QUEST FOR GROWTH. Quarterly Financial Report January - March 2011 INTERIM REPORT

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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

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 Quarterly Financial Report January - March 2011 INTERIM REPORT The first quarter of the year 2011 resulted in a net profit of 0.9 million ( 0.07 per share) compared to a positive result of 2.1 million ( 0.18 per share) for the corresponding period of the former year. The share price rose during the first 3 months of this year from 5.31 per share at December 31st, 2010 to 5.95 per share at the end of the quarter, or an increase of 12%. Therefore, the difference of the net asset value decreased with the share price of 41% to 34.4%. The discount remained high, as the lower left graph displays, both historically and in comparison with other Belgian investment companies. The positive result for the quarter was realised only in the quoted portfolio. Because of the increase in net assets in 2010, the management fee of 1.5 million, expressed as a percentage of assets under management, fell from 1.75% to 1.41% at December 31st, In accordance with the current Managing Directors DISCOUNT QUEST FOR GROWTH The Extraordinary General Meeting of March 17th, 2011 unanimously approved the two proposals: firstly, the reintroduction of "authorised capital and secondly, a mandate in favour of the Board of Directors about the decision for the eventual annulment of 259,305 treasury shares. In the context of the existing investment commitment in the Capricorn Cleantech Fund, it has been decided to invest an additional 1,058,813 directly into Ducatt NV, a new portfolio company of the fund. Ducatt is a Belgian company and a spin out of Emgo NV, a 50/50 joint venture between Osram and Philips Lighting. The new company will convert the existing production line for light bulbs into a manufacturing unit for high-quality glass for the photovoltaic industry. VALUATION QUEST FOR GROWTH Share price 31/03/ EUR Number of shares 60% 55% Agreement, the Board of Directors of Quest for Growth re-evaluated the management fee. The Board decided to keep the management fee unchanged. Discount Quest for Growth and Belgian Investment Companies 31/03/ EUR /02/ EUR Discount of the share price versus Net Asset Value: % Source: Estimate by Quest Management NV 50% EVOLUTION OF THE NET ASSET VALUE OF QUEST FOR GROWTH AND THE MARKET INDICES UNTIL 31 MARCH % 40% 35% Performance of Quest for Growth NAV and market indices to March 31st % 30% 25% QfG Net Asset Value 20% 25% 15% 20% 10% 15% Nasdaq (in Euro) New Markets 50 5% Net asset value/share 31/12/ EUR Average discount of Belgian Investment Companies (Source: KBC Securities) Discount Quest for Growth 10% 8,33% 0% 5% 0,81% 0% -1,40% -5% Since December 31st

2 CONDENSED INTERIM FINANCIAL STATEMENTS 2 1. BALANCE SHEET AT MARCH 31 ST 2011 ASSETS March December PASSIVA March December Fixed assets 102,588,144 99,778,377 Capital and Reserves 106,873, ,009,655 Formation expenses 0 0 Issued capital 109,748, ,748,742 Financial assets 102,588,144 99,778,377 Reserves 2,251,148 2,251,148 Shares 97,914,800 93,078,608 Reserves not available for distribution 1,542,865 1,376,910 Claims 4,673,344 6,699,769 Reserves available for distribution 708, ,239 Current assets 4,781,639 6,298,058 Profit carried forward 0 0 Amounts receivable after more than one year 0 885,932 Loss carried forward (5,990,236) (5,990,236) Trade receivables 0 0 Result for the period 863,908 0 Other receivables 0 885,932 Amounts receivable within one year 918,342 98,934 Debts 496,219 66,779 Trade receivables 0 0 Amounts payable within one year 53,956 66,291 Other receivables 918,342 98,934 Financial debts 0 0 Investments 1,542,865 1,376,910 Trade debts 0 7,865 Treasury shares 1,542,865 1,376,910 Taxes Term investments 0 0 Other debts 53,886 58,356 Cash 1,514,432 3,724,105 Deferred charges and Deferred charges and 806, ,177 accrued income accrued income 442, TOTAL ASSETS 107,369, ,076,435 TOTAL LIABILITIES 107,369, ,076, STATEMENT OF INCOME FOR THE PERIOD UNTIL MARCH 31 ST 2011 Operating income and charges December 31 st, 2010 March 31 st, 2011 December 31 st, 2009 March 31 st, 2010 Gross operating income 1,097,286 2,643,314 Realised gains/losses on shares 1,073, ,489 Unrealised gains/losses on shares (444,919) 2,683,947 Results from option transactions 0 0 Realised results from forward currency rate agreements 596,908 (230,557) Unrealised results from forward currency rate agreements (128,391) 44,435 Depreciation and other amounts written off 0 0 Other operating charges (468,900) (518,275) Management fee (369,863) (425,036) Custodian fee (10,808) (10,674) Statutory Auditors fee (2,264) (2,466) Printing and publication costs (15,558) (18,493) Annual tax on collective investment schemes (20,911) (16,854) Directors fees (17,852) (17,260) Advisory fees (8,723) (6,164) Accountants 0 0 Other (22,922) (21,327) Operating profit / loss 628,386 2,125,039 Financial income 164,766 42,966 Financial charges 70,756 (85,408) Amounts written off own shares 165,955(*) (64,826) Capital increase cost 0 0 Other (95,199) (20,582) Profit / Loss for the period, before taxes 863,908 2,082,596 Income taxes 0 0 Profit / Loss for the period, after taxes 863,908 2,082,596 Profit / Loss for the period, after taxes, per share (*) withdrawals

