Rand Capital Investor Presentation — November 2021

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© 2021 Rand Capital Corporation Nasdaq: RANDTHIRD 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 be taxed as a regulated investment

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

used by Rand Capital Management each under the investment advisory and management agreement with Rand, the competitive abilit y and position of

Rand, and any assumptions underlying any of the foregoing, are forward -looking statements. Forward -looking statements concern fu ture

circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,”

“potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “c ould,” “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 results may vary materially from those indicated or anticipated by such forward -lookin g statements. The

inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be ac hieved. Important

factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others , (1) the risk that Rand

and/or Rand SBIC may be unable to fulfill the conditions required in order 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 annual report 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.

Except as required by applicable law, Rand assumes no obligation to update the forward -looking information contained in this pre sentation.