Press release

Rand Capital Announces First Quarter 2019 Financial Results Conference Call and Webcast

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Rand
Capital Corporation
(Nasdaq:RAND) (“Rand”), a business development
corporation, announced today that it will release its first quarter 2019
financial results before the opening of financial markets on Thursday,
May 2, 2019.

The Company will host a conference call and webcast that same day to
review its results, and discuss its corporate strategies. A
question-and-answer session will follow.

First Quarter 2019 Conference Call

Thursday, May 2, 2019
3:30 p.m. Eastern Time
Phone: (201)
689-8263
Webcast: http://ir.randcapital.com/news-events

A telephonic replay will be available from 6:30 p.m. ET on the day of
the call through Thursday, May 9, 2019. To listen to the archived call,
dial (412) 317-6671 and enter replay pin number 13689533. The webcast
replay will be available in the Investors section at www.randcapital.com,
where a transcript will also be posted once available.

ABOUT RAND CAPITAL
Rand Capital (Nasdaq:RAND) is a Business
Development Company (BDC) with a wholly owned subsidiary licensed by the
U.S. Small Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand currently focuses its equity investments in early
or expansion stage companies and generally lends to more mature
companies. The Company seeks investment opportunities in businesses with
strong leaders who are bringing to market new or unique products,
technologies or services that have a high potential for growth.

Additional information can be found at the Company’s website where it
regularly posts information: http://www.randcapital.com/.