COMP <GO>

AMTD vs RAND // ALTMAN Z-SCORE & DEBT/EQUITY

AMTD IDEA Group each representing three hundred sixty (360) (Class A) (NYSE) VS. Rand Capital Corporation (NASDAQ) • 15-METRIC TALLY: AMTD 3 — RAND 1

■ METRIC PARITY

AMTD — AMTD IDEA Group each representing three hundred sixty (360) (Class A) ROARABLE D • RQD 46/100

LAST: $19.12 (-2.65%) • MKT CAP: $31.3M

DES <GO> FA <GO> 10-K RED <GO>

balance-sheet

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RAND — Rand Capital Corporation ROARABLE D- • RQD 39/100

LAST: $9.52 (+0.21%) • MKT CAP: $28.2M

DES <GO> FA <GO> 10-K RED <GO>

balance-sheet

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (AMTD VS. RAND) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	AMTD	RAND	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	4.90%	-15.40%	+20.30	AMTD	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	66.40%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	25.80%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.00%	0.00	TIE	/dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	3/9	+3.00	AMTD	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	32.7	44.6	-11.90	RAND	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	—	—	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$31.3M	$28.2M	$3.1M	AMTD	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	AMTD REV	RAND REV	AMTD GROSS %	RAND GROSS %	AMTD FCF	RAND FCF
FY 2025	$101.2M	$22.3M	—	—	$17.1M	$11.3M
FY 2024	$80.5M	$30.4M	—	—	$5.2M	$15.3M
FY 2023	$130.9M	$31.7M	—	—	$40.0M	-$8.3M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

AMTD // BETA —

RAND // BETA —