quest for growth...quest for growth quarterly financial report july - september 2010 valuation quest...

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QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009 4.42 EUR 8.37 EUR 7.37 EUR 7.25 EUR Number of shares 11.789.255 11.789.255 11.789.255 Discount of the share price versus Net Asset Value: 47.18 % Source: Estimate by Quest Management NV DISCOUNT QUEST FOR GROWTH 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% jan 02 apr 02 jul 02 okt 02 jan 03 apr 03 jul 03 okt 03 jan 04 apr 04 jul 04 okt 04 jan 05 apr 05 jul 05 okt 05 jan 06 apr 06 jul 06 okt 06 jan 07 apr 07 jul 07 okt 07 jan 08 apr 08 jul 08 okt 08 jan 09 apr 09 jul 09 okt 09 jan 10 apr 10 jul 10 okt 10 Average discount of Belgian investment companies (Source: KBC Securities) Discount Quest for Growth Discount of Quest for Growth and Belgian investment companies EVOLUTION OF THE NET ASSET VALUE OF QUEST FOR GROWTH AND THE MARKET INDICES UNTIL 30 SEPTEMBER 2010 13,52% 15,47% 0,97% 10,18% 3,41% 6,72% 0% 5% 10% 15% 20% Since June 30th 2010 Since December 31st 2009 QfG Net Asset Value Nasdaq (in Euro) New Markets 50 INTERIM REPORT The third quarter of the current fiscal year has provided a positive contribution to the provisional annual result of € 11.8 million or € 1 per share, to compare with a profit of € 5.1 million (€ 0.43 per share) for the corresponding period of the last fiscal year. The cumulative result after 9 months amounts to € 13 million (€ 1.12 per share). The comparable figure for the previous fiscal year was € 10.5 million (€ 0.89 per share). With this result, Quest for Growth has performed re- markably better than the two reference indices, both on a quarterly basis as for the provisional annual re- sult (see graph). Just like with the semi-annual result, this growth of the net asset value did not translate into a correspon- ding increase of the share price. The share price on 30 September 2010 amounted to € 4.42 which repre- sents a decrease with respect to the closing rate of € 4.65 on 31 December 2009. The discount, i.e. the difference between the net asset value and the share price, ran up to 47.18 % at the end of the quarter. On 20 September 2010 Laxey Partners Ltd, up till then the biggest shareholder of Quest for Growth with a previously reported participation of 11.99 %, reported having lowered their participation with 251,431 shares to 9.86 %. The biggest profit contribution in the current fiscal year comes from Movetis of which the book value in the portfolio increased by € 4.5 million between 1 January 2009 en 30 September 2010. Movetis de- scends from the unquoted portfolio of the privak and has been subject to a lock-up agreement for a period of 12 months since the IPO in December 2009. In Au- gust this year Shire plc made a public take-over bid on Movetis at € 19/share, which represents a consid- erable premium on the share price valid at the time. In the meantime Quest for Growth has accepted this offer and has received the corresponding price in cash. After CoreOptics, which was taken over in the second quarter with a profit for Quest for Growth of € 2.5 million, Movetis is the second big success story of the unquoted portfolio this year. The quoted portfolio and the investments in venture capital funds also benefited from the improved eco- nomic context during the past quarter. The quoted shares booked a provisional annual result of almost 15 % while the investments via Carlyle Europe Tech- nology Partners showed substantial added values. Some co-investments, which Quest for Growth made together with this venture capital fund in certain un- derlying companies, have also contributed to these results. 1 PRESS RELEASE Leuven / 28 October 2010 / 5.40 PM Regulated information. This press release contains information subject to the transparency require- ments imposed on listed companies. Schedule for publication: : 28 October 2010: 5.40 PM Press release available at www.questforgrowth.com 29 October 2010: 11.00 AM Press & Analyst meeting, Quest Management SA, Lei 19, 3000 Leuven

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Page 1: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

QUEST FOR GROWTHQuarterly Financial Report July - September 2010

VALUATION QUEST FOR GROWTH

Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

4.42 EUR 8.37 EUR 7.37 EUR 7.25 EUR

Number of shares 11.789.255 11.789.255 11.789.255

Discount of the share price versus Net Asset Value: 47.18 %Source: Estimate by Quest Management NV

DISCOUNT QUEST FOR GROWTH

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

jan

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jan

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0ok

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Average discount of Belgian investment companies (Source: KBC Securities)

