2019 ANNUAL REPORT ANNUAL REPORT HIGHLIGHTS

Nashville Capital Network had a productive and insightful year in 2019. In the summer, we updated our ‘Nashville Venture Capital Report’ to assess how activity in Tennessee compared 49 to the rest of the country. Private equity and growth capital availability reached new heights, a trend that continues to benefit NCN’s investments. In 2019, NCN portfolio companies raised COMPANIES more than $120 million in growth capital highlighted by investments in Groups360, Contessa SUPPORTED BY NCN Health, and XOi Technologies. NCN Partners Fund added its seventh portfolio company, digital sales and marketing company JumpCrew. And in October, NCN realized a great return when Primus Capital led a recapitalization of Trilliant Health. $79M In the current market dynamic, NCN’s impact has become even more clearly pronounced. Early stage companies benefit greatly by having strategic investors who help them optimize growth INVESTED BY opportunities. We leverage our roster of successful founders and executives to help the most NCN PARTNERS promising early stage companies accelerate growth, build connections, and create long term value. This approach has led to strong returns for both our investors and stakeholders in the community. $870M NCN is looking forward to 2020 with great excitement. With an expanded team in 2019 we reviewed more opportunities than in any other year in the organization’s history. Our current INVESTED IN NCN pipeline is robust and we are eager to find new companies for partnership. The continued SUPPORTED COMPANIES success and progress of our organization would not be possible without the commitment of our Sponsors, Underwriters, Patrons, and investor partners. Thank you for your partnership. $3B IN ENTERPRISE SID CHAMBLESS CHASE PERRY VALUE ACHIEVED THE TEAM

SID CHAMBLESS CHASE PERRY MANAGING PARTNER MANAGING PARTNER

• Managing Partner of NCN Angel • Managing Partner of NCN Angel Fund I, LP, NCN Angel Fund II, LP, Fund I, LP, NCN Angel Fund II, LP, Tennessee Angel Fund, LP and Tennessee Angel Fund, LP and NCN Partners Fund, LP NCN Partners Fund, LP • NCN Executive Director since 2003 • NCN Director since 2010 • Former EVP of startup Surfari.com • Former VP of venture-backed • Vanderbilt BA, MBA FrontStream Payments • Former private equity analyst at Harbert Management Corp. • Hampden-Sydney BA, Vanderbilt MBA

MORGAN PISANO JAY BAKER DIRECTOR OF OPERATIONS ANALYST

• NCN Executive Coordinator • Former Investment Banking since 2013 analyst at Stephens Inc. • Western Kentucky University BS • Rhodes College BA NCN INVESTORS ARE FOUNDERS AND EXECUTIVES OF THE FOLLOWING COMPANIES

