quest for growth...3 2018 h1 results and performance quest for growth key facts: • return on...

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Quest for Growth

Press & Analyst Meeting

27 July 2018

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Agenda

2018 H1 results and performance Quest for Growth

Comments on quoted portfolio

Comments on unquoted portfolio

Stock dividend

Questions and Answers

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Key facts:

• Return on equity per share: -0.33% since 31 December 2017

• Net asset value per share at 30 June 2018: € 8.69 (31 December 2017: € 10.71)

• Net result for the period: - € 560,133 (- € 0.04 per ordinary share) against a profit of € 22,104,883 (+ € 1.27 per

ordinary share) for H1 2017

• Share price at 30 June 2017: € 7.50 (31 December 2017: € 8.811)

• Discount of the share price versus net asset value: 13.72 % at 30 June 2018 (17.75 % at 31 December 2017)

• New indirect investment in DMC (CSCF)

• Stock dividend: 53% conversion

• Capital increase: €11,171,831 (net of cost)

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2018 H1 results and performance Quest for Growth Added value per sector per share

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2018 H1 results and performance Quest for Growth Added value per asset class per share

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Quest for Growth NAV Results from 1/01/2008 until 30/06/2018

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Quest for Growth share price 10 year total shareholders return

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Quest for Growth share price Discount to Net Asset Value: 13.72 %

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Quest for Growth share price Portfolio composition and market capitalisation at 30/06/2018

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Distribution of the portfolio by sector

at 30/06/2018

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Agenda




Stock dividend


12 source: Bloomberg

Stock markets in Europe & USA

Portfolio quoted Equity market environment

Equity markets in 2018

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Equity markets in 2018

source: Bloomberg

Sector performance in Europe

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Valuation

source: Factset, Capricorn Venture Partners

STOXX Europe 600 12 month forward P/E

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Portfolio quoted Transactions 2018

IN OUT INCREASE REDUCTION

Axway Technotrans Tomra

Gerresheimer

Nexus

Gerresheimer CEWE Tomra

Cenit Umicore

Kingspan

Accell Group Jensen-Group

Nexus Stratec Biomedical

Fresenius Avantium

Avantium Corbion

DAX put Jun-18 Nexus

TKH

Tomra

Bertrandt

Akka Technologies Bertrandt Kingspan

JANUARY

FEBRUARY

MARCH

APRIL

MAY

JUNE

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Portfolio quoted Transactions 2018 H1: Positions fully sold

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Portfolio quoted Transactions 2018 H1: Sale Bertrandt

source : Bloomberg, Capricorn Venture Partners

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Portfolio quoted Transactions 2018 H1: Introduction Akka Technologies

Akka Technologies offers engineering and

technology consulting services, mainly in the

field of automotive and aeronautic projects but

also within the rail sector and in life sciences.

The company was founded in 1984.

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Portfolio quoted Top 10 holdings

country sector/activityportfolio

entry% NAV

TKH Group Netherlands telecom, building and industrial solutions 2014 4.6%

Pharmagest France software for pharmacies 2010 4.5%

CEWE Germany photo and online printing services 2017 4.4%

Norma Group Germany connection technology and water mgmt. 2016 4.3%

Fresenius SE Germany healthcare products and services 2012 3.9%

Aures France point-of-sale terminals 2017 3.7%

Stratec Biomedical Germany equipment for diagnostics and life sciences 2017 3.4%

Technotrans Germany liquid technology 2015 3.3%

Jensen-Group Germany heavy-duty laundry equipment 2016 3.1%

Cenit Germany PLM software & services 2017 3.1%

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Portfolio quoted Valuation of portfolio companies: 12m fwd. P/E = 20.1

12 month forward P/E of portfolio companies

source : Factset, Capricorn Venture Partners

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Portfolio quoted Financial strength

Net debt/EBITDA 2018e of portfolio companies

source : Factset, Capricorn Venture Partners

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Portfolio quoted 2018 H1 result

Source: Bloomberg, Capricorn Venture Partners

QfG quoted (e) is estimate excluding costs and cash

Portfolio company returns in local currency

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Portfolio quoted Performance attribution 2018 H1

Source: Factset, Capricorn Venture Partners

Stock Contrib.% Stock Contrib.%

1 Pharmagest Interactive SA 1.7 1 EVS Broadcast Equipment SA -1.2

2 AURES Technologies 1.3 2 Accell Group N.V. -0.8

3 TOMRA Systems ASA 0.8 3 CENIT AG -0.8

4 Kingspan Group Plc 0.7 4 technotrans AG -0.7

5 Umicore 0.6 5 JENSEN-GROUP NV -0.6

Estimated gross (excl. fees & cash) performance QfG Quoted Portfolio: 1%

TOP POSITIVE CONTRIBUTIONS TOP NEGATIVE CONTRIBUTIONS

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Agenda




Stock dividend


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Portfolio unquoted

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Portfolio unquoted

• Fully depreciated compared to fair value of EUR 68,496 per December 31, 2017

• No expectation for a significant revenue due to further dilution of position QfG

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Portfolio unquoted

direct investments – co-investments

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Portfolio unquoted

Venture Capital Funds

Capricorn Cleantech Fund (CCF)

Press release Avantium: AMSTERDAM, 12 January 2018 – Avantium N.V. today announces that Synvina, its joint venture with BASF, plans to extend the pilot phase in order to optimize future commercial-scale production.

