PRESS RELEASE


HARRIS & HARRIS GROUP, INC. OCTOBER 17, 2002
ONE ROCKEFELLER PLAZA
NEW YORK, NEW YORK 10020
NASDAQ/NMS SYMBOL: TINY
CONTACT: CHARLES E. HARRIS
TEL. NO. (212) 332-3606



HARRIS & HARRIS GROUP REPORTS NET ASSET VALUE PER SHARE OF $2.61


Harris & Harris Group, Inc. (the "Company") reported today net asset value per share ("NAV") of $2.61 as of September 30, 2002. During the quarter ended September 30, 2002, total assets increased by $5,966,577 to $32,784,985; net assets increased by $6,326,958 to $30,059,083; and shares outstanding increased by 2,634,614. During the quarter, the Company sold 2,634,614 shares of its common stock in a transferable rights offering for net proceeds after expenses of $5,665,970 or $2.15 per share.

Harris & Harris Group is a publicly traded venture capital company. The Company's last eight private equity investments have been in tiny-technology enabled companies.

SUMMARY OF FINANCIAL RESULTS

September 30, 2002 June 30, 2002 December 31, 2001
(Unaudited) (Unaudited) (Audited)
Total Assets $32,784,985 $26,818,408 $39,682,367
Net Assets $30,059,083 $23,732,125 $24,334,770
Total Income Tax Liability $783,545 $1,315,878 $1,619,538
Accrued Profit Sharing $427,047 $427,567 $178,282
Net Asset Value per Share $2.61 $2.68 $2.75
Shares Outstanding 11,498,845 8,864,231 8,864,231


Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 common shares outstanding.

Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.tinytechvc.com.

This press release may contain statements of a forward-looking nature relating to future events. Statements contained in this press release that are forward looking statements are intended to be made pursuant to the Safe Harbor Provisions for the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K and recent Prospectus filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Harris & Harris Group, Inc. undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.


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