ACADIA HEALTHCARE CVS CAREMARK INSPIRIS PROVINCE HEALTHCARE

AIM HEALTHCARE DIGITAL REASONING IROQUOIS CAPITAL GROUP PSYCHIATRIC SOLUTIONS

ALADDIN INDUSTRIES JC BRADFORD PURESAFETY

AMERICAN ENDOSCOPY ENABLECOMP KRAFTCPAS REGIONALCARE

AMYLIN PHARMACEUTICALS ENTERPRISE ELECTRIC MCWANE INDUSTRIES REIT INVESTMENT GROUP

AMSURG ENTERPRISE HOLDINGS MEDINC RENAL ADVANTAGE

ASURION ENVOY MEDSOLUTIONS REVPOINT HEALTHCARE

BRENTWOOD CAPITAL ADVISORS EQUITABLE SECURITIES NATIONAL IMAGING AFFILIATES SHARECARE

C.B. RAGLAND ESSEX TECHNOLOGY GROUP NAVIHEALTH SMS HOLDINGS

CONFIRMATION.COM GENERAL CARE NEIGHBORMD STANDARD CANDY

CASELOGISTIX HARBERT MANAGEMENT NORTH AMERICA STERLING CARD SOLUTIONS

CENTURY II HCA NORTHWIND PARTNERS SURGICAL CARE AFFILIATES

CORRECTIONS CORP/CORECIVIC HEALTHAMERICA O’CHARLEY’S SURGICAL HEALTH CORP

CHANGE HEALTHCARE HEALTHSPRING OPTUM SYMBION HEALTHCARE

CHINA HEALTH CARE HEALTHWAYS OUTPATIENT IMAGING AFFILIATES TEAMHEALTH

CHD MERIDIAN HEALTHWISE OF AMERICA OZBURN-HESSEY LOGISTICS TENNESSEE BUN COMPANY

CHOICE FOOD GROUP HEOPS PASSPORT HEALTH THOMPSON MACHINERY

CLAYTON ASSOCIATES HERITAGE HEALTH SYSTEMS PINNACLE FINANCIAL PARTNERS TRITON BOATS

COGENT/HMG HOSPITAL AFFILIATES INTERNATIONAL POPHEALTHCARE TRUXTON TRUST

COUNSEL ON CALL HOSPITAL MANAGEMENT PROFESSIONALS PREMIER PARKING VACO

COVENTRY CORPORATION PREMISE HEALTH WINDSOR HEALTH GROUP EARLY STAGE CAPITAL CONTINUUM

CAPITAL GAP

CASH FLOW SEED EARLY GROWTH GROWTH LATE GROWTH $0 - $1M IN REVENUE $1M - $3M IN REVENUE $3M - $10M IN REVENUE $10M+ IN REVENUE

REVENUE

DOLLARS ACCELERATOR PROGRAMS TRADITIONAL VC GROWTH EQUITY VC SEED FUNDS GROWTH EQUITY VC TRADITIONAL PRIVATE EQUITY FRIENDS & FAMILY MEZZANINE LENDERS ANGEL INVESTORS SENIOR LENDERS

$0 - $1M $1M - $5M $5M - $15M $15M - $50M INVESTMENTS INVESTMENTS INVESTMENTS INVESTMENTS

NCN CO-INVESTORS INCLUDE

ADVANCE VENTURE PARTNERS GOLDMAN SACHS HUMANA PRIMUS BCBS VENTURE PARTNERS GROTECH LEMHI VENTURES RIVER CITIES CAPITAL FUNDS CHRYSALIS VENTURES GV (GOOGLE VENTURES) LRVHEALTH SANTÉ VENTURES CIGNA VENTURES HARBERT MANAGEMENT CORP. MARTIN VENTURES SILICON VALLEY BANK COUNCIL CAPITAL HCA NASDAQ SQUARE 1 BANK CREDIT SUISSE NEXT HEALTH ENTERPRISE PARTNERS NORO-MOSELEY PARTNERS SSM PARTNERS DEERFIELD MANAGEMENT HEALTH VELOCITY OAK HC/FT UNITEDHEALTH GROUP VENTURES ECHO HEALTH VENTURES HERITAGE GROUP OPTUM VENTURES VOCAP INVESTMENT PARTNERS GREAT HILL PARTNERS HLM VENTURE PARTNERS PEAKSPAN Y COMBINATOR NCN ADVISORY BOARD CONFIRMATION.COM BRIAN FOX HEOPS NANCY EVERITT MOUNTAIN GROUPCAPITAL JOE COOKIII NASHVILLE CAPITAL NETWORK SID CHAMBLESS CONDUIT CORPORATION RAY CAPP NUSIRT SCIENCES BARBARA CANNON WALLER TYSON BICKLEY PINNACLE FINANCIALPARTNERS TIM BEWLEY TRANQUILITY PARTNERS JIM BAKER TRILLIANT HEALTH HAL ANDREWS KRAFTCPAS VIC ALEXANDER BRENTWOOD CAPITAL ADVISORS TOM WYLLY

(Chairman)