End of lock-up period: 16 March 2018

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Portfolio unquoted

Venture capital funds

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Portfolio unquoted


Capricorn Health-tech Fund (CHF)

New CEO Jason Hannon has been performing well and impressed investors. His priorities

are:

• Completing the ongoing trial and the PMA submission (the interim reading of the

trial in December 2017 was positive, the DMC had no safety concerns and

recommended sticking to 168 patients in the study). Trial read out is expected

by the end of 2018

• Launching commercial efforts in Germany is a priority

Company completed a € 30M raise in February with significant participation from major existing shareholders and the Irish Sovereign fund.

Capital increase

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Portfolio unquoted


Capricorn Health-tech Fund (CHF)

• The enrolment in the E-FIT trial (post-stroke rehabilitation) has been completed in January

and results are expected end of the summer.

• The company launched the commercialization of the Navigated Brain Therapy (NBT®)

System for the treatment of Major Depressive Disorder (MDD) in the USA and has announced

already a first sale in May.

• CHF purchased via a direct issuance 4,000,000 of Nexstim's shares.

Nexstim: € 1,000,000 follow on investment

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Portfolio unquoted


Capricorn ICT Arkiv (CICT)

On January 19th, LindaCare closed a Series B round of €7 million led by Philips Health

Technology Ventures (US / Netherlands) and joined by PMV (Flanders).

The investment will be used to help LindaCare accelerate its US market expansion and product

commercialization. It will also support the building of new services around the existing software

platform and explore options for expanding its products to a broader range of cardiac diseases.

LindaCare’s first product, OnePulseTM, has been successfully installed and is in use in a number

of major hospitals in Europe, as well as being launched in its first pilot projects in the US.

Capital increase

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Portfolio unquoted


Capricorn Sustainable Chemistry Fund (CSCF)

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Portfolio unquoted


Life Sciences Partners IV

ARGX.BR 17/07/2017 - 2/08/2018 (BRU)

Line; ARGX.BR

16/07/2018; 75,2000

Price

EUR

Auto

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17 24 31 07 14 21 28 04 11 18 25 02 09 16 23 30 06 13 20 27 04 11 18 27 02 08 15 22 29 05 12 19 26 05 12 19 26 03 09 16 23 30 07 14 21 28 04 11 18 25 02 09 16 23 30juli 2017 augustus 2017 september 2017 oktober 2017 november 2017 december 2017 januari 2018 februari 2018 maart 2018 april 2018 mei 2018 juni 2018 juli 2018

• ARGX-110 (anti-CD70): reported that all 6 Acute Myeloid Leukemia (AML) patients in the Phase 1/11 study responded

to ARGX-110 + Vidazia.

• ARGX-113 (anti-FcRn; degrade autoimmune Abs): reported positive Phase 11 efgartigimod (ARGX-113) data in

myasthenia gravis (MG) showing statistically significant MG-ADL score improvement in 75% of patients (vs. only 25%

of placebo).

• ArgenX closed US public offering for gross proceeds of USD 266 mln. Over the course of Q1, the share price moved

from €18.50 to €52.52 (285% increase). Over the course of Q2, the share price moved from € 52.52 to €65.20

(24% increase). Current share price is about €75

• LSP IV invested 7,57 million. Valuation in the books of LSP IV at the end of March was 97,20 million.

• Quest for Growth has a 2,3% stake in LSP IV.

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Agenda




Stock dividend


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Financial calendar 2018 Optional dividend in shares

Terms of the offer

# shares: 15.155.969

# rights exercised: 8.091.285

Percentage exercised: : 53,39%

# newly issued shares: 1.618.257

# shares post stock dividend: 16.774.226

Gross amount of capital increase: 11.327.844

Cost of capital increase: -156013,05

Net amount of capital increase: 11.171.831

Capital pre stock dividend: 135.130.875

Capital post stock dividend: 146.458.719

Capital post stock dividend (IFRS) 145.339.326

Dilution existing shareholders: 2,04

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Financial calendar 2018

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Agenda




Stock dividend


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Thank you for your attention!

quest for growth...3 2018 h1 results and performance quest for growth key facts: • return on...

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