RAND CAPITAL CORP — Director's Dealing 2004

Mar 18, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2004-02-04

Reporting Person: NEWMAN REGINALD B II (Director, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-04	Common Stock	G	45000	—	Disposed	688179	Direct
2004-02-13	Common Stock	G	36600	—	Disposed	651579	Direct