QUEST FOR GROWTH. Prospects. Investments in venture capital funds. Investments in listed companies. Results. Capital increase

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1 PRESS RELEASE Leuven / 28 April 2016 / 5.40 PM Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies. QUEST FOR GROWTH Interim financial report January March 2016 Schedule for publication: 28 April PM Press release available at 29 April AM Press & Analyst meeting, Capricorn Venture Partners NV, Lei 19, 3000 Leuven INTERIM REPORT Results In the first quarter of 2016, the return on equity amounted to % (in relation to the intrinsic value after profit distribution at the end of the previous financial year). The intrinsic value per Share fell to EUR 9.21 compared to EUR 9.54 (after profit distribution) on 31 December Quest for Growth had a negative result of EUR 3.9 million (EUR per share) in the first quarter. De share price amounted to EUR at the end of the first quarter, compared to EUR at the end of last year. On 23 March 2016, a dividend in a gross amount of EUR 2.73 per share or a net amount of EUR 2.70 per share was distributed. Taking into account the dividend, the performance of the Share during the last quarter amounted to about 17%. Market environment The European stock markets have started the year in a gloomy atmosphere, with a decrease of almost 8% for the Stoxx Europe 600 index. Small caps performed a little better with a decrease of about 6% for the Stoxx Europe Small 200 index. The American stock markets recorded limited profits, but the dollar decreased by about 5% in relation to the euro. The negative atmosphere on the stock markets also leaded to less activity related to IPO s. Investments in listed companies The portfolio of listed shares could not escape the correction on the stock markets and performed in line with the European stock market indices. Stock in the portfolio that performed well are, i.a. Umicore (+13%), Pharmagest (+12%) and Zetes (+5%). The stock price decreases of CFE (-24%) and Nexus (-13%) mostly affected performance. During the first quarter, the portfolio of listed shares was further reduced in the view of the distribution of the dividend at the end of the quarter. Two shares were removed completely out of the portfolio, i.e. Init and Nibe. A clear capital gain was realized on both shares, compared to the initial purchase price. Investments in unlisted companies In the framework of its non-listed investments, Quest for Growth participated in the capital increase of Avantium at the end of March. The Dutch producer of environment-friendly bottles for soda recently appeared in the media pursuant to the cooperation agreement it entered into with BASF in respect of the further commercialization of the PEF bottles. The proceeds of the capital increase will be applied in first place to finance a plant in Antwerp. Investments in venture capital funds In respect of the venture capital funds, the successful sale of Punch Powertrain, a holding company of the Capricorn Cleantech Fund, especially had a positive impact. The Limburg based producer of automatic gearboxes was sold for about 1 billion to a Chinese investor and therefore entailed a capital gain of more than 17 times the invested amount for the Capricorn Cleantech Fund. The impact on Quest for Growth was however far more modest, as it only holds a small share in the Capricorn Cleantech Fund. On the other hand, the negative outcome of clinical trials at Nexstim led to a decrease of the valuation of the Capricorn Health-tech Fund. Immediately after the announcement of the trial results, the stock price of Nexstim fell by about 70%. During the first quarter, the Capricorn ICT Arkiv invested in the Belgian-Dutch start-up Bluebee, which succeeds in carrying out DNA-analyses in two days time, where in the past, this used to be two weeks. Bluebee has found a way to run complex algorithms faster, more accurate and cheaper. Prospects The outlook for the stock markets remains to a large extent unchanged compared to the beginning of this year. Recent economic figures in Europe and the United States give a mixed image, with uncertainty remaining as to the economic situation in growth countries. The European stock markets now list at an expected price-earnings ratio of about 15 (STOXX Europe 600 index). Sectors in which Quest for Growth invests traditionally, such as technology and health, are relatively expensive and certain sub-sectors show extreme valuations. In the portfolio, the aim is to avoid over-valuated shares. Given the low interest rates, shares remain relatively attractive compared to other types of investments. Capital increase As mentioned before, Quest for Growth will organise a capital increase in cash in the second quarter of The extraordinary general meeting of March 17th approved the issuance of 3,843,316 new ordinary shares. The issue price and further details will become public after approval of the FSMA and before the start of the transaction in the prospectus. DISCOUNT QUEST FOR GROWTH VALUATION QUEST FOR GROWTH 60% 55% 50% 45% 40% 35% 30% Stock Price Net asset value/share 31/03/ /03/ /02/ /12/ EUR 9.21 EUR 8.94 EUR 9.54 EUR Number of shares 11,529,950 11,529,950 11,529,950 Premium of the share price versus Net Asset Value: 15.05% Source: Estimate by Capricorn Venture Partners NV PERFORMANCE PER SHARE IN QUOTED PORTFOLIO SINCE 31 DECEMBER % 20% 15% 10% 5% 0% % -10% -15% -20% Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth -10 % Umicore Pharmagest Andritz Zetes TKH Group UDG Healthcare Fresenius SE SAP Gerresheimer Cenit Melexis QfG quoted (e) Saft Groupe STOXX Europe Small 200 Bertrandt STOXX Europe 600 Schaltbau Tomra Nibe (O) Kendrion USU Software TECDAX Performance Nexus Init (O) Technotrans CFE 1

