Notes: May 22, 2020 -- Rand Capital Corporation (Nasdaq:RAND) (“Rand” or “Rand Capital” or the “Company”), a business development company, today confirmed that it is proceeding with its previously announced 1-for-9 reverse stock split of the Company's common stock. The reverse split will be effective today at 5:00 p.m. Eastern Time (the "Effective Time"), and the Company's common stock will begin trading on a split-adjusted basis on the Nasdaq Stock Market as of the market open on May 22, 2020. The reverse stock split affects all issued and outstanding shares of the Company's common stock including shares held in treasury. The reverse stock split will reduce the number of issued and outstanding shares of the Company's common stock from 23,845,470 shares and 23,304,424 shares, respectively, to approximately 2,649,496 shares and 2,589,380 shares, respectively, subject to payment of cash in lieu of fractional shares. The reverse stock split affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding common stock, except for adjustments that may result from the treatment of fractional shares.