An Open Letter From Bulldog Investors, LLC To Kevin Landis Of Firsthand Technology Value Fund

| About: Firsthand Technology (SVVC)
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Dear Kevin:

As you know, the annual meeting is a just a few months away. Shareholders are looking forward to the meeting so that they can democratically determine the future of (NASDAQ:SVVC). With that in mind, and as your largest shareholder, here are a few questions that we think shareholders would like answered to enable them to cast an informed vote.

1. Are you concerned about the large discount from NAV at which the SVVC's shares trade? If so, why have you rejected suggestions to commence a share repurchase program?

2. SVVC's share price peaked at more than $130 in 2003. It is currently below $24, down over 80% over almost 14 years. How do you explain that enormous decline?

3. SVVC converted from an open-end fund to a closed-end fund in April 2011 when the stock price was $27. Since then, the market, and especially tech stocks, have risen significantly. Yet, SVVC's stock price has declined by over 10%. Why?

4. Has the board of directors ever raised the issue of whether your advisory firm should waive its 2% per annum management fee on SVVC's more than $100 million cash hoard?

5. With respect to SVVC's recent purchase of a majority interest in IntraOp Medical Corporation ("IntraOp"):

a. How did you determine the purchase price?

b. Did the "legacy stakeholders" of IntraOp really prefer to receive SVVC stock that is restricted, locked-up, without voting power, and valued at NAV (and not market), rather cold hard cash, as you stated in the October 7, 2013 press release?

c. Is IntraOp profitable? If not, when do you expect it to become profitable?

6. Why doesn't SVVC have an investor conference call each quarter like (NASDAQ:GSVC)?

7. Why has SVVC filed for a $150 million rights offering while it has more than $100 million in cash and its shares trade at a discount of more than 20%?

  1. How much did SVVC spend for legal services in 2012 and 2013? How much do you anticipate it will spend in 2014?

The shareholders of SVVC and other investors anxiously look forward to reading your responses to these questions on Seeking Alpha. Thank you.

Best regards,

Bulldog Investors, LLC

Disclosure: I am long SVVC, GSVC. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Please see our recent Form 13D SEC filing for additional information.