Michael Moe's (CEO, Chairman + CIO, GSV Capital) opening keynote at GSV Capital's (NASDAQ: GSVC) 3rd Annual Investor Day held on June 1, 2016 at GSVlabs. View Michael's presentation here: https://www.youtube.com/watch?v=xjGBfEk8Gek

1. 2016 GSV Capital
3rd Annual Investor Day
June 1, 2016
Michael Moe, CFA Co-Founder, GSV @michaelmoe

2. GSV Capital (NASDAQ:GSVC)
Investors GSVC Investments
Public Growth
- Ins!tu!onal
- Individual
- Family Office

3. 2015 IN REVIEW

4. $54.2 Million
Net Realized Gains

5. $2.76
Dividend

6. RIC APPROVAL

7. Investments in:

8. 43
Net Promoter Score
Por!olio Companies

9. LESSONS LEARNED
First 5 Years

10. 1) Focus on emerging growth
stage companies… Series B
and beyond.

11. 2) Don’t buy shares too close
to the IPO.

12. 3) We’re agnos!c between
primary and secondary shares…
but GSV has compe!!ve
advantages in secondaries.

13. 4) Avoid “lead” investments
and make sure there are top
ins!tu!onal investors involved.

14. 5) Sell when you have an
opportunity at a fair price.

15. 6) Create unfair advantages
through GSV ecosystem… a
strong brand creates
opportuni!es.

16. 7) Being right on the
fundamentals is more
important than being perfect
on valua!on.

17. 8) Create our own research
rather than relying on “experts”
and pundits.

18. 9) Short term market vola!lity
creates long term investment
opportunity.

19. 10) It’s all about the PEOPLE.
Great TEAMS find a way to
win.

20. PORTFOLIO
State of Play

21. 47
Investments

22. Q1 Net Assets 2016
$243.1 Million

23. Q1 NAV 2016
$10.96 per share

24. 100%+ Por!olio Growth Rate
2013 2014 2015E
104%
145%
100%

25. 6%
49%
11%
26%
9%
Series A
Series B
Series C
Series D & Later
Public
91% Investments B Round + Beyond
*Figures are based upon the fair value of each holding as of March 31, 2015, or the cost basis of the holding (exclusive of transaction costs) if the investment closed subsequent to March 31, 2015. In
either case, these values are divided by the net assets of GSV Capital as of March 31, 2015.

26. 34%
67%
Primary
Secondary
Primary vs. Secondary Investments
*Figures are based upon the fair value of each holding as of March 31, 2015, or the cost basis of the holding (exclusive of transaction costs) if the investment closed subsequent to March 31, 2015. In
either case, these values are divided by the net assets of GSV Capital as of March 31, 2015.

27. 6%
13%
33%
18%
30%
Educa!on Technology
Social/Mobile
Cloud/Big Data
Marketplaces
Sustainability
Por"olio Distribu!on by Sector
*Figures are based upon the fair value of each holding as of March 31, 2015, or the cost basis of the holding (exclusive of transaction costs) if the investment closed subsequent to March 31, 2015. In
either case, these values are divided by the net assets of GSV Capital as of March 31, 2015.

28. GSV Invests Alongside Leading VCs
4
8
12
8
4
8
56
*Number of Investments to date

29. Top 10 Posi!ons = 54% of Por"olio
14.2%
5.9%
5.0%
4.4%
4.3%
4.3%
4.2%
4.1%
3.7%
3.7%

30. Realized
Gains &
Losses 2015
Gains $64.6M
Losses $10.4M
Net $54.2M
IRR 31.7%
Calculated based on full realized gains/losses that occurred in 2015, not including the par"al sales made in Twi#er ($40.2MM in net proceeds) and SugarCRM ($1.9MM in net proceeds) as G
Capital s"ll hold both posi"ons.

