertainty as to whether the Special Dividend will be declared, if it is declared, the Special
Dividend is taxable to Rand shareholders as a dividend, whether you elect to receive your portion in cash or stock. The 20% cap
on cash that Rand agreed to makes this even worse for you.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">As an illustrative example, a Rand shareholder who receives $100
worth of the Special Dividend, whether in cash or stock, could be obligated to pay approximately $33 in federal and state taxes
on the Special Dividend.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt"><SUP>[3][4]</SUP></FONT> However,
the cap limits the amount of cash you could receive in the Special Dividend to only $20, leaving you $13 short, <B>meaning that
you would have to go into your own pocket to pay the tax</B>!</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">_____________________</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>[2]</SUP></FONT> See Additional
Definitive Proxy Soliciting Materials filed by Rand on April 18, 2019.</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt"><SUP>[3]</SUP></FONT> Based on
assumed tax rates of 23.8% Federal Tax and 8.82% New York State tax.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Calibri, Helvetica, Sans-Serif"><SUP>[4]</SUP></FONT>
<FONT STYLE="font-family: Times New Roman, Times, Serif">This assumes an individual New York State resident in the highest applicable
tax bracket, whose shares were held for more than one year and as a capital asset, and the Special Dividend was qualified dividend
income.</FONT></P>


