QUEST FOR GROWTH INTERIM REPORT. Interim financial report January March Results. Investments in venture capital funds.

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1 PRESS RELEASE Leuven / 23 April 2015 / 5.40 PM Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies. Schedule for publication: 23 April PM Press release available at 24 April AM Press & Analyst meeting, Capricorn Venture Partners NV, Lei 19, 3000 Leuven QUEST FOR GROWTH Interim financial report January March 2015 INTERIM REPORT Results 2015 got off to a flying start for Quest for Growth, with a return on equity (net asset value after profit distribution at the end of the previous financial period) of 12.6% in the first quarter. Net asset value per share rose to euros against 9.53 euros (after profit distribution) on 31 December Net profit in Q1 of 2015 was approximately 13.8 million euros (1.20 euros per share), compared to profit of 3.3 million euros (0.3 euros per share) in Q1 of The share price ended the quarter at 8.29 euros against 7.61 euros at the end of last year. On 26 March, a gross dividend was paid out of 0.72 euros per share, or 0.70 euros a share net. Taking account of the dividend, the share s performance in the last quarter was around 18%. The share price s discount against asset value was 23% on 31 March 2015, against 26% on 31 December Market environment The European stock market had a strong quarter, buoyed by the start to the ECB s bazooka programme. Both the STOXX Europe 600 index and the STOXX Europe Small 200 index rose by approximately 16%. The good stock market climate also created a better environment for IPOs in Europe. The US markets climbed only to a limited degree, possibly owing to expectations of a rate rise from the Fed in the next few months. However, the dollar has risen 13% against the euro since the beginning of the year. Investments in listed companies The listed shares in Quest for Growth s portfolio achieved striking average performance (before charges) of around 23% in the first quarter of This is considerably better than the already sharp rise in the European market indices. There was not a single price fall in the portfolio s shares in Q1. The best performers included Melexis (+46%), Saft (+39%), Kendrion (+34%), Nexus (+32%) and UDG Healthcare (+24% in pounds sterling). In January, CFE and Docdata were taken up into the portfolio. Via its subsidiary DEME, CFE is one of the largest dredging companies in the world and is equally well positioned in offshore wind and environmental activities. Docdata s core business is the processing of e-commerce transactions. The last Nemetschek shares were sold in March owing to their increasing over-valuation. Overall performance compared to the initial purchase price, around eight years ago, amounted to well over 400% (corresponding to an annualised return of something like 23%). Investments in unlisted companies In March, Quest for Growth invested 2 million dollars, or around 1.87 million euros, in Green Biologics Ltd (GBL), a company active in the field of renewable chemicals. Just as was the case in previous months with the direct investments in FRX and Avantium, the investment in Green Biologics is a co-investment in conjunction with Capricorn Cleantech Fund. The holding forms part of a recent financing round led by Swire Pacific Limited and Sofinnova Partners in which an initial capital sum of 42 million US dollars was raised. This should enable the company to construct a first commercial plant in the USA. Investments in venture capital funds No new investments were made during the first quarter in the venture capital funds in the portfolio. Adjustments to the funds valuations led to a slightly positive result. Prospects The stimulus from the ECB, the high dollar and the low oil price are all factors that should lend support to the European economies and corporate profits. On the other hand, share valuations have further increased to the highest levels in the past ten years. Further exits from unlisted companies continue to be a possibility while the market environment for take-overs and IPOs remains favourable. The timing of such exits is hard to predict. New investments will mainly be channelled via the Capricorn funds: Capricorn ICT Arkiv will concentrate on further building a portfolio of promising, innovative companies in 2015, a year in which we are expecting two further new investments for Capricorn Health-tech Fund. DISCOUNT QUEST FOR GROWTH VALUATION QUEST FOR GROWTH 60% 55% 50% 45% Stock Price Net asset value/share 31/03/ /03/ /02/ /12/ EUR EUR EUR 9.53 EUR Number of shares 11,529,950 11,529,950 11,529,950 Discount of the share price versus : 22.70% Source: Estimate by Capricorn Venture Partners NV 40% 35% 30% PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER % 20% 15% 10% 5% 0% Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth 1

