Two previously unreported antibiotic metabolites, 2′,3′,4″-triacetoxy-3,4,5′,6′-tetrahydroxy-p-terphenyl (10) and 2′,3′-diacetoxy-3,4,5′,6′,4″-pentahydroxy-p-terphenyl (11), have been isolated from the basidiomycete Sarcodonleucopus. Their structures have been determined by chemical transformations and spectral analysis, including heteronuclear two-dimensional nuclear magnetic resonance methods.