Rand Capital Investor Presentation — May 2020 - Rand Capital Corporation

Document content

Allen F. “Pete” Grum

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 no t limited to

statements regarding the intention of Rand Capital (“Rand,” “Rand Capital” or the “Company” ) and Rand Capital SBIC, Inc. (“R andSBIC”) to

elect to be taxed as a regulated investment company (“RIC”) for U.S. federal tax purposes; the impact of the COVID -19 pandemic o n Rand

and our portfolio companies; the timing and completion of the contemplated reverse stock split; the number of shares of Rand’ s common

stock outstanding after the completion of the reverse stock split; the amount of Rand common stock that the Company plans to

repurchase and the time period during which such repurchases are to occur; the competitive ability and position of Rand and t he ability of

Rand to execute on its investment strategy; and any assumptions underlying any of the foregoing, are forward -looking statements.

Forward -looking statements concern future circumstances and results and other statements that are not historical facts and are s ometimes

identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate ,” “overestimate,”

“underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Shoul d one or more of

these risks or uncertainties materialize, or should underlying assumptions prove to be incorrect, actual results may vary mat erially 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 todiffer

materially from such plans, estimates or expectations include, among others, (1) the risk that Rand Capital and/or Rand SBIC maybe

unable to fulfill the conditions required in order to elect to be treated as a RIC for U.S. tax purposes; (2) the risk that t he Company is

unable to complete the reverse stock split; (3) uncertainty around the scope of the impact of the COVID -19 pandemic and its spec ific

impact on our portfolio companies; (4) evolving legal, regulatory and tax regimes; (5) changes in general economic and/or ind ustry specific

conditions; and (6) other risk factors as detailed from time to time in Rand Capital’s reports filed with the Securities and Exchange