Rand Capital Investor Presentation — November 2022

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© 2022 Rand Capital Corporation Nasdaq: RANDTHIRD QUARTER 2022

Margaret W. Brechtel

EVP & CFO© 2022 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 expectations of Rand Capital Corporation (“Rand” or the “Company”) to continue to be taxed as a regulated inves tment company (“RIC”)

for U.S. federal income tax purposes; the effectiveness of, and execution on, Rand’s investment strategy and 2022 objectives; the investment

processes to be used by Rand Capital Management under the investment advisory and management agreement with Rand, the competi tive ability and

position of Rand, the amount of the Company’s dividend per share in future periods, 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 no t historical facts

and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anti cipate,” “estimate,”

“overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or exp ressions. 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 -looking statements. The inclusion of such statements should not be regarded as a repres entation that such

plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially fro m such plans, estimates or

expectations include, among others, (1) the risk that Rand may be unable to continue to fulfill the conditions required in or derto be treated as a RIC

for U.S. federal income 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, 2021, quarterly reports on Form 10 -Q, the preliminar y and definitive

proxy statements and other documents filed with the SEC. Consequently, such forward -looking statements should be regarded as Ra nd’s current