3 3. OFF BALANCE POSITIONS AT MARCH 31 ST, Commitments Commitments Currency Commitments in Capricorn Cleantech Fund 1,000,000 1,000,000 Capricorn Health-tech Fund 11,250,000 11,250,000 Carlyle Europe Technology Partners I 373, ,086 Carlyle Europe Technology Partners II 2,535,665 2,535,665 Life Sciences Partners III 142, ,414 Life Sciences Partners IV 1,537,572 1,537,572 Schroder Ventures International Life Sciences Fund II 19,953 $ 14,044 Ventech Capital 2 305, ,571 Vertex III 175,659 $ 123,643 TOTAAL 17,281, Forward currency rate agreements Value date Counterparty Quest for Growth buys Quest for Growth sells 29/04/2011 Dexia Bank 2,398, ,600,000 29/04/2011 Dexia Bank 2,984, $ 4,200,000 29/04/2011 KBC Bank 2,485, ,100,000 29/04/2011 KBC Bank 3,412, $ 4,800,000 PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT MARCH 31 ST, Cash + Other net assets Quoted portfolio Unquoted portfolio Venture funds Market cap

4 4. NOTES TO THE FINANCIAL STATEMENTS FINANCIAL ASSETS BREAKDOWN AT MARCH 31 ST Shares quoted companies Change Number of since shares 31/12/2010 Currency Share price Valuation in in % of Net Asset Value Company Sector / Market Software & Diensten ECONOCOM Euronext Brussel 100,605 29, ,559, % INIT INNOVATION Deutsche Börse 136,908 1, ,327, % LEGUIDE,COM Euronext Parijs 52,500-10, ,537, % NEMETSCHEK Deutsche Börse 160,000 10, ,048, % PHARMAGEST INTERACTIVE Euronext Parijs 20,000 2, , % TRANSICS Euronext Brussel 250, ,692, % UNIT4 Euronext Amsterdam 180,330-15, ,327, % Technology Hardware EVS BROADCAST EQUIPM, Euronext Brussel 75,000 2, ,367, % HEWLETT PACKARD NYSE 55,000 5,000 $ ,598, % LEM Holding SWX Swiss Exchange 6, CHF ,006, % MOBOTIX Deutsche Börse 26,000 26, ,424, % Pharma & Biotech ABLYNX Euronext Brussel 135, ,127, % ROCHE HOLDINGS SWX Swiss Exchange 18,000-2,000 CHF ,815, % TEVA PHARMACEUTICAL Nasdaq 75,000 $ ,641, % Healthcare Equipement & Services STRATEC BIOMEDICAL Deutsche Börse 35, , % UNITED DRUG Dublin 1,451,286-25, ,337, % Electrical & Engineering ANDRITZ AG Wenen 62,500 7, ,111, % ARCADIS Euronext Amsterdam 260, ,434, % FAIVELEY Euronext Parijs 30,000 2, ,094, % IMTECH Euronext Amsterdam 165,055 25, ,322, % PFEIFFER VACUUM TECHNOLOGY Deutsche Börse 22, ,227, % Halfgeleiders SMA SOLAR Deutsche Börse 30, ,653, % Materials CENTROTEC Deutsche Börse 75,000-25, ,662, % UMICORE Euronext Brussel 120,000 10, ,199, % WACKER CHEMIE Deutsche Börse 7,000 7, ,110, % Other Sectors ACCELL GROUP Euronext Amsterdam 40, ,474, % KPN Euronext Amsterdam 150, ,803, % 66,819, % 4.2. Shares unquoted companies Company Sector / Market Currency Valuation in In % of Net Asset Value ACTIVE CIRCLE Software & Services 400, % ANTERYON Technology Hardware 1,499, % CLEAR2PAY Healthcare Equipment & Services 5,570, % IDEA AG Pharma & Biotech 164, % KIADIS PHARMA Pharma & Biotech 2,299, % MAGWEL Software & Services 430, % OXAGEN Ltd, Pharma & Biotech 4, % PROSONIX Pharma & Biotech 1,225, % SPHERE MEDICAL Healthcare Equipment & Services 411, % SYNTAXIN Pharma & Biotech 2,276, % TCLAND Pharma & Biotech 1,499, % 15,783, %

