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Non-Tech : Harris & Harris Group (TINY)

TINY 1.310

0.0%

Apr 3 5:00 PM EST

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To: Boyd Hinds who wrote (12)	10/20/1999 12:48:00 PM
From: Douglas V. Fant	of 142

Boyd, Agreed SILK adds about 28 cents/share to HHGP value making a NAV of about $2.82/share. Now I did some research on SciQuest for valuations purposes. First per a 3/26/99 press release HHGP owned 3.61% of SciQuest and valued that at $775,000. Now in 5/26 HHGP exercised some warrants and picked up another 26,822 shares of SciQuest at basically $2.80/share or about $75,000. That's all that I could completely determine. Now currently HHGP values its Sciquest equity at $3.2mm I do believe. The DLJ Press release suggested that SciQuest post-IPO would bring in an estimated $90mm. Now 3.61% of $90mm is about the $3.2mm current valuation that HHGP suggests. Unaccounted for are the 26,822 shares picked up in May- I wonder if there was a prorated exercise of options back then by various noteholders?.... In any case divide 9.24 mm shares in to $3.2mm adds an additional 35 cents share to HHGP's value or about $3.16 share roughly. If you place a valuation of 2x or 3x book value on HHGP then HHGP should eventualy trade into the $6.25-$9.50 share range, where I believe it is headed.... Anyone please feel free to critique my feeble effort!

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