Subject: Qatar Holdings
From: "John DeLoche" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>
Cc: "William Lee" <[email-masked]>, "Neil Callahan" <[email-masked]>
Date: Wed, 7 May 2014 06:43:48 -0700

Guys,

I just got off the call with Mohammed at Qatar holdings. Great intro from
Hunter and great call. He is the big boss that runs the group. There is a
guy who runs fund commitments below him and they are totally coordinated.

He also told me as he told Hunter in DC that they like to do co-investments
and then fund commitments. We had the same conversation we have been having
with Neuberger and others about the price of admission for co-investments
in our deals being a fund commitment. He gets it and it was a constructive
conversation.

He said they typically like to do $100mm fund commitments but they do not
want to be more than 20% of a fund. He understands our smaller fund size
strategy and agrees with it. He said they can be flexible on the fund
commitment size for venture/growth strategies.

We talked a lot about Counsyl and how attractive the deal is, the fact that
we have over $50mm committed to the company already, etc.

The deal I proposed to him is that they dual track putting $50mm into our
fund and we also convince Counsyl to increase the size of this round to
$100mm so they can write a $50mm direct check into Counsyl. This would
accomplish their goal of a minimum $100mm commitment and accomplish our
goal of having them be a meaningful fund LP who would have priority for
future co-investments.

He said we should keep the dialog going along these lines when Hunter is in
Doha in the coming weeks. I think Hunter can sell him on the structure I
proposed above when he is in Doha.

Let's discuss.

Best,

John

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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