Rand Capital Investor Presentation — August 2021

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© 2021 Rand Capital Corporation Nasdaq: RANDSECOND QUARTER 2021

Allen F. “Pete” Grum

Executive Vice President & CFO© 2021 Rand Capital Corporation Nasdaq: RANDFORWARD LOOKING STATEMENTS

This presentation contains “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amen ded, and Section

21E of the Securities Exchange Act of 1934, as amended. All statements, other than historical facts, including but not limite d to statements regarding

the intention of Rand Capital Corporation (“Rand” or the “Company”) and Rand Capital SBIC, Inc. (“Rand SBIC”) to elect to be taxed as a regulated

investment company (“RIC”) for U.S. federal tax purposes; the effectiveness of, and execution on, Rand’s investment strategy; scope of services to be

provided by Rand Capital Management, Rand’s investment advisor, and the investment processes to be used by Rand Capital Management each under

the investment advisory and management agreement with Rand, the competitive ability and position of Rand, and any assumptions underlying any of

the foregoing, are forward -looking statements. Forward -looking statements concern future circumstances and results and other sta tements that are

not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “end eavor,” “seek,” “anticipate,”

“estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Should

one or more of these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual resul ts may vary materially

from those indicated or anticipated by such forward -looking statements. The inclusion of such statements should not be regarded as a representation

that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ mate rially from such plans,

estimates or expectations include, among others, (1) the risk that Rand and/or Rand SBIC may be unable to fulfill the conditi onsrequired in order to

elect to be treated as a RIC for U.S. tax purposes;

(2) evolving legal, regulatory and tax regimes; (3) changes in general economic and/or industry specific conditions; and (4) other risk factors as

detailed from time to time in Rand ’s reports filed with the Securities and Exchange Commission (“SEC”), including Rand’s ann ualreport on

Form 10 -K for the year ended December 31, 2020, quarterly reports on Form 10 -Q, the preliminary and definitive proxy statements and other

documents filed with the SEC. Consequently, such forward -looking statements should be regarded as Rand’s current plans, estimat es and beliefs.