Discount Quest for Growth

Discount of Quest for Growth and Belgian investment companies

EVOLUTION OF THE NET ASSET VALUE OF QUEST FOR GROWTH

AND THE MARKET INDICES UNTIL 30 SEPTEMBER 2010

13,52%

15,47%

0,97%

10,18%

3,41%

6,72%

0%

5%

10%

15%

20%

Since June 30th 2010 Since December 31st 2009

QfG Net Asset Value

Nasdaq (in Euro)

New Markets 50

INTERIM REPORTThe third quarter of the current fiscal year has provideda positive contribution to the provisional annual result of€ 11.8 million or € 1 per share, to compare with a profitof € 5.1 million (€ 0.43 per share) for the correspondingperiod of the last fiscal year. The cumulative result after9 months amounts to € 13 million (€ 1.12 per share).The comparable figure for the previous fiscal year was€ 10.5 million (€ 0.89 per share).

With this result, Quest for Growth has performed re-markably better than the two reference indices, bothon a quarterly basis as for the provisional annual re-sult (see graph).

Just like with the semi-annual result, this growth ofthe net asset value did not translate into a correspon-ding increase of the share price. The share price on 30September 2010 amounted to € 4.42 which repre-sents a decrease with respect to the closing rate of € 4.65 on 31 December 2009. The discount, i.e. thedifference between the net asset value and the shareprice, ran up to 47.18 % at the end of the quarter.

On 20 September 2010 Laxey Partners Ltd, up tillthen the biggest shareholder of Quest for Growthwith a previously reported participation of 11.99 %,reported having lowered their participation with251,431 shares to 9.86 %.

The biggest profit contribution in the current fiscalyear comes from Movetis of which the book value inthe portfolio increased by € 4.5 million between 1January 2009 en 30 September 2010. Movetis de-scends from the unquoted portfolio of the privak andhas been subject to a lock-up agreement for a periodof 12 months since the IPO in December 2009. In Au-gust this year Shire plc made a public take-over bidon Movetis at € 19/share, which represents a consid-erable premium on the share price valid at the time.In the meantime Quest for Growth has accepted thisoffer and has received the corresponding price incash. After CoreOptics, which was taken over in thesecond quarter with a profit for Quest for Growth of€ 2.5 million, Movetis is the second big success storyof the unquoted portfolio this year.

The quoted portfolio and the investments in venturecapital funds also benefited from the improved eco-nomic context during the past quarter. The quotedshares booked a provisional annual result of almost15 % while the investments via Carlyle Europe Tech-nology Partners showed substantial added values.Some co-investments, which Quest for Growth madetogether with this venture capital fund in certain un-derlying companies, have also contributed to theseresults.

1

PRESS RELEASE Leuven / 28 October 2010 / 5.40 PMRegulated information. This press release contains information subject to the transparency require-

ments imposed on listed companies.

Schedule for publication: :

28 October 2010: 5.40 PM Press release available at www.questforgrowth.com

29 October 2010: 11.00 AM Press & Analyst meeting, Quest Management SA, Lei 19, 3000 Leuven

Page 2: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

1. BALANCE SHEET AT SEPTEMBER 30TH 2010

ASSETS2010

30 September 2009

31 December LIABILITIES2010

30 September 2009

31 DecemberFixed Assets 92,615,545 79,850,099 Capital and Reserves 98,658,647 85,441,572Formation expenses 0 0 Issued capital 109,748,742 109,748,742Financial assets 92,615,545 79,850,099 Reserves 2,251,148 2,251,148

Shares 91,649,036 78,033,562 Reserves not available fordistribution

1,146,128 1,205,768

Amounts receivable 966,509 1,816,537 Reserves available for distribution 1,105,020 1,045,380

Current Assets 5,972,483 5,713,801 Profit carried forward 0 0

Amounts receivable aftermore than one year

867,367 0 Loss carried forward (26,558,319) (26,558,319)

Amounts receivable withinone year

161,658 399,726 Result for the period 13,217,075 0

Trade receivables 0 237,256 Amounts payable 257,662 122,328Other receivables 161,658 162,470 Amounts payable within

one year63,368 69,648

Short term investments 4,943,457 3,455,768 Financial debts 0 0Own shares 1,146,128 1,205,768 Trade debts 0 42Term deposits 0 2,250,000 Taxes 72 72