31. $26.9 Million
Realized Gain

32. 40.9% IRR

34. $37.2 Million
Realized Gain

35. 65.1% IRR

36. Realized Losses
Totus Solu!ons ($6,052,203)
DailyBreak ($2,854,204)
rSmart ($1,264,160)
NewZoom ($260,476)
TOTAL ($10,431,043)

37. $31 Million
2015 Investments

38. $10 Million
2015 Investment

39. $16.2 Million
Fair Value, Q1 2016

40. 100 Million
Users

41. 30 Million
Subscribers

42. 50%
Younger than 27
Source: Company Disclosures

43. 70%
Reten"on of 2010
CustomersSource: Company Disclosures

44. $4 Million
2015 Investment

45. $5.4 Million
Fair Value, Q1 2016

47. +

48. $2 Million
2015 Investment

49. $12 Million
Fair Value, Q1 2016

52. $4 Million
2015 Investment

53. $14 Million
Fair Value, Q1 2016

54. 93 Million
Americans Un-banked or
Under-banked
Source: FDIC

55. $2.5 Million
2015 Investment

56. $14.0 Million
Fair Value, Q1 2016

57. $1 Billion Series F
Led by GM

58. Global Alliance

59. $3.5 Million
2015 Investment

60. $6.9 Million
Fair Value, Q1 2016

61. Supply &
Demand

62. Annual IPOs: 1990 - 2000
406
Source: University of Florida (Professor Jay Ritter, Cordell Professor of Finance, 2016)

63. Annual IPOs:2000 - 2015
111
406
Source: University of Florida (Professor Jay Ritter, Cordell Professor of Finance, 2016)

64. 77
VC backed companies
went public in 2015

65. 3.1 Years
Time to Mone"za"on
2000

66. 10 Years
Time to Mone"za"on
2015

67. 3,200
Average number of
companies VC invested in
2001-2015

68. 3,709
Companies Receiving VC
Investment in 2015

69. 2,000+
VC-Backed Private
Companies with
$100M+ Market Value

70. 16,000
2,000
250
25
35,000 VC-Backed Companies

71. IPO Market Cap
<$100M
Enterprise
Value
>$1B
Enterprise
Value
1990s Today

72. $1.9 Trillion
U.S. Corporate
Cash
Source: New York Times

73. More than India’s
ENTIRE GDP

74. You could effec!vely purchase:

75. Technology Industry Rapidly
Consolida!ng

76. 2010-2015
504
M&A Transac!ons
Source: Capital IQ, GSV Asset Management

77. 2010-2015
$112 Billion
Transac!on Value
Source: Capital IQ, GSV Asset Management

78. U.S. Publicly
Traded
Stocks
Declining
Source: Wilshire Associates, GSV Asset Management (Note: Excluding Investment Funds and Trusts)
1997
7,313

79. U.S. Publicly
Traded
Stocks
Declining
Source: Wilshire Associates, GSV Asset Management (Note: Excluding Investment Funds and Trusts)
TODAY
3,700
7,313

80. Magic of Silicon Valley =
Exponential Ideas

81. Auto
Industry?

82. Annual R&D
Spend:
$7.2 Billion
Source: Company Disclosures

86. 1060
Auto Innova"on
Time
Value

87. 1060
Tesla = Exponen!al Innova!on
Time
Value

89. Why Invest in
Leaders?

90. Winner Take
All Economy

91. Value
Scale
10M
Users
1.6B
Users
Source: New York Times, GSV Asset Management

92. Value
Scale
21%
Search
64%
Search
Source: Yahoo Finance

93. Value
Scale
170M
Users
1.1B
Users
Source: YouTube, Vimeo

94. Value
Scale
$125M
Revenue
$107B
Revenue
Source: Yahoo Finance, Fortune

95. Source: Economic Policy Institute
CEO Compensa!on
$20
$5,015
$10,010
$15,005
$20,000
1970 1980 1990 2000 2010
Median Income $27K
303x
23x

96. Source: Forbes
Major League Baseball
$20
$1,140
$2,260
$3,380
$4,500
1970 1980 1990 2000 2010
Median Income $27K
MLB Salary $4.3M

97. Investment Theme
EDUCATION
TECHNOLOGY

98. 50%+ Low Income Students 2000: 4
56%
60%
63%
51%
Source: The Atlantic, Southern Education Foundation, New York Times

99. 50%+ Low Income Students Today: 20
55%
51%
59%
50% 68%
60%
61% 61%
65%
71%
58%
51%
50%
52%
53%
58%
60%58%
59%
51%
Source: The Atlantic, Southern Education Foundation, New York Times