4.3. Investments in venture funds Company Currency Last Valuation Valuation in In % of Net Asset Value CAPRICORN CLEANTECH FUND 31-12-2010 1.118.560 1,05% CAPRICORN HEALTH-TECH FUND 22-12-2010 3.750.

5 4.3. Investments in venture funds Company Currency Last Valuation Valuation in In % of Net Asset Value CAPRICORN CLEANTECH FUND ,05% CAPRICORN HEALTH-TECH FUND ,51% CAPRICORN CLEANTECH FUND CO-INVESTMENTS ,99% CARLYLE EUROPE TECHNOLOGY PARTNERS I ,74% CARLYLE EUROPE TECHNOLOGY PARTNERS II ,62% CETP LP CO-INVESTMENT ,49% KIWI I VENTURA SERVICOS ,14% LIFE SCIENCES PARTNERS III ,32% LIFE SCIENCES PARTNERS IV ,31% SCHRODER VENTURES LSF II $ ,18% VENTECH CAPITAL ,78% VERTEX III $ ,99% ,12% Total Financial Assets - Shares ,41% 4.4. Amounts receivable companies Valuation in In % of Net Asset Value Company Face value in Currency Loan notes KIADIS PHARMA Convertible loan note ,07% MAPPER Convertible loan note ,09% PROSONIX Loan note ,21% TCLAND Convertible loan note ,47% ,84% 5 Commercial paper DEME ,74% Total Financial Assets - Amounts receivable ,58% Total Financial Assets ,99% Cash ,42% Other Net Assets ,15% Quest for Growth - Ordinary shares ,44% Total Net Asset Value ,00% PORTFOLIO DISTRIBUTION BY SECTOR PORTFOLIO DISTRIBUTION BY COUNTRY PORTFOLIO DISTRIBUTION BY CURRENCY Semiconductors 2,8% Software & Services 24,2% Pharma & Biotech 14,1% Electrical & Engineering 18,5% France 7,6% Switzerland 4,7% Austria 4,0% Ireland 3,3% Israel 3,6% US 1,7% Portugal 0,1% USD 5,93% CHF 6,00% GBP 3,88% Other sectors 3,3% Health Care Equipment & Services 4,8% Materials 7,1% Funds & Diversified Companies 14,2% Technology Hardware 11,1% United Kingdom 9,1% Netherlands 21,5% Germany 17,2% Belgium 27,2% EUR 84,19%

ADDED VALUE PER SECTOR PER SHARE (JANUARY MARCH 2011) 9,15 9,05 8,95 8,85 8,75 NAV 31/12/2010 Technology Hardware Semiconductors Pharma & Biotech Health Care Equipment & Services Funds & Diversified

