QUEST FOR GROWTH. Interim financial report January September 2014 INTERIM REPORT

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Randolph French
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The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for

6 million euros, or 0.66 euros per share. The takeover of Clear2Pay meant that the third quarter also saw a robust result, with profit of 3.5 million euros, or 0.31 euros per share.

9% from the net asset value after dividend distribution on 31 December 2013 (9.53 euros per share). The share quotation was 7.20 euros on 30 September 2014, against 7.

In the third quarter, the price fell by 1.9%. The discount of the share price against net asset value was 29% on 30 September against 26% at the end of June and 24% on 31 December 2013.

One reason for this was the poorer economic figures in Germany and the continuing tensions in Ukraine. German shares, strongly represented in the Quest for Growth portfolio, did very badly.

1 The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading on a regulated market QUEST FOR GROWTH Interim financial report January September 2014 INTERIM REPORT Results Quest for Growth s earnings in the first nine month of 2014 amount to 7.6 million euros, or 0.66 euros per share. The takeover of Clear2Pay meant that the third quarter also saw a robust result, with profit of 3.5 million euros, or 0.31 euros per share. Net asset value rose in the third quarter from 9.88 euros per share to euros per share, corresponding to an increase of 3.1%. Since the beginning of the year, the net asset value has risen 6.9% from the net asset value after dividend distribution on 31 December 2013 (9.53 euros per share). The share quotation was 7.20 euros on 30 September 2014, against 7.93 euros at the end of the prior year. Bearing the dividend in mind, the overall performance of the Quest for Growth share over the past nine months was approximately 1%. In the third quarter, the price fell by 1.9%. The discount of the share price against net asset value was 29% on 30 September against 26% at the end of June and 24% on 31 December Market environment The stock markets saw more volatility in the third quarter. This was especially so in Europe, which fell out of favour again among investors. One reason for this was the poorer economic figures in Germany and the continuing tensions in Ukraine. German shares, strongly represented in the Quest for Growth portfolio, did very badly. Even small caps put in a very weak performance. Both the German DAX index and the European small cap index lost 4% during the quarter, compared to the steady course held by the widely diversified European DJ Stoxx 600 index. Investments in listed shares In spite of the considerable headwind in the third quarter, the listed share portfolio has achieved a satisfactory result since the beginning of the year. The average rise in the share prices of portfolio companies over the past nine months has been around 5%. EVS, now the smallest position in the listed share portfolio, fell by 40%, making it the biggest faller in the portfolio this year. Nemetschek and Melexis continue to be the most significant positive outliers in 2014, both achieving performance of 55%. After most of the Ablynx shares had been sold with an ample profit in June, the share disappeared from the portfolio in July. In August, Germany s LPKF was bought again. Within a short time, the price rose 12%, whereupon it was decided to take profit again. At the end of the quarter, the position in Barco, which had published extremely disappointing half-year figures, was sold with a limited loss. The put options that were bought in the second quarter were disposed of at a profit during the correction in the summer. Further, positions in companies like TKH and Sartorius were further increased and partial profit was taken on shares such as Nemetschek and Gerresheimer. Investments in unlisted shares The portfolio of unlisted companies delivered the strong result in the third quarter owing to the sale of Clear2Pay, a technology supplier of next generation payment applications for financial institutions. On 3 September, FIS Global announced its intention of proceeding with a full takeover of Clear2Pay. For Quest for Growth, this deal has a positive impact on its net asset value, of 4.7 million euros, or 0.41 euros per share. This valuation includes taking account of a discount on the portion of the amount that remains in escrow. The potential capital gain is recorded in net asset value as of 31 August The deal closed at the beginning of October. Investments in venture capital funds Owing to a number of positive valuation adjustments, the result from venture capital funds is positive, both in the third quarter and over the first nine months of The largest contribution in the third quarter was the consequence of higher valuations in Capricorn Health-tech Fund, including as a result of the IPO of Mainstay Medical. Over the nine-month period, earnings from funds amount to more than one million euros. Prospects Compared to a few months ago, it seems that Europe s economic figures are tending to weaken, especially in the mainstay, Germany. The recent sharp rise in the dollar will, it is true, come as a shot in the arm for a number of internationally oriented European companies. Because small caps are lagging, the average valuation (expected price/earnings ratio) of the listed portfolio is now a little lower than at the start of the year. Following the announced sale of Clear2Pay, which is Quest for Growth s largest individual investment, further exits from the unlisted portfolio remain a possibility if the market environment for takeovers and IPOs remains favourable. The timing of such exits is very difficult to predict. New investments, particularly via the Capricorn funds, are planned over the next few months. DISCOUNT QUEST FOR GROWTH VALUATION QUEST FOR GROWTH 60% 55% 50% 45% Stock Price Net asset value/share 30/09/ /09/ /08/ /12/ EUR EUR (*) EUR (*) 9.53 EUR Number of shares 11,529,950 11,529,950 11,529,950 (*) After profit distribution Discount of the share price versus Net Asset Value: 29.30% Source: Estimate by Capricorn Venture Partners NV 40% 35% PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER % 25% 60% 20% 50% 40% 15% 30% 10% 20% 5% 0% Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth 10% 0% EVS FMC Corp (I) Centrotec Econocom Tomra Bertrandt SAP Andritz Kendrion Init DJ STOXX Small 200 Barco (O) Gerresheimer TKH Group (I) UDG Healthcare USU So ware (I) QfG quoted (e) Sartorius-Vorzug DJ STOXX 600 Arcadis Schaltbau Umicore Fresenius SE TECDAX Performance LEM Holding Nexus Sa Groupe U-Blox (O) Pharmagest Nemetschek Melexis -10% -20% -30% -40% 1

