1

INTERIM REPORT

Results

In the first nine months of 2016, re-turn on equity stood at 3% (over net asset value after profit distribution at the end of the prior financial year and taking account of the capital increase in May). Net asset value per share was 9.12 euros against 9.54 euros (after profit distribution) on 31 December 2015. In those nine months, Quest for Growth booked a result of 2.8 million euros (0.19 euros per share), compared to profit of 29.9 million euros (2.59 euros per share) in the first nine months of 2015.

The share price on 30 September 2016 stood at 7.215 euros, against 11.40 eu-ros at the end of last year. On 26 March, a dividend was paid of 2.73 euros gross, or 2.70 euros net, per ordinary share. On 30 September 2016, the share price was listed with a discount of 21%, com-pared to 11% on 31 December 2015.

Market environment

In the third quarter, the markets re-covered after the slump following the Brexit referendum. The European stock exchanges (STOXX Europe 600 index) are still around 7% lower than at the end of last year. The US stock market attained new record highs in the third quarter.

Investments in listed companies

The portfolio of listed shares continued to perform well, with positive perfor-mance since the beginning of the year. The portfolio’s biggest fallers included CFE (-9%), Bertrandt (-12%) and Kiadis (-11%). Stocks such as Umicore (+47%), Pharmagest (+43%) and Melexis (+29%) achieved the largest positive returns. Saft Groupe was taken over by Total at a price of 36.50 euros per share, approximately 30% higher than the price at the end of 2015 and over 100% more (including dividends) than the initial acquisition price in 2012. Kendrion was also sold off. This share attained performance of nearly 70% in the five-year period for which it was held in portfolio.

Investments in unlisted companies

In the third quarter, Magwel disap-peared out of the unlisted company portfolio. Quest for Growth first in-vested in this spin-off of Leuven’s imec research centre in 2005, when it was still called Kimotion Technologies. The company had unique software offering solutions to the complex challenges in designing semiconductors. However, it quickly transpired that the company would struggle to fully realise its in-

ternational growth potential. We now see that the semiconductors market has developed in a different direction, depriving Magwel’s solutions of further widespread areas of application. In light of this shift, Quest for Growth has decided to exit Magwel by selling its shares to the company’s management. The sale proceeds are in line with Mag-wel’s portfolio valuation as at 30 June 2016, and so the deal has no impact on Quest for Growth’s NAV this quarter.

Investments in venture capital funds

In Capricorn ICT Arkiv, there was good news for Icometrix, a spin-off from the Universities of Leuven and Antwerp: it was granted permission by the US Food and Drug Administration to com-mercialise its cloud brain-scan-analysis software in the United States. The com-pany raised a further 2 million euros of capital at the beginning of this year, part of which will go to bringing its solutions to market in the US. The Ico-metrix software is already in use in the EU, Canada and Australia.

In the Capricorn Health-tech Fund, Con-fo Therapeutics, an ambitious Flemish biotech start-up, announced the ap-pointment of Dr. Cedric Ververken as CEO. Dr. Ververken was previously at Ablynx and, together with Dr. Christel

Menet, ex-Galapagos, and the rest of the team, will be responsible for the company’s onward development.

Prospects

The prospects for the stock markets re-main largely unchanged since the be-ginning of the year. Recent economic figures in Europe and the United States still present a mixed picture. Following the third quarter’s partial recovery on the European stock markets, the price/earnings ratio of the STOXX Europe 600 index is forecast at approximately 15. In view of the low interest rate, equities remain relatively attractive compared to other forms of investment.

New legislation on close-ended private equity funds (PRIVAK (NL) or PRICAF (FR))The Royal Decree of 10 July 2016 on alternative institutions for collective investment in unlisted companies and growth companies, better known as the Public PRIVAK/PRICAF RD, came into force in August. One innova-tion is that the new RD allows public close-ended private equity funds to pay out optional dividends. It also up-dates and simplifies the rules surround-ing investment policy.

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 JUly – SEpTEmbER 2016

DISCOUNT QUEST FOR GROWTH VALUATION QUEST FOR GROWTH

Stock Price Net aSSet value/Share

30/09/2016 30/09/2016 31/08/2016 31/12/20157.215 EUR 9.12 EUR 9.04 EUR 9.54 EUR

Number of shares 15,155,969 15,155,969 11,529,950Discount of the share price versus Net Asset Value: 20.89%

Source: Estimate by Capricorn Venture Partners NV

pERFORmancE pER SHaRE In QUOTED pORTFOlIO SIncE 31 DEcEmbER 2015

LT graph All Engels

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Condensed interim financial statements