2 CONDENSED INTERIM FINANCIAL STATEMENTS 1. BALANCE SHEET AT 31 MARCH 2015 ASSETS March December Fixed assets 121,204, ,414,970 Formation expenses 0 0 Financial assets 121,204, ,414,970 Shares 106,978,701 98,488,620 Claims 14,226,032 11,926,350 Current assets 2,845,796 8,229,318 Amounts receivable > one year 1,317,786 1,399,479 Trade receivables 1,317,786 1,399,479 Other receivables 0 0 Amounts receivable < one year 138, ,425 Trade receivables 0 0 Other receivables 138, ,425 Investments 0 0 Own shares 0 0 Term investments 0 0 Cash 1,271,674 6,670,317 Deferred charges and accrued income 117,367 15,192 TOTAL ASSETS 124,050, ,650,383 LIABILITIES March December Capital and Reserves 123,672, ,848,623 Issued capital 109,748, ,748,742 Reserves 0 0 Reserves not available for distribution 0 0 Reserves available for distribution 0 0 Profit carried forward 99,881 99,881 Loss carried forward 0 0 Result for the period 13,823,892 Debts 378,012 8,801,760 Amounts payable < one year 288,932 8,745,601 Financial debts 0 0 Trade debts 23,678 0 Taxes Dividends to be paid for the fiscal year 0 8,700,784 Other debts 265,092 44,655 Deferred charges and accrued income 89,079 56,159 TOTAL LIABILITIES 124,050, ,650, STATEMENT OF INCOME FOR THE PERIOD ENDED 31 MARCH 2015 Operating income and charges 31 December March December March 2014 Gross operating income 14,216,156 3,821,069 Realised gains/losses on shares 5,858,483 2,465,553 Unrealised gains/losses on shares 9,483,839 1,395,797 Results from option transactions (259,350) (34,930) Realised results from forward currency rate agreements (811,885) (15,709) Unrealised results from forward currency rate agreements (54,932) 10,358 Operating charges (469,304) (493,051) Management fee (354,832) (361,203) Custodian fee (13,317) (13,437) Statutory Auditors fee (3,064) (3,061) Printing and publication costs (15,451) (18,629) Annual tax on collective investment schemes (25,055) (25,052) Directors fees (36,033) (51,177) Advisory fees (4,254) (1,738) Other (17,298) (18,754) Operating profit / loss 13,746,852 3,328,018 Financial income 223, ,194 Financial charges (146,533) (115,021) Other 0 (115,021) Profit / Loss for the period, before taxes 13,823,982 3,346,192 Income taxes 0 0 Profit / Loss for the period, after taxes 13,823,892 3,346,231 Profit / Loss for the period, after taxes, per share

3 3. OFF BALANCE POSITIONS AT 31 MARCH Commitments Commitments Currency Commitments in Capricorn Health-tech Fund 7,500,000 7,500,000 Capricorn ICT ARKIV 8,625,000 8,625,000 Carlyle Europe Technology Partners I 385, ,056 Carlyle Europe Technology Partners II 699, ,650 Life Sciences Partners IV 507, ,968 Vertex III 49,023 $ 45, Forward currency rate agreements date Counterparty TOTAL: 17,762,800 Quest for Growth buys Quest for Growth sells 30/04/2015 Belfius Bank 3,007,931 2,200,000 30/04/2015 Belfius Bank 2,771,009 $ 3,000,000 30/04/2015 KBC Bank 3,144,998 2,300,000 30/04/2015 KBC Bank 1,940,070 $ 2,100,000 PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 31 MARCH ,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. FINANCIAL ASSETS BREAKDOWN AT 31 MARCH Shares quoted companies Company Sector / Market Software & Services Number of shares Change since 31/12/2014 Currency Share price Valuation in BERTRANDT Deutsche Börse 19,750-4, ,678,100 2,17% DOCDATA Euronext Amsterdam 88,000 88, ,943,040 1,57% INIT INNOVATION Deutsche Börse 68, ,563,612 1,26% SAP Deutsche Börse 63,000-3, ,254,390 3,44% USU SOFTWARE Deutsche Börse 111, ,870,567 1,51% Technology Hardware EVS BROADCAST EQUIPM. Euronext Brussels 50,500 5, ,748,058 1,41% LEM Holding SWX Swiss Exchange 2, CHF ,612, % TKH GROUP Euronext Amsterdam 142, ,695, % TOMRA SYSTEMS Oslo Stock Exchange 345,000 0 NOK ,685, % Semiconductors MELEXIS Euronext Brussels 47,500-50, ,636, % Healthcare Equipment & Services FRESENIUS Deutsche Börse 66,000-22, ,668, % GERRESHEIMER Deutsche Börse 50,000-12, ,568, % NEXUS Deutsche Börse 265,740 7, ,225, % PHARMAGEST INTERACTIVE Euronext Paris 30, ,533, % SARTORIUS Deutsche Börse 16,500-11, ,956, % UDG HEALTHCARE London Stock exchange 570, , ,708, % Electrical & Engineering ANDRITZ Vienna 65,000-15, ,619, % ARCADIS Euronext Amsterdam 145,472-1, ,352, % CENTROTEC Deutsche Börse 120,000-85, ,774, % CFE Euronext Brussels 32,000 32, ,235, % KENDRION Euronext Amsterdam 132,102 17, ,831, % NIBE Stockholm 100,000 25,000 SEK ,308, % SAFT GROUPE Euronext Paris 107,139-7, ,668, % SCHALTBAU HOLDING Deutsche Börse 51,077-15, ,419, % Materials FMC NYSE 45,000 0 $ ,394, % UMICORE Euronext Brussels 52,500 5, ,041, % Options DAX PUT strike jun , % DAX PUT strike sept , % 75,200, % 4.2. Shares unquoted companies Company Sector / Market currency Valuation in ALIAXIS Materials 1,311, % ANTERYON Technology Hardware 1,648, % KIADIS PHARMA Pharma & Biotech 3,125, % MAGWEL Software & Services 430, % MAPPER LITHOGRAPHY Semiconductors 605, % PROSONIX PHarma & Biotech 3,596, % CO-INVESTMENTS CAPRICORN VENTURE FUNDS 10,716, % Valuation in AVANTIUM Materials 1,000, % DUCATT Materials 1,956, % EPIGAN Semiconductors 177, % FRX POLYMERS Materials $ 1,054, % GREEN BIOLOGICS Materials 1,866, % 6,055, % 4