<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>QUESTIONABLE VALUATIONS</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>The assets being contributed by East (the &ldquo;Contributed
Assets&rdquo;) comprise 52.4% of the aggregate consideration to be received in the proposed transaction. Rand provides no assurances
that the value of these assets have been accurately assessed, while East has strong incentives to over-value the Contributed Assets.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">The substantial majority of the Contributed Assets are debt instruments
(<I>e.g</I>. promissory notes, term loans, term notes, etc.) with interest rates ranging from 12% to 12.5%, <B><U>which we believe
are indicative of high levels of risk</U></B>. There is no information in the Proxy Statement to suggest Rand management attempted
to maximize the value of the assets to be received, or to negotiate more favorable values attributable to the Contributed Assets.
This lack of negotiation is reflected in the fact that each high-risk debt instrument is valued at face value, meaning Rand obtained
no risk discount.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><U>We believe the absence of a detailed explanation as to the
process by which the Contributed Assets were valued and the lack of an independent appraisal in light of East&rsquo;s incentive
to over-value the Contributed Assets is an abrogation of management&rsquo;s responsibilities to Rand shareholders.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>CONFLICTS OF INTEREST</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>The Investment Management Agreement raises conflict of interests
concerns and the Adviser has no experience advising Business Development Companies.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">We believe that the proposed Investment Management Agreement to
be entered into by the Company with the Adviser presents real conflicts of interest that misalign the Adviser&rsquo;s and the Company&rsquo;s
interests. <B><U>The Proxy Statement itself warns Rand shareholders of these conflicts</U></B>:</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&ldquo;After the Closing, <B><U>the Incentive Fee payable
to the Adviser may create an incentive for the Adviser to make investments on [Rand&rsquo;s] behalf that are risky or more speculative
than would be the case in the absence of such a compensation arrangement</U></B>.&rdquo;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in">&ldquo;Unlike the Base Management Fee, the Income Based
Fee is payable only if the hurdle rate is achieved. Because the portfolio earns investment income on gross assets while the hurdle
rate is based on net assets, and because the use of leverage increases gross assets without any corresponding increase in net
asset, <B><U>the Adviser may be incentivized to incur leverage to grow the portfolio, which will tend to enhance returns where
[Rand&rsquo;s] portfolio has positive returns and increase the chances that such hurdle rate is achieved</U></B>.&rdquo; <FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt"><SUP>[5]</SUP></FONT>&nbsp;
[emphasis ours]&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.5in"></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">______________________</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><SUP>[5]</SUP> Page 27
of Proxy Statement.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">In addition, the Income Based Fee and the Capital Gains Fee payable
to East will <I>further</I> dilute current shareholders&rsquo; ability to participate in any upside return Rand may earn, <B><U>as
East would be entitled to 20% of any pre-incentive fee net investment income and 20% of any net realized capital gains.</U></B>
The benefits of any appreciating portfolio assets will accrue to the Adviser, a separate entity that could sell itself, <B><U>siphoning
away any accrued value from Rand shareholders.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Supposedly, the externalization of Rand&rsquo;s management to the
Adviser is beneficial to Rand and its shareholders due to the wealth of &ldquo;expertise&rdquo; the Adviser possesses. However,
<B><U>the Adviser has no experience acting as an investment advisor to a Business Development Company</U></B>.<FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 12pt"><SUP>[6]</SUP></FONT></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">If Rand&rsquo;s current management is incapable of leveraging its
own expertise for Rand&rsquo;s benefit, the decision to include two of the existing Rand executives on the Investment Committee
(40% of the total five-person Investment Committee) is a confounding one. <B><U>We do not believe instituting a completely new
investment advisory process, which alters the investment philosophy of the Company, simultaneously inserting an inexperienced Adviser
to oversee it all, while removing most of the liability of the Adviser, is a prudent course of action for Rand.</U></B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center">****</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">As outlined above, our opinion is clear that the proposed transaction
gives away control of the Company without getting paid adequately, shareholders are not being compensated adequately and the East
transaction is not in the best interests of shareholders and should not be approved at the Special Meeting. We are disappointed
that Rand&rsquo;s management and Board have chosen to move forward with such an inadequate transaction. It appears to us that the
Board abrogated its duty to Rand&rsquo;s shareholders by agreeing to a deal that is favorable to East at the expense of the current
shareholders.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>DON&rsquo;T GIVE UP CONTROL OF RAND FOR
NO CONSIDERATION</B><BR>
<B>PLEASE VOTE &ldquo;<U>AGAINST</U>&rdquo; ALL PROPOSALS ON THE ENCLOSED WHITE PROXY CARD TODAY.</B><BR>
<B>DISCARD ANY CARD YOU RECEIVE FROM RAND.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>EVEN IF YOU HAVE ALREADY VOTED ON THE PROXY
CARD SENT TO YOU BY RAND, YOU CAN STILL CHANGE YOUR VOTE USING THE ENCLOSED <U>WHITE</U> PROXY CARD. ONLY YOUR LATEST DATED PROXY
CARD WILL COUNT.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><B>WE NEED YOU TO VOTE &ldquo;<U>AGAINST</U>&rdquo;
EACH PROPOSAL TO BE VOTED UPON AT THE SPECIAL MEETING TO PROTECT YOUR INVESTMENT.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">In order to cast your vote &ldquo;<B><U>AGAINST</U></B>&rdquo;
all proposals, you can simply complete the enclosed <B>WHITE</B> card and return it as instructed.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">_________________</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">[6] Page 25
of Proxy Statement.</P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">We appreciate your support, and if you need assistance or have
any questions, please call our proxy solicitor, MacKenzie Partners, Inc., toll-free at (800)&nbsp;322-2885&nbsp;or (212)&nbsp;929-5500&nbsp;or
by email to proxy@mackenziepartners.com.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Sincerely,</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">/s/</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Bruce Howard</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Chief Executive Officer</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">User-Friendly Phone Book, LLC</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>CERTAIN INFORMATION CONCERNING THE PARTICIPANT</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">User-Friendly Phone Book, LLC (&ldquo;User-Friendly&rdquo;) is
the sole participant in this solicitation. User-Friendly has filed a definitive proxy statement with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;) 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 &ldquo;Company&rdquo;) scheduled to be held on May 16, 2019.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>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 SEC&rsquo;S WEB SITE AT&nbsp;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-FRIENDLY&rsquo;S
PROXY SOLICITOR, MACKENZIE PARTNERS, INC., TOLL-FREE AT (800) 322-2885 or (212) 929-5500.</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">As of the date hereof, User-Friendly owns 1,455,993 shares of common
stock of the Company, representing approximately 23.0% of the issued and outstanding shares of the Company.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>About User-Friendly Phone Book</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Operating since 1999, User Friendly Media boasts a portfolio of
print, digital and mobile marketing solutions for small business. The company&rsquo;s product suite includes 35 print directories,
User Friendly Apps, a mobile app builder, User Friendly Mobile ads, a platform for serving locally-targeted mobile ad impressions
and GoLocal247.com, one of the fastest growing local business directory websites in the country.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Investor Contact:</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Paul Schulman / David Whissel</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">MacKenzie Partners</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">212-929-5500</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"><B>Media Contact:</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Dan Gagnier / Jeffrey Mathews</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">Gagnier Communications</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">646-569-5897</P>



<P STYLE="margin: 0">&nbsp;</P>

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