2 Condensed interim financial statements 1. BALANCE SHEET AT 31 MARCH 2016 ASSETS March December Fixed assets 101,589, ,605,558 Formation expenses 0 0 Financial assets 101,589, ,605,558 Shares 100,341, ,654,890 Loans to portfolio companies 1,247,820 14,950,668 Current assets 5,346,179 20,278,986 Amounts receivable > one year 2,307,080 2,448,120 Trade receivables 0 0 Other receivables 2,307,080 2,448,120 Amounts receivable < one year year 521,707 4,533,187 Trade receivables 0 0 Other receivables 521,707 4,533,187 Investments 0 0 Own shares 0 0 Term investments 0 0 Cash 2,277,861 13,284,643 Deferred charges and accrued income 239,531 13,036 TOTAL ASSETS 106,935, ,884,544 LIABILITIES March December Capital and Reserves 106,133, ,012,217 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 263, ,475 Loss carried forward 0 0 Result for the period (3,878,433) 0 Debts 801,762 37,872,327 Amounts payable < one year 495,149 37,780,621 Financial debts 0 0 Trade debts 0 0 Taxes Dividends to be paid for the fiscal year 494,958 37,735,442 Other debts 0 44,988 Deferred charges and accrued income 306,613 91,705 TOTAL LIABILITIES 106,935, ,884, STATEMENT OF INCOME FOR THE PERIOD ENDED 31 MARCH 2016 Operating income and charges 1 January March January March 2015 Gross operating income (3,091,564) 14,216,156 Realised gains/losses on shares (239,400) 5,858,483 Unrealised gains/losses on shares (3,456,959) 9,483,839 Results from option transactions 0 (259,350) Realised results from forward currency rate agreements 520,895 (811,885) Unrealised results from forward currency rate agreements 83,900 (54,932) Operating charges (530,074) (469,304) Management fee (353,809) (354,832) Custodian fee (14,188) (13,317) Statutory Auditors fee (3,099) (3,064) Printing and publication costs (14,349) (15,451) Annual tax on collective investment schemes (25,333) (25,055) Directors fees (47,372) (36,033) Advisory fees 0 (4,254) Other (71,923) (17,298) Operating profit / loss (3,621,638) 13,746,852 Financial income 75, ,573 Financial charges (332,247) (146,533) Other 0 0 Profit / Loss for the period, before taxes (3,878,433) 13,823,982 Income taxes 0 0 Profit / Loss for the period, after taxes (3,878,433) 13,823,892 Profit / Loss for the period, after taxes, per share (0,3364) 1,1990 2

3 3. OFF BALANCE POSITIONS AT 31 MARCH Commitments Commitments Currency Commitments in Capricorn Health-tech Fund 4,500,000 4,500,000 Capricorn ICT ARKIV 6,210,000 6,210,000 Carlyle Europe Technology Partners II 666, ,641 Life Sciences Partners IV 269, ,533 TOTAL: 11,646, Forward currency rate agreements Value date Counterparty Quest for Growth buys Quest for Growth sells 29/04/2016 Belfius Banque 1,401,810 1,100,000 29/04/2016 Belfius Banque 1,250,558 $ 1,400,000 29/04/2016 KBC Banque 2,547,771 2,000,000 29/04/2016 KBC Banque 1,697,262 $ 1,900,000 PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 31 MARCH ,000, ,000, % 100,000,000 80,000, % 10.87% 60,000,000 40,000,000 20,000, % 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 31/12/2015 Currency Share price Valuation in in % of Net Asset Value BERTRANDT Deutsche Börse 32, ,277, % CENIT Deutsche Börse 99, ,941, % SAP Deutsche Börse 37,500-17, ,666, % USU SOFTWARE Deutsche Börse 125, ,111, % ZETES INDUSTRIES Euronext Brussels 70,000-5, ,929, % Technology Hardware TKH GROUP Euronext Amsterdam 130,630-15, ,915, % TOMRA SYSTEMS Oslo Stock Exchange 370,000 0 NOK ,389, % Semiconductors MELEXIS Euronext Brussels 70, ,352, % Healthcare Equipment & Services FRESENIUS Deutsche Börse 50,000-22, ,210, % GERRESHEIMER Deutsche Börse 55, ,791, % NEXUS Deutsche Börse 260,372-69, ,311, % PHARMAGEST INTERACTIVE Euronext Paris 160, ,822, % UDG HEALTHCARE London Stock Exchange 420,786-90, ,104, % Pharma & Biotech KIADIS PHARMA (1) Euronext Amsterdam 508, ,014, % Electrical & Engineering ANDRITZ Vienna 75,000-10, ,619, % CFE Euronext Brussels 37,517-1, ,122, % KENDRION Euronext Amsterdam 97,783-18, ,117, % SAFT GROUPE Euronext Paris 99,639-18, ,649, % SCHALTBAU HOLDING Deutsche Börse 55, ,611, % TECHNOTRANS Deutsche Börse 148,961 68, ,431, % Materials UMICORE Euronext Brussels 85,000-21, ,718, % (1) Kiadis Pharma is a quoted company, but is considered as unquoted company for the Privak investment restrictions according to article 47 of the Royal Decree of ,108, % 4.2 Shares unquoted companies Company Sector / Market Sector / Market Valuation in in % of Net Asset Value ALIAXIS Materials 2,259, % ANTERYON Technology Hardware 1,648, % MAGWEL Software & Services 430, % MAPPER LITHOGRAPY Semiconductors 605, % 4,943, % Co-investissements Capricorn Venture Funds AVANTIUM Materials 1,000, % EPIGAN Semiconductors 305, % FRX POLYMERS Materials 996, % GREEN BIOLOGICS Materials 2,130, % SEQUANA MEDICAL Healthcare Equipment & Services 914, % 5,347, % 4