1. BALANCE SHEET AT 30 SEPTEMBER 2016

201630 September

201531 December aSSETS

Fixed assets 119,958,389 127,605,558

Formation expenses 0 0

Financial assets 119,958,389 127,605,558

Shares 118,308,413 112,654,890

Loans to portfolio companies 1,649,976 14,950,668

current assets 18,427,947 20,278,986

Amounts receivable > one year 2,142,060 2,448,120

Trade receivables 0 0

Other receivables 2,142,060 2,448,120

Amounts receivable < one year year 564,274 4,533,187

Trade receivables 0 0

Other receivables 564,274 4,533,187

Investments 0 0

Own shares 0 0

Term investments 0 0

Cash 15,578,143 13,284,643

Deferred charges and accrued income 143,470 13,036

TOTal aSSETS 138,386,336 147,884,544

201630 September

201531 December lIabIlITIES

capital and Reserves 138,221,848 110,012,217

Issued capital 135,130,875 109,748,742

Reserves 0 0

Reserves not available for distribution 0 0

Reserves available for distribution 0 0

Profit carried forward 263,475 263,475

Loss carried forward 0 0

Result for the period 2,827,498 0

Debts 164,488 37,872,327

Amounts payable < one year 56,744 37,780,621

Financial debts 0 0

Trade debts 12,100 0

Taxes 503 191

Dividends to be paid for the fiscal year 0 37,735,442

Other debts 44,141 44,988

Deferred charges and accrued income 107,744 91,705

TOTal lIabIlITIES 138,386,336 147,884,544

2. STATEMENT OF INCOME FOR THE PERIOD ENDED 30 SEPTEMBER 2016

1 January 201630 September 2016

1 July 201630 September 2016

1 January 201530 September 2015

1 July 201530 September 2015

Operating income and charges

Gross operating income 4,710,015 7,335,311 30,436,575 (1,021,156)

Realised gains/losses on shares (1,027,654) (942,306) 24,394,142 3,139,780

Unrealised gains/losses on shares 4,907,095 8,129,644 6,703,426 (4,674,968)

Results from option transactions 0 0 109,227 248,252

Realised results from forward currency rate agreements 859,933 175,144 (801,637) 270,559

Unrealised results from forward currency rate agreements (29,359) (27,170) 31,417 (4,778)

Operating charges (2,426,010) (500,776) (1,422,451) (463,132)

Management fee (1,062,406) (356,720) (1,056,939) (343,334)

Custodian fee (42,604) (14,305) (42,317) (14,244)

Statutory Auditors fee (9,304) (3,124) (9,295) (3,132)

Printing and publication costs (43,087) (21,954) (46,868) (15,794)

Annual tax on collective investment schemes (76,069) (25,954) (75,999) (25,611)

Directors fees (142,248) (47,762) (130,022) (43,817)

Advisory fees 0 0 (12,904) (4,349)

Other (1,050,292) (31,370) (48,108) (12,852)

Operating profit / loss 2,284,005 6,834,535 29,014,123 (1,484,288)

Financial income 1,303,058 172,933 1,156,794 (36,332)

Amounts written off other current assets (759,253) (154,353) (273,645) (67,703)

Other (759,253) (154,352) (273,645) (67,703)

Profit / Loss for the period, before taxes 2,827,810 6,853,115 29,897,272 (1,588,323)

Income taxes (312) 0 (191) 0

Profit / Loss for the period, after taxes 2,827,498 6,853,115 29,897,081 (1,588,323)

Profit / Loss for the period, after taxes, per share 0.19 0.45 2.59 (0.14)