Cash at Bank and in hand 3,797,329 1,797,803 Other amounts payable 63,368 69,534

Deferred charges and accrued income

328,282 60,504 Accrued charges and deferred income

194,221 52,679

TOTAL ASSETS 98,916,308 85,563,899 TOTAL LIABILITIES 98,916,308 85,563,899

2. STATEMENT OF INCOME FOR THE PERIOD UNTIL SEPTEMBER 30TH 2010

Operating income and charges1 January 2010

30 September 20101 July 2010

30 September 20101 January 2009

30 September 2009

1 July 200930 September 2009

Gross operating income 14,212,052 12,387,077 11,211,055 5,493,803Realised gains/losses on shares 5,067,357 2,077,074 (8,783,056) (2,831,798)

Unrealised gains/losses on shares 8,893,296 9,261,996 19,960,702 8,102,326

Result from option transactions 254,920 0 56,578 (44,999)

Realised results from Forward currency rate agreements (235,428) 943,245 (259,688) 274,276

Unrealised results from Forward currency rate agreements 231,907 104,762 236,519 (6,002)

Depreciation and other amounts written off 0 0 0 0Other operating charges (1,510,966) (470,302) (1,734,102) (588,931)

Management fee (1,232,877) (378,082) (1,458,493) (491,507)

Custodian fee (32,182) (11,503) (20,680) (7,895)

Statutory Auditors fee (7,494) (2,526) (9,055) (3,355)

Printing and publication costs (56,096) (18,765) (93,493) (31,507)

Annual tax on Collective Investment schemes (50,534) (16,638) (40,308) (13,583)

Directors fees (52,356) (17,644) (39,903) (13,447)

Advisory fees (22,438) (7,561) (11,219) (3,781)

Accountancy 0 0 0 0

Others (56,989) (17,583) (60,950) (23,855)

Operating Profit / Loss 12,701,086 11,916,775 9,476,953 (4,904,872)Financial income 1,043,522 170,002 906,084 123,794

Financial charges (527,533) (334,435) 103,975 88,467

Amounts written off own shares (59,640) 44,082 272,270 116,687

Capital increase cost 0 0 0 0

Others (467,893) (378,517) (168,295) (28,220)

Profit / Loss on ordinary activities before taxes 13,217,075 11,752,342 10,487,012 5,117,133Income taxes 0 0 0 0

Profit / Loss for the period 13,217,075 11,752,342 10,487,012 5,117,133Profit / Loss for the period, per share 1,12 1,00 0,89 0,43

CONDENSED INTERIM FINANCIAL STATEMENTS

2

Page 3: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

3.OFF BALANCE POSITIONS AT SEPTEMBER 30TH 2010

Commitments Currency Commitments in ¤Capricorn Cleantech Fund 1,250,000 ¤ 1,250,000

Carlyle Europe Technology Partners I 322,119 ¤ 322,119

Carlyle Europe Technology Partners II 2,613,288 ¤ 2,613,288

Clear2Pay 211,324 ¤ 211,324

Life Sciences Partners III 274,366 ¤ 274,366

Life Sciences Partners IV 1,717,779 ¤ 1,717,779

Schroder Ventures International Life Sciences Fund II 71,953 $ 52,721

Ventech Capital 2 305,571 ¤ 305,571

Vertex III 480,000 $ 351,700

TOTAL 7,098,867

3.2 Forward currency rate agreements

Value date Counterparty Quest for Growth buys Quest for Growth sells29/10/2010 Dexia Bank ¤ 2,631,117,35 £ 2,250,000 29/10/2010 Dexia Bank ¤ 3,776,798,61 $ 5,100,00029/10/2010 KBC Bank ¤ 2,485,721,90 £ 2,100,000 29/10/2010 KBC Bank ¤ 3,997,823,41 $ 5,400,000

