Ladies and gentlemen, thank you for standing by. And welcome to the GSV Capital Q1 2013 Earnings Conference Call. During today's presentation all parties will be in a listen-only mode. Following the presentation, the conference will be opened for questions. (Operator Instructions). This conference is being recorded today May 8, 2013. I’d now like to turn the conference over to Tricia Ross with Financial Profiles. Please go ahead.

Thank you for joining us on today's call. I'm joined today by Michael Moe, GSV's Founder and CEO; Steve Bard, the company's Chief Financial Officer; and Dave Crowder, EVP. Please note that a slide presentation that correspondence to today’s prepared remarks by management available on the company’s website at www.gsvcap.com, under investors events and presentations. Today's call is being recorded and webcast on gsvcap.com. Replay information is included in our press release that was issued today. This call is a property of GSV Capital Corp. and the unauthorized rebroadcast of this call in any form is strictly prohibited. I'd also like to call your attention to the customary disclosure in our press release today regarding forward-looking information. Statements made in today's conference call and webcast may constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of our future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements, as a result of a number of factors, including those described from time-to-time in the company's filings with the SEC. Management does not undertake to update such forward-looking statements unless required to do so by law. To obtain copies of GSV Capital's latest SEC filings, please visit the website at gsvcap.com. Now, I’d like to turn the call over to Michael Moe. Michael?

Thanks Tricia and good afternoon. I’m going to begin today with a review of our portfolio as of March 31, 2013. I will make some comments about some of the key developments of the quarter. Then I’m going to highlight some of the highest conviction areas of portfolio to talk about how value is being created at these companies. Then, we will turn over to Steve Bard, who will provide a brief financial review and then we will turn it over to questions. As Tricia mentioned, new to this quarter we prepared a slide presentation to go on with our prepared remarks which is available on our website. So let’s start on slide 3. First of all, just in terms of the state of play in terms of how we are focused and what we see is the opportunity, there is dramatic growth in value creation that’s taking place among private companies today and GSV’s value proposition creates access to many of the world’s most dynamic fastest growing venture backed companies, what we call the stars of tomorrow. We think this is a very compelling value proportion and with a healthy activity we see in the tail market lately, we think there is a number of portfolio companies that are the size, scale and growth rate that will allow them to access the public markets, if they so choose. Just a few stats on the IPO market to put some meat on the bones. In terms of year-to-date, IPOs has been 41 IPOs and 12 of those 41 have been VC backed more importantly the average first day pop 17% and the aftermarket performance is 19%. 29% of all IPOs have priced above the range year-to-date 46 within the range and 24% below the range. Pricing has even been stronger…

Thanks Michael. As Michael indicated as of March 31, 2013, the total value of the portfolio investments was $222.2 million. Net assets as of March 31 were $245.1 million, which includes cash and money market securities of $22.8 million and translates to a net asset value per share of $12.69. This compares to net assets of $252.6 million or $13.07 per share as of December 31, 2012. Since inception, we have invested approximately $239.9 million excluding transaction costs. Net investment loss which is compromised of operating expenses was $2.6 million or $0.13 per share for the first quarter that compares to a net investment loss of $2.8 million or $.014 per share for the fourth quarter of 2012. The net change unrealized depreciation which is comprised of transaction cost and mostly important any fair value adjustments was approximately $1.6 million or $0.08 per share for the first quarter. That compares to $4.5 million or $0.23 per share of unrealized depreciation for the fourth quarter of 2012. The net realized loss on investments which is related to our exit from our Groupon and Zynga investments was $3.3 million or $0.17 per share during the quarter and that compares to zero gain, essentially no gain or loss on investments for the fourth quarter of 2012. Net-net the result was a decrease in net assets from operations of $7.5 million or $0.38 per share for the first quarter that compares to a net decrease and net assets from operations of $7.3 million or $0.38 per share for the fourth quarter. With that, I’ll turn the call back over the operator and we can start the Q&A session. Operator?

Thank you, sir. (Operator Instructions) Our first question comes from the line of Louis Margolis, Select Advisors. Please go ahead.

Thank you very much for taking the call. I was an enthusiastic shareholder before this call, but after listening you describe the portfolio, it’s just fantastic. I just love the whole idea. In fact, I’d really like to own more of these individual companies. You say that this is not the right time to buy the stock. Just a quick review, you raised $296 million at face. You have got 245.1 left. From it, over the last 24 months, there has been no net appreciation in any of your investments. You can buy stock at $8, and immediately set it to $12.69 taking a $4.69 immediate profit. It is unconscionable for you not to do this. I believe it’s an abdication of your fiduciary responsibility not to buy in some stock. You said this is not the time to do it, you didn’t give one reason why not? Other than the – I will give you one reason, you are drawing a lot of money and fees, all this company has done as you are saying you have invested $239 million ex-transaction fees, and I didn’t even want to think about what those transaction fees. It is immoral for you not to be buying in some of the stock. You made four stock sales, 19.33 million shares at an average price $15.35 before paying out of lot of fees. All you have done is spent about $50 million to get where we are, and you can’t bring yourself to spend $5 million to buy the stock and take an immediate 50% gain, it’s outrageous. Thank you very much for taking my call.

