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3.7% SVVC Shareholder Rawleigh Ralls Issues Statement to Firsthand Technology Value Fund Directors Kimun Lee, Greg Burglin, Nicholas Petredis and Rodney Yee, Whom Mr. Ralls Believes Have for Years RUBBER STAMPED EXCESSIVE FEES AND DISMAL INVESTMENT PERFORMANCE

Mr. Ralls Urges "Independent" Directors to TERMINATE FAILING FUND MANAGEMENT BEFORE REMAINING ASSETS ARE SQUANDERED OR SIPHONED-OFF AS FEES

BOULDER, Colo. and SAN JOSE, Calif., May 20, 2021 (GLOBE NEWSWIRE) -- The following is a statement from Firsthand Technology Fund (Nasdaq: SVVC) 3.7% shareholder Rawleigh Ralls regarding his views on the Fund's independent board members, Kimun Lee, Greg Burglin, Nicholas Petredis and Rodney Yee and the Fund's performance. Mr. Ralls believes have each sat on the Board of SVVC for most or all of the Fund’s life. Mr. Ralls believes these Directors have presided over an "epic failure of fund management performance in seemingly unblinking fashion."

  • For the nearly 10 years that these individuals have served as directors, SVVC’s share price declined 78% through year-end 2020.

  • Despite this performance, the Board has repeatedly renewed the contract with the Fund’s advisor, Firsthand Capital Management, led by Kevin Landis.

  • Mr. Ralls believes these Board members also "rubber stamped unconscionable fund management fees" totaling $33.8M over nearly ten years, yet SVVC’s market cap has shriveled to just $42M.

  • For this work, over most of the last 3 years, SVVC directors have been paid $50,000 per year, up 150% from $20,000 per year in 2016, "despite SVVC’s death spiral destruction of shareholder value," added Mr. Ralls.

  • SVVC’s Code of Ethics states that directors “owe a fiduciary duty to fund shareholders. This means a duty of loyalty, fairness and good faith toward the shareholders, and a corresponding duty not to do anything prejudicial to or in conflict with the interests of the shareholders.”

Looking beyond the technical definition of “independence” used for the SVVC board, each of these purported “independent directors” has collected or is collecting additional fees at other Firsthand entities:

  • Lee has been a trustee of 2 other Firsthand Funds since 2013.

  • Yee was a trustee for 2 Firsthand Funds from 2010-2013.

  • Burglin has been a trustee of 2 other Firsthand Funds since 2008.
    Prior to joining SVVC’s board, Petredis served as Chief Compliance Officer for Firsthand Funds from 2008 to 2013 and Chief Compliance Officer of SVVC.

Unfortunately, while shareholders have for years spoken and asked for change, the board has not listened. Last year shareholders voted significantly in favor (more than 2 to 1) of a non-binding proposal that the board seek any and all measures to enhance shareholder value, including: (1) orderly termination of the fund, (2) orderly liquidation of SVVC assets with distribution of available cash to shareholders, (3) tender offers for SVVC shares using available cash from any and all investment exits, (4) merger of the fund into an entity offering shareholder exits near net asset value (NAV), or (5) other measures likely to allow shareholders to exit SVVC near its NAV.

One year later and nothing has happened.

This year there is a similar but Binding Proposal to terminate Firsthand’s contract as the Advisor to the Fund (which would eliminate $2M+ in annual fees earned while failing their shareholders).

Two-thirds (2/3’s) of voting shareholders must cast their vote in favor of this proposal for it to pass, and it is believed that that Mr. Landis is allowed to vote his nearly 10% share holding in opposition to this proposal, despite his obvious conflict of interest.

But the vote should not even matter!

A truly independent and sentient Board has ample reason to replace Firsthand Capital Management and Mr. Landis, given:

  1. "The dismal share price performance since inception,"

  2. "The market’s disdain for SVVC, its management and portfolio" – as the fund currently trades at a 60% discount to stated NAV, and

  3. Firsthand continues to employ “sell winners early” and “throw good money after bad” strategies "to prop up failing portfolio company valuations and support higher management fees."

Replacing Firsthand Would be Neither Difficult Nor Costly

  • It will not be difficult transitioning to a new fund advisor.

  • There are plentiful options to replace Firsthand with those with better qualifications, performance and lower fees.

  • A new advisor would bring desperately needed fresh perspective and assistance with portfolio company analysis, investment strategy and fundraising – that has been sorely needed for many years.

  • SVVC shareholder Rawleigh Ralls has volunteered to help in an advisor transition – free of charge.

Rawleigh Ralls is a successful and experienced board member and investor and a significant SVVC shareholder. He has multiple options for constructive changes for the board to consider. He implores the Board to be accountable to their shareholders, to eliminate any conflicts of interest and to uphold their fiduciary duty by acting immediately to bring needed change to the leadership of Firsthand Technology Value Fund.

IMPORTANT INFORMATION CONCERNING THIS COMMUNICATION
This press release is being issued pursuant to Rule 14a-2(b)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy. I am not asking for your proxy card and will not accept proxy cards if sent. The cost of this communication is being borne entirely by Rawleigh Ralls.

Contact:
Rawleigh Ralls
rallsrawleigh@gmail.com



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