5 4.3. Investments in venture funds CAPRICORN VENTURE PARTNERS Currency Last Valuation Date Valuation in CAPRICORN CLEANTECH FUND ,701, % CAPRICORN HEALTH-TECH FUND ,140, % CAPRICORN ICT ARKIV ,299, % THIRD PARTY FUNDS CARLYLE EUROPE TECHNOLOGY PARTNERS I , % CARLYLE EUROPE TECHNOLOGY PARTNERS II ,084, % CETP LP CO-INVESTMENT , % CETP II LP CO-INVESTMENT , % LIFE SCIENCES PARTNERS III , % LIFE SCIENCES PARTNERS IV ,279, % SCHRODER VENTURES LSF II $ , % VENTECH CAPITAL , % VERTEX III $ ,210, % 17,503, % Total Financial Assets - Shares 109,476, % Change in valuation in unquoted companies and venture funds -2,497, % Total Financial Assets Shares after depreciation 106,978, % 4.4. Amounts receivables companies Company Loan notes Face value in currency Currency Valuation in ANTERYON Convertible loan note 150, , % DUCATT Loan note 31,249 31, % EPIGAN Loan note 44,446 44, % PROSONIX Loan note 546, , % Commercial paper 976, % CODRALUX 2,500,000 2,499, % CODRALUX 500, , % ETEXCO 3,250,000 3,249, % ETEXCO 2,500,000 2,499, % PURATOS 3,000,000 2,999, % PURATOS 1,500,000 1,499, % 13,249, % Total Financial Assets - Amounts receivable 14,226, % Total Financial Assets 121,204, % Cash 1,271, % Other s 1,196, % Quest for Growth - Ordinary shares % Total 123,672, % PORTFOLIO DISTRIBUTION BY SECTOR PORTFOLIO DISTRIBUTION BY COUNTRY PORTFOLIO DISTRIBUTION BY CURRENCY Semiconductors 2.6% Technology Hardware 9.6% Health Care Equipment Services & 15.9% Pharma & Biotech 6.0% Switzerland 1.3% United Kingdom 8.3% France 6.2% Norway 2.2% Austria 3.0% Ireland 3.1% Israel 1.0% US 3.0% GBP 8.54% USD 3.88% NOK 2.17% Software & Services 10.3% Cash & other net assets 2.0% Electrical & Engineering 22.2% Netherlands 19.0% Belgium 30.5% EUR 82.12% SEK 1.87% CHF 1.42% Other sectors 10.9% Funds & Diversified Companies 14.3% Materials 6.2% Germany 22.4% 5

6 ADDED VALUE PER SECTOR PER SHARE (JANUARY MARCH 2015) NAV / Share PORTFOLIO HEDGE GAINS AND LOSSES NAV 31/12/2014 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 26/03/2015 NAV 31/03/2015 ADDED VALUE PER SEGMENT PER SHARE (JANUARY MARCH 2015) NAV / Share NAV 31/12/2014 Quoted companies Unquoted companies Funds Currency hedging Financial profits & losses Expenses Dividend 26/03/2015 NAV 31/03/2015 PROFILE 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

7 THE INTERIM FINANCIAL REPORT JULY MARCH 2015 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, 22 April 2015 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 31/03/2012) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 31 MARCH ,000,000 70,000, % 60,000, % 50,000, % 40,000, % 1.8 % 30,000, % 17.2 % 20,000,000 10,000, % 26.8 % % ,000,000-20,000, % 7

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 Lieve Verplancke, Director Baron Bernard de Gerlache de Gomery, Director 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 Dr 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 semi annual report will be published in on July 23 rd 2015 Estimated 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 SA 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