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Just got off the call with NB. As expected, the process is moving too fast
for them to commit this week. Brien Smith said they are 65% of the way
through the process in their diligence on our fund. Balance will take them
2-3 weeks to get there on the fund commitment. Will know last week of May.

They LOVE the Counsyl deal and $5-$6mm would be their direct bite size.

We told them that is perfectly understandable and we want them to go
through their full process. Shared that we are doing a first closing of the
investment tomorrow but we will talk to management about holding a piece of
the financing for them for later this month. We are confident management
will agree to this.

This could end up being super positive as Counsyl's public profile will
increase tremendously over the next two weeks due to the media tour they
are launching Monday. We can also let JP Morgan , Morgan Stanley and others
know that they have a little more time to do their work as they see all
this positive press. There will be about $15 million available for direct
investment after this first closing.

The net of it is we are in a great place with them so let's take advantage
of this and close them and others in the coming weeks.

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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