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Guys,

Attached is the Metabiota deck for the Goldman meeting this week and Series
A. The full plan financial plan on page 20 represents their management
case. We are building our own base case now. Our term sheet would have us
owning 33% of the company for a $25mm check. We have a verbal agreement on
the term sheet, but will need to finalize is this week. This is going out
to GS, Morgan Stanley and Neuberger Berman today.

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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