6 ADDED VALUE PER SECTOR PER SHARE (JANUARY MARCH 2011) 9,15 9,05 8,95 8,85 8,75 NAV 31/12/2010 Technology Hardware Semiconductors Pharma & Biotech Health Care Equipment & Services Funds & Diversified Companies Software & Services Electrical & Engineering NAV / Aandeel Materials Other sectors Equity Hedging Currency hedging Financial profits & losses Expenses NAV 31/03/ PROFILE, AIM Quest for Growth focuses on European technology-based growth companies in sectors such as life sciences, information technology, software, semiconductors, telecom, electronics, new materials and special situations in other growth sectors. Funds under management amounted to 106,000,000 on March 31 st, Quest for Growth has been listed on Euronext Brussels since September 23 rd The Privak, created by Royal Decree of April 18 th 1997, is an investment vehicle, specially tailored to provide a suitable framework for investments in private equity and in growth companies. The Privak is a closed-end Undertakings for Collective Investments in Transferrable Securities (UCITS) under the Financial Services and Markets Authority and subject to specific investment and dividend pay out rules. INVESTMENT POLICY Quest for Growth invests in growth companies with the objective of converting capital gains into tax-free income through the Privak structure. The largest part of the portfolio is invested in growth companies listed on European stock exchanges (Euronext, London Stock Exchange, Deutsche Börse etc.) and other regulated markets. Under Privak rules this part may not exceed 65 % of the assets. Up to 15 % of the assets can be invested in venture or private equity funds having an investment policy compatible with that of Quest for Growth. The balance will be invested in unquoted companies intending to seek an exit within 36 months. Investments in start-ups or early stage companies are allowed, but will be exceptional.

7 THE INTERIM FINANCIAL REPORT JANUARY MARCH 2011 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 STATE- MENTS AND THE FAIR OVERVIEW OF THE INTERIM FINANCIAL REPORT Auxilium Keerbergen BVBA, Mr. Frans L. Theeuwes, Director Chairman of the Audit Committee and Quest Management NV, Mr. René Avonts, Managing Director 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, 26 th of April, 2011 Auxilium Keerbergen BVBA Director Chairman of the Audit committee Frans L. Theeuwes Quest Management NV Managing Director René Avonts 7 TOTAL SHAREHOLDERS RETURN (SINCE 31/12/2010) QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2005 UNTIL 31 MARCH (until March 31st)

8 GENERAL INFORMATION BOARD OF DIRECTORS INVESTMENT COMMITTEE AUDIT COMMITTEE 8 Dr. Jos B. Peeters Chairman Quest Management NV Managing Director, Mr René Avonts Managing Director Quest Management NV Bergendal & Co. BVBA Vice Chairman, Independent Director, Count Diego du Monceau de Bergendal Tacan BVBA Vice Chairman, Independent Director, Mr Johan Tack Euro Invest Management NV Director, Prof. Philippe Haspeslagh De Meiboom NV Director, Mr Edward Claeys Mr Dirk Vanderschrick Director Auxilium Keerbergen BVBA Independent Director, Mr Frans L. Theeuwes Gengest BVBA Independent Director, Mr Rudi Mariën Prof. Koen Debackere Independent Director Pamica NV Independent Director, Mr Michel Akkermans Euro Invest Management NV Chairman, Prof Philippe Haspeslagh Dr Jos B. Peeters Pamica NV Mr Michel Akkermans Gengest BVBA Mr Rudi Mariën De Meiboom NV Mr Edward Claeys Ms Goedele Ertveldt Quest Management NV Mr René Avonts Managing Director Auditors Depositary bank Incorporation June 9 th 1998 Official listing Security number Stock Price Company reports Estimated Net Asset Value Quest Management NV, Lei 19 Box 2, B-3000 Leuven Represented by Mr René Avonts Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV, Mr Pierre P. Berger Prins Boudewijnlaan 24D, 2550 B-Kontich DEXIA BANK, Pachecolaan 44, B-1000 Brussels September 23 rd 1998 on Euronext Brussels (Continuous Market) ISIN: BE Bloomberg: QFG BB Equity Reuters: QUFG.BR Telekurs: Auxilium Keerbergen BVBA Chairman, Mr Frans L. Theeuwes Tacan BVBA Mr Johan Tack Bergendal & Co. BVBA Count Diego du Monceau de Bergendal Quarterly. The next report will be the semi-annual report, to be published on July 28 th, Published every first Saturday of the month in De TIJD and in L Echo, in MoneyTalk and on the Quest for Growth website. 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

QUEST FOR GROWTH Interim Financial Report January March 2012

QUEST FOR GROWTH Interim Financial Report January March 2012 PRESS RELEASE Leuven / 26 April 2012 / 5.40 PM Regulated information. This press release contains information subject to the transparency requirements imposed on listed companies. Schedule for publication: