Subject: Quarterly Update draft
From: "John DeLoche" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>, "Neil Callahan" <[email-masked]>, "William Lee" <[email-masked]>
Date: Wed, 16 Apr 2014 00:12:17 -0700

Guys, would like to get a quarterly update out to our LPs this week. Please
let me know if you have any comments on this draft:

Dear Limited Partner,

Thank you for being part of our first closing of RSTP II, L.P. Q1 2014 was
an active one for the fund. We closed two new investments in Q1, including
Counsyl and Metabiota.

Counsyl gives millions of men and women access to vital information about
their bodies to make informed choices about their lives. This is a company
with which our partnership has significant experience as we invested in
their first institutional Series B round from our first fund in 2011. We
partnered with Goldman Sachs to lead a secondary investment in Counsyl,
increasing our ownership to 5% of the company at an attractive valuation
which was in line with the Series C that was completed in August of 2012.
We are now the largest outside investor in Counsyl. The company has grown
capital efficiently at over a 150% CAGR since our initial investment.  We
marked up our investment in Counsyl to 1.3x cost to reflect fair market
value based on comparable companies the significant progress the company
has made since its last financing round.

We also led a first institutional round in Metabiota, a profitable software
and services company with significant revenue and growth that develops
systems and analytics to mitigate microbial threats. Metabiota is to the
USDA what Palantir is to the CIA. The team has spent a decade studying the
transmission and spread of disease from animals to humans with customers
including the Department of Defence, Department of Homeland Security and
other government agencies. They also have customers in the insurance
industry who are using Metabiota's data to assess risk to more accurately
price insurance policies. We were the only institutional investor allowed
in the round and are now helping the company with various business
development initiatives to accelerate their growth. We marked our
investment in Metabiota up to 1.5x to reflect our inefficiently low entry
price, the significant contracts the company has won since our investment
and our liquidation preference in the company.

We also launched a new website to more effectively market the fund in Q1.
We believe our new website is an impactful representation of our strategy,
differentiated team and value add.

in Q1, we retained Troy Investment Associates to assist us in raising the
balance or our fund with institutional investors. We are having significant
success with these fundraising efforts and expect to meet and potentially
exceed our fundraising target of $200 million for RSTP II, L.P.

We are enjoying very strong deal flow and are actively engaged in due
diligence on multiple potential new investments. We remain vigilant in our
deal selection and due diligence process. Please free to reach out to us
with any questions.

Best,

The RSTP Team

John
Will
Devon
Neil
Hunter
Rob
Eric

John DeLoche
*Co-founder and 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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