RAND CAPITAL CORP — Director's Dealing 2005

Jan 11, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2005-01-07

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-07	Common Stock	G	75000	—	Disposed	576579	Direct

Footnotes

F1: Transaction voluntarily reported earlier than required.