3

3. OFF BALANCE POSITIONS AT 30 SEPTEMBER 2016

3.1 commitments

commitments currency commitments in €

Capricorn Health-tech Fund 3,750,000 € 3,750,000

Capricorn ICT ARKIV 6,210,000 € 6,210,000

Carlyle Europe Technology Partners II 666,641 € 666,641

Life Sciences Partners IV 164,576 € 164,576

TOTal: 10,791,217

3.2 Forward currency rate agreements

Value date counterparty Quest for Growth buys Quest for Growth sells

31/10/2016 Belfius Bank € 1,735,508 £ 1,500,000

31/10/2016 Belfius Bank € 1,691,520 $ 1,900,000

31/10/2016 KBC Bank € 2,311,791 £ 2,000,000

31/10/2016 KBC Bank € 1,423,146 $ 1,600,000

PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT 30 SEPTEMbER 2016

€ 0

€ 20.000.000

€ 40.000.000

€ 60.000.000

€ 80.000.000

€ 100.000.000

€ 120.000.000

€ 140.000.000

€ 160.000.000

Cash +Other net assets

Quoted portfolio Unquoted portfolio Venture funds Market capand commercial paper

13.21%

15.73%

6.43%64.63%

4

4. FINANCIAL ASSETS BREAKDOWN AT 30 SEPTEMBER 2016

4.2 Shares unquoted companies

company Sector / Market Sector / Market Valuation in € in % of Net

asset Value

ANTERYON Technology Hardware € 1,648,117 1.19%

MAPPER LITHOGRAPHY Semiconductors € 605,423 0.44%

2,253,540 1.63%

co-investissements capricorn Venture Funds

AVANTIUM Materials € 1,000,000 0.72%

EPIGAN Semiconductors € 305,706 0.22%

FRX POLYMERS Materials $ 2,135,620 1.55%

GREEN BIOLOGICS Materials £ 2,384,775 1.73%

SEQUANA MEDICAL Healthcare Equipment & Services CHF 1,107,517 0.80%

6,933,618 5.02%

4,1 Shares quoted companies

company Sector / Market Number of

shareschange since

31/12/2015 currency Share price Valuation

in €

in % of net asset

Value

Software & Services

BERTRANDT Deutsche Börse 29,000 -3,500 € 97.0100 2,813,290 2.04%

CENIT Deutsche Börse 109,437 10,000 € 20.6000 2,254,402 1.63%

SAP Deutsche Börse 50,000 -5,000 € 80.9200 4,046,000 2.93%

USU SOFTWARE Deutsche Börse 128,166 2,880 € 21.6000 2,768,386 2.00%

ZETES INDUSTRIES Euronext Brussels 89,073 14,073 € 40.2100 3,581,625 2.59%

Technology Hardware

NORMA GROUP Deutsche Börse 80,200 80,200 € 45.8000 3,673,160 2.66%

TKH GROUP Euronext Amsterdam 160,101 14,471 € 34.7850 5,569,113 4.03%

TOMRA SYSTEMS Oslo Stock Exchange 370,000 0 NOK 92.7500 3,818,784 2.76%

Semiconductors

MELEXIS Euronext Brussels 52,135 -18,000 € 63.8900 3,330,905 2.41%

Healthcare Equipment & Services

FRESENIUS Deutsche Börse 55,000 -17,000 € 71.0100 3,905,550 2.83%

GERRESHEIMER Deutsche Börse 54,000 -1,000 € 75.6300 4,084,020 2.95%

NEXUS Deutsche Börse 280,372 -49,000 € 18.4300 5,167,256 3.74%

PHARMAGEST INTERACTIVE Euronext Paris 160,000 0 € 30.5400 4,886,400 3.54%

UDG HEALTHCARE London Stock Exchange 390,786 -120,000 £ 6.4100 2,909,235 2.10%

Pharma & Biotech

ABLYNX Euronext Brussels 179,950 179,950 € 11.1950 2,014,540 1.46%

KIADIS PHARMA Euronext Amsterdam 458,451 -50,348 € 11.0000 5,042,961 3.65%

Electrical & Engineering

ANDRITZ Vienna 97,000 12,000 € 48.4550 4,700,135 3.40%

CFE Euronext Brussels 41,302 2,348 € 97.8500 4,041,401 2.92%

JENSEN GROUP Euronext Brussels 100,000 100,000 € 33.3000 3,330,000 2.41%

KUKA Deutsche Börse 9,000 9,000 € 107.6500 968,850 0.70%

TECHNOTRANS Deutsche Börse 158,961 78,000 € 22.6200 3,595,698 2.60%

materials

ALIAXIS Euronext Expert Market Brussels 122,148 0 € 21.0000 2,565,108 1.86%

CORBION Euronext Amsterdam 120,000 120,000 € 23.9750 2,877,000 2.08%

KINGSPAN Dublin 110,000 110,000 € 23.9800 2,637,800 1.91%

UMICORE Euronext Brussels 85,000 -21,000 € 55.8300 4,745,550 3.43%

89,327,169 64.63%

5

4.3 Investments in venture funds

currency last Valuation

Date Valuation in €

in % of net asset

Value

capRIcORn VEnTURE paRTnERS

CAPRICORN CLEANTECH FUND € 30-06-2016 2,975,966 2.15%

CAPRICORN HEALTH-TECH FUND € 30-06-2016 9,069,243 6.56%

CAPRICORN ICT ARKIV € 30-06-2016 4,963,822 3.59%

THIRD paRTy FUnDS

CARLYLE EUROPE TECHNOLOGY PARTNERS I € 30-06-2016 51,576 0.04%

CARLYLE EUROPE TECHNOLOGY PARTNERS II € 30-06-2016 1,480,639 1.07%

CETP LP CO-INVESTMENT € 30-06-2016 75,135 0.05%

CETP II LP CO-INVESTMENT £ 30-06-2016 2,135 0.00%

LIFE SCIENCES PARTNERS III € 30-06-2016 657,000 0.48%

LIFE SCIENCES PARTNERS IV € 30-06-2016 1,249,000 0.90%

SCHRODER VENTURES LSF II $ 31-12-2015 118,576 0.09%

VENTECH CAPITAL 2 € 30-06-2016 153,064 0.11%

VERTEX III $ 30-06-2016 972,246 0.70%

21,768,402 15.75%

Total Financial assets - Shares € 120,282,728 87.02%