INSPERITY EMILY HAK CROFTON CAPITAL FRANK GORDON CHERRY BEKAERT JEFF FOX MAYNARD COOPER&GALE ROB LAIRD ENABLECOMP JIM LACKEY VOYENT PARTNERS JIM KEVER BASS, BERRY &SIMS KRIS KEMP MANAGEMENT, VANDERBILT UNIVERSITY OWEN GRADUATE SCHOOLOF ERIC JOHNSON NASHVILLE HEALTH CARE COUNCIL HAYLEY HOVIOUS BASS, BERRY &SIMS MICHAEL HOLLEY PRIVATE INVESTOR PHIL HERTIK HARBERT MANAGEMENT CORPORATION JOHN HARRISON

BAKER, DONELSON STEVE WOOD VACO BRIAN WALLER HERITAGE GROUP PAUL WALLACE SERVISFIRST BANK BRADFORD VIEIRA BRADLEY JOHN TITUS EMMA CLINT SMITH ANGELEYE HEALTH CHRISTOPHER RAND NASHVILLE CAPITAL NETWORK CHASE PERRY SUNTRUST BANK ANU PARDESHI CONCERT GENETICS ROB METCALF LBMC JIM MEADE

2019 ACTIVITY

MAY JULY AUGUST SEPTEMBER NEW INVESTMENT FOLLOW ON FOLLOW ON FOLLOW ON

$7M $11M $50M $10M SERIES B SERIES C SERIES B SERIES D

SEPTEMBER OCTOBER OCTOBER NOVEMBER FOLLOW ON FOLLOW ON RECAPITALIZATION FOLLOW ON

RECAPITALIZED BY:

$20M $2.5M $32M SERIES B2 SERIES A3 SERIES D ACTIVE HOLDINGS SPONSORS

UNDERWRITERS

BUTLER SNOW HEOPS

ENVISION HEALTHCARE HUB INTERNATIONAL

HARBERT MANAGEMENT CORPORATION PINNACLE FINANCIAL PARTNERS PATRONS

AYCO | A GOLDMAN SACHS COMPANY COUNCIL CAPITAL INFLAMMO PETRA CAPITAL PARTNERS

BONE MCALLESTER NORTON DIVERSIFIED TRUST JONES LANG LASALLE RIVER CITIES CAPITAL FUNDS

CADENCE BANK DONNELLEY FINANCIAL SOLUTIONS LIVE OAK BANK SANDBOX INDUSTRIES

CAPSTAR BANK FIRSTBANK LLR PARTNERS SANTÉ VENTURES

CIBC BANK US HERITAGE GROUP MONTREUX GROWTH PARTNERS SILICON VALLEY BANK NOTABLE EXITS

APR 2013 OCT 2013 OCT 2013 NOV 2015 JULY 2016 SEPT 2016

ACQUIRED BY A JOINT VENTURE BETWEEN ACQUIRED BY ACQUIRED BY ACQUIRED BY ACQUIRED BY RECAPITALIZATION BY

JULY 2017 SEPT 2017 OCT 2017 NOV 2017 JULY 2019 OCT 2019

RECAPITALIZATION BY ACQUIRED BY ACQUIRED BY RECAPITALIZATION BY ACQUIRED BY RECAPITALIZATION BY BUILDING CONNECTIONS 3 and 3) Fund Symposium (November) were well attended by local investors, entrepreneurs, and service providers. were well attended by local investors, entrepreneurs, (November) and 3) Fund Symposium 1) In August, NCN and NHCC hosted our annual panel discussion. 2) NCN’s Annual Meeting and Reception (February) (February) Annual Meeting and Reception our annual panel discussion. 2) NCN’s NCN and NHCC hosted 1) In August, 1 2 3810 BEDFORD AVENUE, SUITE 110 NASHVILLECAPITAL.COM NASHVILLE, TN 37215 @NASHCAPNETWORK 615.454.3950