Hi, Louis. I don’t know if there was a question in that statement but --

I will give you – wait I will give you a question, why it is you are not trying to buy the stock?

Yeah, I appreciate that. You and I obviously had a conversation about this, and you have had other conversations with people of our team, and so I appreciate. And this is when all set and done, we take our fiduciary responsibility extremely seriously, and we look at what is the best interest of our shareholders, and obviously it’s something that we have continued and will continue to carefully consider, and if we feel it’s the right thing and we feel like that’s the way that’s going to optimize the long-term value for our shareholders., we will absolutely do it. But that’s -- we have carefully evaluated this, carefully evaluated this, and I understand what you are saying, we are also very confident in the portfolio that we have and we also appreciate the nature of emerging growth investing you are likely to see, you are going to see the – what happens, the natural J-Curve that we are experiencing, and so, as we look at what is the make up of the portfolio that we have and we that have always made significant commitments when we went through that. We are confident that that’s going to bear great fruits in terms of the portfolio, and we are prudently managing the portfolio on a very active basis. So we appreciate your comment. We appreciate you as a shareholder. And we look forward to continue the dialogue with all of our interested lines. Thank you. Next question please.

(Operator instructions) Our next question comes from the line of (John Ray) with Raymond James. Please go ahead

Good afternoon. And I appreciate being inside of your call. I would like to note that some of your investments increased in value since the last report. Silver Spring, it was valued this December at $1.976 million, and today’s market value is $8.805 million. That was a gain of $6.828 million, and that compares to a decrease in net assets of $7.5 million, that’s a total swing factor of $14.3 million, can that be explained?

Yeah, I mean Dave, I don’t know if you want to (inaudible). I think the math there might be, I’m not sure that that’s accurate, but Dave, your – why don’t you give (inaudible) -- Silver Spring and kind of where things were at?

Well, the thing to notice as we mentioned on the last call is that there was a – right before the IPO, there was a 5 for 1 reserve split. So, we had approximately $5 million investment in Silver Spring, and that’s in the new 10-Q. It’s worth what it is today a little under $2 million. So, probably the best thing to do is to take that question offline, because you have to understand the 5 for 1 reverse split, understand what’s happening, the share price, our effective price before -- our effective price when buying the stock was $50 on a post split basis, and that was stated in the 2012/31 financials.

Okay. That answers it.

(Operator instructions) Our next question comes from the line of Casey Alexander from Gilford Securities. Please go ahead.

Yeah, hi and thank you for taking my question. I’m the Director of Research for Guilford securities, and I have been following the BDC group and following some of the venture capital groups, and one of your statements was there hasn’t been a normal IPO market for ten years, and I have been on Wall Street for thirty year,s and I would say that that thirty years have been four years where we have had top IPO market. What is it that makes you think that this isn’t a normal IPO market as opposed to the IPO market that satisfies needs of your business model the best.

Casey, thank you for your question. I made a point that what we are seeing is a healthy market vis-à-vis what we are seeing for a long time. I think, candidly one of the reasons why GSV Capital exists and why we are and we think we have such a great opportunity is because we do think what did happen last 10 years is the new normal. You know, we are not going to see an IPO market like we saw during the 1990s where you had 500 IPOs go public every year, 50% PVC back, $130 million market cap – median market cap going company and having public investors be able to ride the growth of small companies to big companies and create ability to value along the way. Those days are gone forever. That said, as you are looking at VC portfolio and you look at it as a company, and you have been private for sometime looking for the right time to come in, there has been very few windows in the past candidly 10 years where you look at the data and you say boy, that’s a good environment to go in. And right now, and we are seeing these conversations and we live and work in Silicon Valley, and we are in all of these conversations on what’s going on, you have seen the noticeable shift in terms of how people are looking at the opportunity to go public today, and it’s primarily because companies are coming out as I mentioned before, over 40% of the VC backed IPOs year-to-date have priced above the ranks and they are trading up, and that all gives you confidence to take the company up. Thank you for your question.

Thank you. And it appears that we have no further question at this time, I would like to turn the conference back over to Mr. Moe, for closing comments.

Yeah. So, thank you very much for joining us this afternoon, and we do appreciate all your comments and questions. We also look forward to having conversations with you between now and our next conference call. And I do want to thank people for their support of us and I will tell you that we are going to continue work very hard to show that support is well – is well placed. And again, we are very confident with what’s going on. So, keep the faith and we will keep working really, really hard. Thank you very much.

Thank you. Ladies and gentlemen, this does conclude our conference for today. If you would like to listen to our replay of today’s conference, you may do so at anytime by dialing 303-590-3030 or 1800-406-7325 and entering the access code of 4616073#. We thank you all for your participation, and at this time you may now disconnect.