FORM 4 OMB Approval U.S. SECURITIES AND EXCHANGE COMMISSION --------------------------- [ ] Check this box if no longer WASHINGTON, D.C. 20549 OMB Number: 3235-0287 subject to Section 16. Form Expires: September 30, 1998 4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden continue. See Instruction 1(b). hours per response .... 0.5 Filed pursuant to Section 16(a) of the Securities and Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940 ------------------------------------------------------------------------------------------------------------------------------------ 1. Name and Address of Reporting Person*| 2. Issuer Name and Ticker or Trading Symbol | 6. Relationship of Reporting Person | | to Issuer (Check all applicable) ~~Grum~~Rand ~~Allen~~Jayne FK. | Rand Capital ~~Corporation~~Corp. - RAND | __X__ Director _____ 10% Owner -------------------------------------------------------------------------------------------| ~~__X__~~_____ Officer (give title below) (Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Other (specify below) | Security Number | Month/Year | ~~__President______________________~~_________________________________ ~~2200~~6 ~~Rand~~Arlington ~~Building~~Place | of Reporting | ~~March,~~May 2001 |---------------------------------------- ---------------------------------------| Person (Voluntary) |-------------------------| 7. Individual or Joint/Group Filing (Street) | | 5. If Amendment, | (Check Applicable Line) | | Date of Original | _X_ Form filed by One Reporting Person | | (Month/Year) | ___ Form filed by more than one Buffalo NY ~~14203~~14201 | | | Reporting Person ------------------------------------------------------------------------------------------------------------------------------------ (City) (State) (Zip) | Table I - Non Derivative Securities Acquired, Disposed of, or Beneficially Owned ------------------------------------------------------------------------------------------------------------------------------------ 1. Title of Security | 2.Transaction | 3.Transaction | 4.Securities Acquired(A) | 5.Amount of | 6.Owner-| 7.Nature (Instr. 3) | Date | Code | or Disposed of (D) | Securities | ship | of | (Month/Day/ | (Instr. 8) | (Instr. 3, 4, and 5) | Beneficially| Form: | Indirect | Year) | | | Owned at End| Direct | Bene- | | --------------|--------------------------| of Month | (D) or | ficial | | | | Amount | (A) | Price | (Instr. 3 | Indirect| Owner- | | Code | V | | or | | and 4) | (I) | ship | | | | | (D) | | |(Instr.4)|(Instr.4) ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- Common Stock | 35/~~2/01~~22 | PS | | ~~10,000~~6000 | AD | $2.~~125~~46 | 24201,~~400~~609 | D | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- Common Stock | 5/22 | S | | 250 | D | $2.45 | 201,359 | D | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | ~~46,728~~ | ~~IRA~~ | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|--------- | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ Reminder: Report on a separate line for each class of securities beneficially owned, directly or indirectly. (over)

FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES) ------------------------------------------------------------------------------------------------------------------------------------ 1.Title of Derivative Security | 2.Conversion | 3.Transaction | 4.Transaction | 5.Number of | 6.Date Exer- | 7.Title and Amount (Instr. 3) | or Exercise | Date | Code | Derivative | cisable and | of Underlying | Price of | | (Instr. 8) | Securities | Expiration Date | Securities | Derivative | (Month/Day/ | | Acquired (A) | (Month/Day/Year) | (Instr. 3 and 4) | Security | Year) | | or Disposed | | | | | | of (D) |-------------------------------------- | | | | (Instr. 3, | Date | Expir- | | Amount or | | | | 4, and 5) | Exer- | ation | Title | Number of | | |---------------|--------------| cisable | Date | | Shares | | | Code | V | (A) | (D) | | | | ------------------------------------------------------------------------------------------------------------------------------------ | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|---------- | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------ 8.Price of | 9.Number of | 10.Ownership | 11.Nature of | Derivative | Derivative | Form of | Indirect | Security | Securities | Derivative | Beneficial | (Instr. 5) | Beneficially | Security; | Ownership | | Owned at End | Direct (D) or | (Instr. 4) | | of Month | Indirect (I) | | | (Instr. 4) | (Instr. 4) | | -------------------------------------------------------------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | --------------|----------------|-------------------|---------------| | | | | ------------------------------------------------------------------- Explanation of Responses: /s/ Daniel P. Penberthy 36/125/01 ------------------------------------ ----------------- **Signature of Reporting Person Date ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure. Page 2

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