2 CONDENSED INTERIM FINANCIAL STATEMENTS 1. BALANCE SHEET AT 30 SEPTEMBER 2014 ASSETS september december LIABILITIES september december Fixed assets 111,578, ,264,108 Capital and Reserves 117,419, ,837,261 Formation expenses 0 0 Issued capital 109,748, ,748,742 Financial assets 111,578, ,264,108 Reserves 0 0 Shares 104,087, ,950,253 Reserves not available for distribution 0 0 Claims 7,490,698 13,313,854 Reserves available for distribution 0 0 Current assets 6,021,382 5,083,517 Profit carried forward 88,518 88,518 Amounts receivable > one year 591, ,305 Loss carried forward 0 Trade receivables 591, ,305 Result for the period 7,581,797 Other receivables 0 0 Amounts receivable < one year year 89,010 70,187 Debts 181,245 15,510,364 Trade receivables 0 0 Amounts payable < one year 45,640 15,478,430 Other receivables 89,010 70,187 Financial debts 0 0 Investments 0 0 Trade debts Own shares 0 0 Taxes Term investments 0 0 Dividends to be paid for the fiscal year 0 15,440,141 Cash 3,881,275 4,280,362 Other debts 44,655 37,944 Deferred charges and accrued income 1,459,786 66,662 Deferred charges and accrued income 135,605 31,933 TOTAL ASSETS 117,600, ,347,624 TOTAL LIABILITIES 117,600, ,347, STATEMENT OF INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2014 Operating income and charges 1 January september July september January september July september 2013 Gross operating income 8,173,445 3,818,397 12,527,746 6,436,032 Realised gains/losses on shares 4,613, , , ,515 Unrealised gains/losses on shares 4,177,182 3,556,554 12,297,159 6,178,462 Results from option transactions 14,000 77,405 46,707 0 Realised results from forward currency rate agreements (589,461) (401,982) (373,191) 52,055 Unrealised results from forward currency rate agreements (41,632) (46,307) 40,827 (43,001) Operating charges (1,464,268) (479,061) (1,475,762) (530,844) Management fee (1,073,562) (362,196) (1,104,650) (374,088) Custodian fee (41,033) (14,290) (31,090) (10,836) Statutory Auditors fee (9,213) (3,093) (8,744) (2,936) Printing and publication costs (56,380) (18,914) (57,625) (19,120) Annual tax on collective investment schemes (75,991) (25,609) (54,561) (18,320) Directors fees (155,236) (41,424) (152,957) (37,840) Advisory fees (5,272) (1,777) (12,760) (4,284) Other (47,582) (11,759) (53,374) (18,203) Operating profit / loss 6,709,177 3,339,336 11,051,985 5,905,188 Financial income 1,022, ,321 1,303, ,147 Financial charges (150,421) (13,879) (465,412) (57,553) Other (150,421) (13,879) (465,412) (57,553) Profit / Loss for the period, before taxes 7,581,664 3,539,778 11,890,552 6,097,756 Income taxes (86) 0 Profit / Loss for the period, after taxes 7,581,797 3,539,911 11,890,466 6,092,783 Profit / Loss for the period, after taxes, per share