100. 40%+ Low Income Students Today: 39
55%
51%
59%
50% 68%
60%
61% 61%
65%
71%
58%
51%
50%
52%
53%
58%
60%58%
59%
51%
49%
45%
47%
42%
40%
44%
48% 45%
40%
49%
47%
40%
48%
43%
46%
43%
41%
42%
40%
Source: The Atlantic, Southern Education Foundation, New York Times

101. Low-Income Students
5x More Likely to
Drop out of High School
Source: American Psychological Association

102. Source: Bill & Melinda Gates Foundation, National Education Association
Dropouts
8x More Likely to
Go to Prison

103. Source: National Education Association
80%
U.S. Prison Popula"on
High School Dropouts

104. 400
450
500
550
600
< $20K $40K - $60K $80K - $100K $120K - $140K $160K - $200K
Reading Math Wri!ng
SAT Scores and Family Income
Source: College Board

105. 0%
19%
38%
56%
75%
No College Community College Compe!!ve Most Compe!!ve
Enrollment from Top Quar!le
Enrollment from Bo#om Quar!le
Locked Out of Elite Colleges
Source: Pew Research Center

106. Income Quartile Graduate from College
Top 75%
Second 33%
Third 20%
Bottom 8%
Source: Pew Research Center

107. 70% of Poor Americans Never Make it to
the Middle Class.
Move to Middle+ Stay Put
70%
30%
Source: Pew Research Center

110. Talent is equally
distributed by zip
code…
but opportunity
is not.

112. Educa!on Innova!on…
Time
Value

116. ?

117. …Exponen!al Opportunity
OPPORTUNITY GAP
Time
Value

118. Weapons of Mass Instruction

119. KNEWTON Founded 2008

120. 10+ Million Students
16+ Billion Recommenda"ons

121. CLEVER Founded 2012

122. 20+ Million
Users

123. COURSERA Founded 2012

124. 18+ Million
Students

125. Investment Theme
SUSTAINABILITY

126. $0
$20
$40
$60
$80
1977 1983 1989 1995 2001 2007 2013
Moore’s Law in Solar - Swanson’s Law
Solar Cost Declines = Grid Parity
Source: Bloomberg New Energy Finance

127. Time
Value

128. Investment Theme
CLOUD + BIG DATA

130. History of
Mankind
to 2014
2014 to
2016<
Amount of Data Created

131. 500+ Million Users

132. 1.2 Billion Files
Uploaded DailySource: Company Disclosures

133. 150,000
Business CustomersSource: Company Disclosures

134. 50%
Programs
Watched Were
Recommended
Source: Company Disclosures

135. 50%
Accuracy
Lung Cancer
Diagnosis
Source: The Fourth Industrial Revolution (Klaus Schwab), FortuneSource: IBM

136. 90%
Accuracy
Lung Cancer
Diagnosis
Source: The Fourth Industrial Revolution (Klaus Schwab), Fortune

137. $880 Million
December 2015 Financing
Source: New York Times

138. $222 Million
U.S. Military Contract Awarded in May
Source: Washington Technology

139. Investment Theme
Marketplaces

140. 3x Ride Growth
2014-2015Source: Forbes

141. 11 Million
Rides in AprilSource: Forbes

142. 5+ Million
Members
Source: Company Disclosures

143. Investment Theme
Social / Mobile

144. 100+ million users
Source: Company Disclosures

145. 9,000 photos uploaded
every secondSource: Company Disclosures

146. 10 billion daily video views
Source: Company Disclosures

147. Investment Theme
Virtual Reality

148. AR/VR Industry
$90
Million
$5.2
Billion
2014
2018
176% CAGR
Source: Statista

149. Lytro fact Lytro

150. Silicon Valley 3.0

151. 1970

153. Personal Computer

154. Graphical User Interface

155. Computer Mouse

156. Ethernet

157. INSERT BETTER PHOTO

158. GSVlabs
Innova!on
Pla#orm
Talent
Startups Corpora!ons

159. 170+
Startups

160. $200+
Million
Raised

162. GSVlabs
Economic
Model
Corporate
Sponsorship
Educa!on
Programs
Rent Events

164. +

165. Bangalore
Delhi

166. TOP 50 GLOBAL INNOVATION CENTERS