5 4.3 Investments in venture funds CAPRICORN VENTURE PARTNERS Currency Last Valuation Date Valuation in in % of Net Asset Value CAPRICORN CLEANTECH FUND ,214, % CAPRICORN HEALTH-TECH FUND ,933, % CAPRICORN ICT ARKIV ,029, % THIRD PARTY FUNDS CARLYLE EUROPE TECHNOLOGY PARTNERS I , % CARLYLE EUROPE TECHNOLOGY PARTNERS II ,308, % CETP LP CO-INVESTMENT , % CETP II LP CO-INVESTMENT , % LIFE SCIENCES PARTNERS III , % LIFE SCIENCES PARTNERS IV ,362, % SCHRODER VENTURES LSF II $ , % VENTECH CAPITAL , % VERTEX III $ ,299, % 22,625, % Total Financial Assets - Shares 101,024, % Change in valuation in unquoted companies and venture funds -683, % Total Financial Assets Shares after depreciation 100,341, % 4.4 Amounts receivables companies Company Face value in currency Currency Valuation in in % of Net Asset Value Loan notes ANTERYON Convertible loan note 150, , % AVANTIUM 500, , % FRX POLYMERS 600,000 $ 597, % 1,247, % Total Financial Assets - Amounts receivable 1,247, % Total Financial Assets 101,589, % Cash 2,277, % Other Net Assets 2,266, % Quest for Growth - Ordinary shares % Total Net Asset Value 106,133, % PORTFOLIO DISTRIBUTION BY SECTOR PORTFOLIO DISTRIBUTION BY COUNTRY PORTFOLIO DISTRIBUTION BY CURRENCY Semiconductors 2.4% Technology Hardware 8.0% Software & Services 10.6% Equipment & Services 15.3% Cash & other net assets -7.7% Other sectors 11.3% Pharma & Biotech 4.0% Electrical & Engineering 13.4% Funds & Diversified Companies 18.3% Materials 8.9% Austria 3.5% France 6.6% United Kingdom 4.5% Netherlands 17.8% Israel 1.3% US 1.1% Ireland 3.0% Norway 3.3% Switzerland 0.9% Germany 25.8% Belgium 32.2% EUR 86.20% GBP 6.63% USD 2.85% NOK 3.45% CHF 0.86% 5

6 ADDED VALUE PER SECTOR PER SHARE (JANUARY MARCH 2016) PORTFOLIO HEDGE GAINS AND LOSSES NAV 31/12/2015 Technology Hardware Pharma & Biotech Funds & Diversified Companies NAV / Share Software & Services Electrical & Engineering Other sectors Semiconductors Materials Health Care Equipment & Services Depreciation unquoted companies Equity Hedging Currency hedging Financial profits & losses Expenses Dividend 23/03/2016 NAV 31/03/2016 ADDED VALUE PER SEGMENT PER SHARE (JANUARY MARCH 2016) NAV 31/12/2015 Quoted companies Unquoted companies Funds Currency hedging Financial profits & losses Expenses NAV / Share Dividend 23/03/2016 NAV 31/03/2016 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 january march 2016 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, 27 April 2016 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 31/03/2013) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 31 MARCH ,000, % 80,000, % 60,000,000 40,000,000 20,000, % 22.4 % 1.8 % 7.9 % 17.4 % 24.7 % 17.2 % 26.8 % % Q1-20,000, % -40,000,000 7

8 Supplementary information Board of directors 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 Audit committee Asset manager Statutory auditor Depository bank 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 Incorporation 9 June 1998 Official listing Security number Stock price 23 September 1998 on Euronext Brussel ISIN : BE Bloomberg: QFG BB Equity Reuters: QUFG.BR Telekurs: Company reports published quarterly, the next quarterly report will be published on 28 July 2016 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, public investment company with fixed capital pursuant to Belgian Law Lei 19, bus 3, B-3000 Leuven Phone: +32 (0) Fax: +32 (0) quest@questforgrowth.com 8