3. OFF BALANCE POSITIONS AT 30 SEPTEMBER 2014

3 3. OFF BALANCE POSITIONS AT 30 SEPTEMBER Commitments Commitments Currency Commitments in Capricorn Cleantech Co-investments 581, ,944 Capricorn Health-tech Fund 8,250,000 8,250,000 Capricorn ICT ARKIV 6,750,000 6,750,000 Carlyle Europe Technology Partners I 385, ,056 Carlyle Europe Technology Partners II 699, ,650 Life Sciences Partners III 58,393 58,393 Life Sciences Partners IV 576, ,418 Vertex III 49,023 $ 38,960 TOTAL: 17,339, Forward currency rate agreements Value date Counterparty Quest for Growth buys Quest for Growth sells 31/10/2014 Belfius Bank 1,918,403,89 1,500,000 31/10/2014 Belfius Bank 2,353,125,74 $ 3,000,000 31/10/2014 KBC Bank 2,302,290,78 1,800,000 31/10/2014 KBC Bank 1,489,536,01 $ 1,900,000 PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 30 SEPTEMBER ,000, ,000, ,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 Cash + Other net assets Quoted portfolio Unquoted portfolio Venture funds Market cap and commercial paper 3

4 4. NOTES TO THE FINANCIAL STATEMENTS FINANCIAL ASSETS BREAKDOWN AT 30 SEPTEMBER Shares quoted companies Change since 30/06/2014 Currency Share price in % of Net Asset Value Company Sector / Market Number of shares Valuation in Software & Services ECONOCOM Euronext Brussels 252, , ,808, % INIT INNOVATION Deutsche Börse 68, ,487, % NEMETSCHEK Deutsche Börse 18,346-11, ,399, % SAP Deutsche Börse 66, ,768, % USU SOFTWARE Deutsche Börse 104,376 4, ,388, % Technology Hardware EVS BROADCAST EQUIPM. Euronext Brussels 35,000-7, , % LEM Holding SWX Swiss Exchange 3, CHF ,017, % TKH GROUP Euronext Amsterdam 117, ,991, % TOMRA SYSTEMS Oslo Stock Exchange 270,000-20,000 NOK ,629, % Semiconductors MELEXIS Euronext Brussels 103,500-6, ,735, % Healthcare Equipment & Services FRESENIUS Deutsche Börse 97,000 4, ,801, % GERRESHEIMER Deutsche Börse 67,500-6, ,470, % NEXUS Deutsche Börse 250, ,995, % PHARMAGEST INTERACTIVE Euronext Paris 29,000 2, ,981, % SARTORIUS Deutsche Börse 27,000 7, ,416, % UDG HEALTHCARE Dublin 875,786-75, ,727, % Electrical & Engineering ANDRITZ Vienna 70,000-5, ,955, % ARCADIS Euronext Amsterdam 141,472-5, ,708, % BERTRANDT Deutsche Börse 33,150 4, ,358, % CENTROTEC Deutsche Börse 195,000-5, ,971, % KENDRION Euronext Amsterdam 105,102 7, ,320, % SAFT GROUPE Euronext Paris 81,639 10, ,199, % SCHALTBAU HOLDING Deutsche Börse 77,202-2, ,652, % Materials FMC NYSE 39,500 3,500 $ ,795, % UMICORE Euronext Brussels 40,000-5, ,385, % 64,932, % 4.2. Shares unquoted companies in % of Company Sector / Market Currency Valuation in Net Asset Value ALIAXIS Materials 1,187, % ANTERYON Technology Hardware 1,563, % CAPRICORN CLEANTECH CO-INVESTMENTS (Ducatt, Epigan, FRX Polymers) / $ 3,027, % CLEAR2PAY Software & Services 10,295, % IDEA AG Pharma & Biotech 97, % KIADIS PHARMA Pharma & Biotech 3,061, % MAGWEL Software & Services 430, % MAPPER LITHOGRAPHY Semiconductors 605, % PROSONIX Pharma & Biotech 3,365, % 23,632, % 4

4.3. Investments in Venture Funds CAPRICORN VENTURE PARTNERS Currency Last Valuation Date Valuation in in % of Net Asset Value CAPRICORN CLEANTECH FUND 30-06-2014 1,512,786 1.