Change in valuation in unquoted companies and venture funds € -1,974,316 -1.43%

Total Financial Assets – Shares after depreciation € 118,308,413 85.59%

PORTFOLIO DISTRIbUTION bY SECTOR

Software & Services11.2%

Technology Hardware

10.8%

Semiconductors1.9%

Health Care Equipment &

Services16.0% Pharma &

Biotech5.1%

Electrical & Engineering

12.3%

Materials13.2%

Funds & Diversified Companies

15.7%Other sectors

0.7%

Cash & other net assets13.2%

PORTFOLIO DISTRIbUTION bY COUNTRY PORTFOLIO DISTRIbUTION bY CURRENCY

CHF0.80%

EUR88.99%

GBP5.03%

USD2.42%

NOK2.76%

Belgium34.4%

Germany27.3%

Netherlands15.8%

United Kingdom3.3%

France4.1%

Austria3.9%

Ireland4.5% Norway

3.1%

Israel0.8% US

1.8%

Switzerland0.9%

4.4. Amounts receivable Companies

Face value in currency currency Valuation in €

in % of net asset

ValueSociétés

loan notes

ANTERYON Convertible loan note 150,000 € 150,000 0.11%

AVANTIUM 500,000 € 500,000 0.36%

650,000 0.47%

commercial paper

PURATOS 1.000.000 € 999,976 0.72%

999,976 0.72%

Total Financial assets - amounts receivable 1,649,976 1.19%

Total Financial assets € 119,958,389 86.79%

cash € 15,578,143 11.27%

Other net assets € 2,685,316 1.94%

Quest for Growth - Ordinary shares € - 0.00%

Total net asset Value € 138,221,848 100.00%

6

QUEST FOR GROWTH is a Privak, (closed-end private equity fund), a public investment company with fixed capital pursuant to 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 1998.

ADDED VALUE PER SECTOR PER SHARE (JANUARY – SEPTEMbER 2016)

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7

TOTAL SHAREHOLDERS RETURN (SINCE 30/09/2013)QUEST FOR GROWTH: RESULTS FROM 1 JANUARY 2006 UNTIL 30 SEPTEMbER 2016

-40,000,000

-20,000,000

-

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

17.2 %22.4 %

24.7 %

-41.8 %

17.4 %

-12.1 %

26.8 %

1.8 %

34.5 %

7.9 %

3.4 %

Regine Slagmulder BVBA, represented by Prof, Regine Slagmulder, Director – Chairman of the Audit Committee, René Avonts BVBA, repre-sented 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 ap-plicable 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 Novem-ber 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.

Leuven, 25 October 2016

regine Slagmulder BvBa rené avonts BvBa axxis BvBa Director – Chairman of the Audit Committee Director – Effective Leader Director – Effective Leaderrepresented by represented by represented byRegine Slagmulder René Avonts Philippe de Vicq de Cumptich

THE INTERIM FINANCIAL REPORT JULY – SEPTEMBER 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

8

QUEST FOR GROWTH NVPrivak, public investment company with fixed capital pursuant to Belgian Law

Lei 19, bus 3, b-3000 Leuven

Phone: +32 (0)16 28 41 28 Fax: +32 (0)16 28 41 29

www.questforgrowth.com quest@questforgrowth.com

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 Regine Slagmulder BVBA, Chairman, represented by Prof. Regine Slagmulder baron bernard de Gerlache de Gomery

asset manager Capricorn Venture Partners NV, Lei 19 box 1, B-3000 Leuven

Statutory auditor Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren Burg. CV. represented by Mr Erik Clinck, Prins Boudewijnlaan 24d, B-2550 Kontich

Depository bank BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels

Incorporation 9 June 1998

Official listing 23 September 1998 on Euronext Brussel

Security number ISIN : BE0003730448

Stock price Bloomberg: QFG BB EquityReuters: QUFG.BRTelekurs: 950524

company reports published quarterly, the annual report will be published in March 2017

Estimated net asset value published every first Thursday of the month on the website www.questforgrowth.com

Closed-end private equity funds, submitted to the Royal Decree of 10 July 2016 on alternative institutions for collective investment in unlisted and growth companies, are an investment instrument designed to offer individual investors a suitable framework in which to invest in unlisted 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

• 25% or more of the portfolio must be invested in unlisted companies;

• 70% or more of the portfolio (qualified investments) must be invested in• unlisted companies;• listed growth companies with a market capitalisation of less than 1.5 billion euros;• AIF’s with an investment policy similar to that of the private equity fund.

A private equity fund may not invest more than 20% of its portfolio in a single undertaking.

Supplementary information