Subject: Counsyl Incentives
From: "John DeLoche" <[email-masked]>
To: "Neil Callahan" <[email-masked]>, "William Lee" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Devon Archer" <[email-masked]>, "Rob Walker" <[email-masked]>, "Eric Schwerin" <[email-masked]>
Date: Tue, 22 Jul 2014 14:59:08 -0700

Team,

Please take a look at this file which we can walk through at the beginning
of our business development call for Counsyl tomorrow.

Bottom line, our $55 million investment is already in the money to the tune
of $1.5 million of GP value created in Counsyl. This is nothing compared to
what we stand to gain if we mobilize the network to help them grow.

I would be disappointed if we do not generate more than $50mm of GP value
with this one deal. There is precedent for genetic testing companies to
trade at significant premiums, including Myriad which has a $3bn market cap
on a single test (BRCA1/2, which Counsyl is disrupting). Labcorp and Quest
are both $9 billion companies and Illumina is a $23 billion company.

If Counsyl is truly to be the next generation Labcorp or Quest, they might
be able to scale beyond a $5bn market cap (half that of Labcorp and Quest)
which would create $80 million of wealth for the partnership, but they will
need our help to do so. We are fortunate to be the largest shareholders in
Counsyl and to have this opportunity. This one deal could create life
changing wealth for us. Let's make it happen!

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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