5 4.3. Investments in Venture Funds CAPRICORN VENTURE PARTNERS Currency Last Valuation Date Valuation in in % of Net Asset Value CAPRICORN CLEANTECH FUND ,512, % CAPRICORN HEALTH-TECH FUND ,632, % CAPRICORN ICT ARKIV ,096, % THIRD PARTY FUNDS CARLYLE EUROPE TECHNOLOGY PARTNERS I , % CARLYLE EUROPE TECHNOLOGY PARTNERS II ,025, % CETP LP CO-INVESTMENT , % CETP II LP CO-INVESTMENT , % LIFE SCIENCES PARTNERS III ,355, % LIFE SCIENCES PARTNERS IV ,566, % SCHRODER VENTURES LSF II $ , % VENTECH CAPITAL , % VERTEX III $ ,034, % 17,614, % Total Financial Assets - Shares 106,179, % Depreciation unquoted companies -2,091, % Total Financial Assets Shares after depreciation 104,087, % 4.4. Amounts receivable Companies Company Loan notes Face value in currency Currency Valuation in in % of Net Asset Value ANTERYON Convertible loan note 235, , % DUCAT loan note 31,249 31, % EPIGAN loan note 22,223 22, % PROSONIX Loan note 546, , % 991, % COMMERCIAL PAPER CODRALUX 2,500,000 2,499, % CODRALUX 500, , % ETEXCO 2,500,000 2,499, % ETEXCO 1,000, , % 6,499, % Totaal Financieel Vaste Activa - Vorderingen 7,490, % Totaal Financieel Vaste Activa 111,578, % Cash 3,881, % Andere Netto Activa 1,959, % Quest for Growth - gewone aandelen % Totaal Intrinsieke Waarde % PORTFOLIO DISTRIBUTION BY SECTOR PORTFOLIO DISTRIBUTION BY COUTNRY PORTFOLIO DISTRIBUTION BY CURRENCY Software & Services 19.9% Cash & other net assets 5.0% Other sectors 5.5% Funds & Diversified Companies 13.8% Materials 4.5% Technology Hardware 7.4% Semiconductors 3.7% Health Care Equipment & Services 16.5% Pharma & Biotech 6.2% Electrical & Engineering 17.5% Switzerland 1.8% United Kingdom 6.9% Netherlands 15.3% Austria 2.6% Ireland 3.3% France 5.0% Norway 1.4% Israel 0.9% US 2.5% Germany 27.1% Belgium 33.2% EUR 85.82% GBP 7.13% USD 3.28% NOK 1.78% CHF 1.99% 5

ADDED VALUE PER SECTOR PER SHARE (JANUARY SEPTEMBER 2014) NAV / Share 12.00 11.80 11.60 11.40 11.20 11.00 10.80 10.60 10.40 10.20 10.00 9.80 9.60 9.40 9.

Materials Health Care Equipment & Services Depreciation unquoted companies Equity Hedging Currency hedging Financial profits & losses Expenses Dividend 27/03/2014 NAV 30/09/2014 ADDED VALUE PER

6 ADDED VALUE PER SECTOR PER SHARE (JANUARY SEPTEMBER 2014) NAV / Share PORTFOLIO HEDGE GAINS AND LOSSES NAV 31/12/2013 Technology Hardware Pharma & Biotech Funds & Diversified Companies Software & Services Electrical & Engineering Other sectors Semiconductors Materials Health Care Equipment & Services Depreciation unquoted companies Equity Hedging Currency hedging Financial profits & losses Expenses Dividend 27/03/2014 NAV 30/09/2014 ADDED VALUE PER SEGMENT PER SHARE (JANUARY SEPTEMBER 2014) NAV/ Share , NAV 31/12/2013 Quoted companies Unquoted companies Funds Currency hedging Financial profits & losses Expenses Dividend 27/03/2014 NAV 30/09/2014 PROFIEL QUEST FOR GROWTH, Privak (closed-end private equity fund), a closed-end undertaking for collective investment (UCI) under Belgian law. The diversified portfolio of Quest for Growth chiefly comprises investments in growth undertakings listed at European stock exchanges, European unlisted companies and venture capital funds. Quest for Growth focuses on innovative companies in areas such as information and communication technology (ICT), technologies for the healthcare sector (Health-tech) and clean technology (Cleantech). Quest for Growth has been listed on Euronext Brussels since 23 September

THE INTERIM FINANCIAL REPORT JULY SEPTEMBER 2014 HAS NOT BEEN CONSOLIDATED NOR SUBMITTED TO A CONDENSED REVIEW BY THE STATUTORY AUDITOR KLYNVELD PEAT MARWICK GOERDELER BEDRIJFSREVISOREN STATEMENT ON

Chairman of the Audit Committee, René Avonts BVBA, represented by Mr René Avonts, Director Effective Leader and Axxis BVBA, represented by Mr Philippe de Vicq de Cumptich, Director Effective Leader,

