Subject: RSTP Confidential
From: "John DeLoche" <[email-masked]>
To: "Eric Schwerin" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>, "Rob Walker" <[email-masked]>
Cc: "Neil Callahan" <[email-masked]>, "William Lee" <[email-masked]>
Date: Tue, 18 Feb 2014 17:15:40 -0800

All,

Following up on my call with Eric today and in preparation for our call
next week (which I realize is not yet scheduled) we wanted to make sure we
all have the attached info. To date we have closed over $32.3 million for
RSTP funds and are now generating annual fees of about $422k for the
partnership. A good start.

The first file is the closing of RSTP II which we completed on December 16
last year. We called 18% of capital and made 2 investments: $250k in
Metabiota and $577,166.70 in Counsyl in two investments. Given we invested
less than expected in Counsyl but called the capital to invest more, we
have about $390k of dry powder. We are in discussions with Metabiota about
increasing our investment there by an additional $250k which would leave
140k of dry powder. This is the dry powder we can use for retainers for
fundraising, raising the balance of the fund, etc.

The second file is the worksheet that backs up all the wires that were sent
to the GPs last year and this year. The second tab ("total fees") in this
file details the total amounts raised and fees associated with the various
funds.

Note we were able to clear up all of our historical legal expenses (for
OSI, Spider etc to both MoFo and Gunderson) through this first closing.
They ate about $150k of fees which we negotiated down.

Also note that we need to call the RSTP I fees which total an additional
$42.5k, and decide if we are going to distribute them immediately or use
them to help fund the remaining fundraise.

Looking forward to finalizing GP splits and getting the rest of this fund
raised!

Best,

John

John DeLoche
*Managing Director*
Rosemont Seneca Technology Partners
333 Bush Street, 21st Floor
San Francisco, CA 94104
office: 415 767 1288
mobile: 415 793 7070

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