RAND CAPITAL CORP — Director's Dealing 2006

May 12, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2006-05-11

Reporting Person: ZAK ROBERT M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-05-11	Common Stock	P	6100	$1.70	Acquired	16100	Direct
2006-05-11	Common Stock	P	100	$1.64	Acquired	16200	Direct
2006-05-11	Common Stock	P	200	$1.61	Acquired	16400	Direct
2006-05-11	Common Stock	P	2500	$1.60	Acquired	18900	Direct
2006-05-11	Common Stock	P	600	$1.59	Acquired	19500	Direct
2006-05-11	Common Stock	P	400	$1.58	Acquired	19900	Direct
2006-05-11	Common Stock	P	100	$1.57	Acquired	20000	Direct