7 THE INTERIM FINANCIAL REPORT JULY SEPTEMBER 2014 HAS NOT BEEN CONSOLIDATED NOR SUBMITTED TO A CONDENSED REVIEW BY THE STATUTORY AUDITOR KLYNVELD PEAT MARWICK GOERDELER BEDRIJFSREVISOREN STATEMENT ON THE TRUE AND FAIR VIEW OF THE CONDENSED INTERIM FINANCIAL STATEMENTS AND THE FAIR OVERVIEW OF THE INTERIM FINANCIAL REPORT Regine Slagmulder BVBA, represented by Prof, Regine Slagmulder, Director Chairman of the Audit Committee, René Avonts BVBA, represented by Mr René Avonts, Director Effective Leader and Axxis BVBA, represented by Mr Philippe de Vicq de Cumptich, Director Effective Leader, certify, on behalf and for the account of the Board of Directors of Quest for Growth NV, that, to their knowledge, a) the condensed interim financial statements which have been prepared in accordance with the accounting framework and standards applicable in Belgium give a true and fair view of the assets, liabilities, financial position and profit or loss of the company, under Article 13, 4 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. b) the interim financial report includes a fair overview of the information required under Article 13, 5 and 6 of the Royal Decree of November 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market. Leuven, 21 October 2014 Regine Slagmulder BVBA René Avonts BVBA Axxis BVBA Director Chairman of the Audit Committee Director Effective Leader Director Effective Leader represented by represented by represented by Regine Slagmulder René Avonts Philippe de Vicq de Cumptich TOTAL SHAREHOLDERS RETURN (SINCE 30/09/2011) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 30 SEPTEMBER % 6.9% % 1.8% % 17.2% % 26.8% -12.1% % 7

SUPPLEMENTARY INFORMATION Board of directors Audit committee Asset manager Staturary auditor Depository bank Incorporation June 9th, 1998 Official listing ADP Vision BVBA, Chairman, represented by Mr

8 SUPPLEMENTARY INFORMATION Board of directors Audit committee Asset manager Staturary auditor Depository bank Incorporation June 9th, 1998 Official listing ADP Vision BVBA, Chairman, represented by Mr Antoon De Proft Axxis BVBA, Director executive officer, represented by Mr Philippe de Vicq de Cumptich René Avonts BVBA, Director executive officer, represented by Mr René Avonts, Regine Slagmulder BVBA, Director, represented by Prof. Regine Slagmulder Baron Bernard de Gerlache de Gomery, Director De Meiboom NV, Director, represented by Mr Edward Claeys Euro Invest Management NV, Director, represented by Prof. Philippe Haspeslagh Gengest BVBA, Director, represented by Mr Rudi Mariën Pamica NV, Director, represented by Mr Michel Akkermans Mr Bart Fransis, Director Mr Jos B. Peeters, Director Regine Slagmulder BVBA, Chairman, represented by Prof. Regine Slagmulder Baron Bernard de Gerlache de Gomery Capricorn Venture Partners NV, Lei 19 box 1, B-3000 Leuven, Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV, represented by Mr Erik Clinck, Prins Boudewijnlaan 24d, B-2550 Kontich. BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels September 23rd, 1998 on Euronext Brussel Security number ISIN: BE Stock price Bloomberg: QFG BB Equity Reuters: QUFG.BR Telekurs: Company reports published quarterly, the next quarterly report will be published in March 2015 Estimated Net Asset Value published every first Thursday of the month on the website Closed-end private equity funds as instituted by the Royal Decree of 18 April 1997 are an investment instrument designed to offer individual investors a suitable framework in which to invest in unlisted companies and growth undertakings. A closed-end private equity fund is a closed undertaking for collective investment (UCI) which is under the supervision of the Financial Services and Market Authority (FSMA) and subject to specific investment rules and obligations as regards the distribution of dividends: Investment rules - 50% of more of the portfolio must be invested in equities; - 70 % of more of the portfolio (qualified investments) must be invested in: unlisted companies listed growth equities venture capital funds with an investment policy similar to that of the private equity fund. However, the investments in listed growth equities may not exceed 50% of the qualified holdings. A private equity fund may not invest more than 20% of its portfolio or more than 6.2 million euros per annum in a single undertaking. QUEST FOR GROWTH NV Privak, fixed capital investment company established under Belgian Law Lei 19, box 3 B-3000 Leuven Phone: +32 (0) Fax: +32 (0) quest@questforgrowth.com 8

QUEST FOR GROWTH. Interim financial report January March 2014

QUEST FOR GROWTH. Interim financial report January March 2014 The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 regarding the duties of issuers of financial instruments which have been admitted for trading