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Emancipation Management LLC
> RAND
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 12/31/2019 | RAND CAPITAL CORP | RAND | 116,798 | -2,191 | 313,000 | 16,000 | $2.68 |
| 09/30/2019 | RAND CAPITAL CORP | RAND | 118,989 | -16,500 | 297,000 | -58,000 | $2.50 |
| 06/30/2019 | RAND CAPITAL CORP | RAND | 135,489 | -28,960 | 355,000 | -111,000 | $2.62 |
| 03/31/2019 | RAND CAPITAL CORP | RAND | 164,449 | -58,393 | 466,000 | -91,000 | $2.83 |
| 12/31/2018 | RAND CAPITAL CORP | RAND | 222,842 | -11,000 | 557,000 | -4,000 | $2.50 |
| 09/30/2018 | RAND CAPITAL CORP | RAND | 233,842 | -35 | 561,000 | -68,000 | $2.40 |
| 06/30/2018 | RAND CAPITAL CORP | RAND | 233,877 | 1,237 | 629,000 | 3,000 | $2.69 |
| 03/31/2018 | RAND CAPITAL CORP | RAND | 232,640 | -46,960 | 626,000 | -218,000 | $2.69 |
| 12/31/2017 | RAND CAPITAL CORP | RAND | 279,600 | 5,715 | 844,000 | 39,000 | $3.02 |
| 09/30/2017 | RAND CAPITAL CORP | RAND | 273,885 | -3,565 | 805,000 | 31,000 | $2.94 |
| 06/30/2017 | RAND CAPITAL CORP | RAND | 277,450 | -12,296 | 774,000 | -107,000 | $2.79 |
| 03/31/2017 | RAND CAPITAL CORP | RAND | 289,746 | -3,000 | 881,000 | -44,000 | $3.04 |
| 12/31/2016 | RAND CAPITAL CORP | RAND | 292,746 | 97,846 | 925,000 | 217,000 | $3.16 |
| 09/30/2016 | RAND CAPITAL CORP | RAND | 194,900 | -36,835 | 708,000 | -179,000 | $3.63 |
| 06/30/2016 | RAND CAPITAL CORP | RAND | 213,400 | -29,576 | 761,000 | -129,000 | $3.57 |
| 03/31/2016 | RAND CAPITAL CORP | RAND | 227,734 | -15,242 | 1,033,000 | 143,000 | $4.54 |
| 12/31/2015 | RAND CAPITAL CORP | RAND | 242,976 | 11,241 | 890,000 | 3,000 | $3.66 |
| 09/30/2015 | RAND CAPITAL CORP | RAND | 231,735 | 231,735 | 887,000 | 887,000 | $3.83 |
| 06/30/2015 | RAND CAPITAL CORP | RAND | 223,850 | 223,850 | 862,000 | 862,000 | $3.85 |
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