RAND CAPITAL CORP — Director's Dealing 2004

Feb 25, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2004-02-24

Reporting Person: KAILBOURNE ERLAND E (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-02-24	Common Stock	P	9000	$1.3842	Acquired	10000	Direct

Footnotes

F1: 1000 shares indirectly owned by spouse