PORTFOLIO COMPOSITION AND MARKET CAPITALISATION AT SEPTEMBER 30TH 2010

€ 0

€ 10.000.000

€ 20.000.000

€ 30.000.000

€ 40.000.000

€ 50.000.000

€ 60.000.000

€ 70.000.000

€ 80.000.000

€ 90.000.000

€ 100.000.000

Cash + Other

net assets

Quoted

portfolio

Unquoted

portfolio

Venture funds Market

capitalisation

3

3.1. Commitments

Page 4: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

4

4. NOTES TO THE FINANCIAL STATEMENTS – FINANCIAL ASSETS BREAKDOWN AT SEPTEMBER 30TH 2010

4.1 Shares quoted companies

Company Sector / MarketNumber of

shares

Changesince

30/06/2010 CurrencyShareprice

Valuationin ¤

in % ofNet Asset

ValueSoftware & Services

ECONOCOM Euronext Brussels 71,170 0 ¤ 11.0000 782,870 0.79%INIT INNOVATION Deutsche Börse 95,000 0 ¤ 14.4500 1,372,750 1.39%NEMETSCHEK Deutsche Börse 135,000 0 ¤ 24.1900 3,265,650 3.31%TRANSICS Euronext Brussels 250,000 0 ¤ 5.3000 1,325,000 1.34%UNIT 4 AGRESSO Euronext Amsterdam 200,330 5,000 ¤ 20.0000 4,006,600 4.06%WIRECARD Deutsche Börse 125,000 -125,000 ¤ 9.9900 1,248,750 1.27%

Technology Hardware CORNING NYSE 105,000 105,000 $ 18.2800 1,406,360 1.43%EVS BROADCAST EQUIPM. Euronext Brussels 62,500 7,500 ¤ 45.0000 2,812,500 2.85%HEWLETT PACKARD NYSE 50,000 50,000 $ 42.0700 1,541,251 1.56%LEM Holding SWX Swiss Exchange 8,994 1,000 CHF 367.7500 2,489,308 2.52%TKH GROUP Euronext Amsterdam 87,794 -5,816 ¤ 16.2500 1,426,653 1.45%

Pharma & Biotech ABLYNX Euronext Brussels 135,000 20,000 ¤ 7.9500 1,073,250 1.09%MOVETIS (1) Euronext Brussels 523,601 0 ¤ 18.9900 9,943,183 10.08%ROCHE HOLDINGS SWX Swiss Exchange 20,000 0 CHF 134.2000 2,020,020 2.05%TEVA PHARMACEUTICAL Nasdaq 60,000 15,000 $ 52.7500 2,319,021 2.35%

Healthcare Equipement & Services STRATEC BIOMEDICAL Deutsche Börse 35,000 35,000 ¤ 30.2000 1,057,000 1.07%UNITED DRUG Dublin 1,026,286 7,658 ¤ 2.4990 2,564,689 2.60%

Electrical & Engineering ANDRITZ AG Vienna 60,000 -10,000 ¤ 51.5100 3,090,600 3.13%ARCADIS Euronext Amsterdam 240,000 0 ¤ 16.4350 3,944,400 4.00%FAIVELEY Euronext Paris 25,000 0 ¤ 63.8600 1,596,500 1.62%IMTECH Euronext Amsterdam 113,055 5,000 ¤ 23.2850 2,632,486 2.67%PFEIFFER VACUUM TECHNOLOGY Deutsche Börse 27,500 -12,500 ¤ 69.4000 1,908,500 1.93%PHOENIX SOLAR Deutsche Börse 35,000 10,000 ¤ 26.2800 919,800 0.93%SMA SOLAR Deutsche Börse 25,000 10,000 ¤ 81.0300 2,025,750 2.05%VESTAS WIND SYSTEMS Copenhagen 30,000 0 DKK 206.0000 829,319 0.84%

Materials CENTROTEC Deutsche Börse 87,500 -22,500 ¤ 14.2400 1,246,000 1.26%GEBERIT SWX Swiss Exchange 12,000 0 CHF 175.0000 1,580,492 1.60%UMICORE Euronext Brussels 110,000 10,000 ¤ 31.7100 3,488,100 3.54%

Other Sectors ACCELL GROUP Euronext Amsterdam 30,000 5,000 ¤ 33.5500 1,006,500 1.02%

64,923,301 65.81%

4.2 Shares unquoted companies

Company Sector / Market CurrencyValuation

in ¤In % of Net Asset

ValueACTIVE CIRCLE Software & Services ¤ 400,000 0.41%ANTERYON Technology Hardware ¤ 1,499,027 1.52%CLEAR2PAY Software & Services ¤ 5,359,013 5.43%IDEA AG Pharma & Biotech ¤ 164,417 0.17%KIADIS PHARMA Pharma & Biotech ¤ 2,299,952 2.33%MAGWEL Software & Services ¤ 430,000 0.44%NANTOFEN Pharma & Biotech $ 400 0.00%OXAGEN Ltd. Pharma & Biotech £ 4,859 0.00%PROSONIX Pharma & Biotech £ 1,259,763 1.28%SPHERE MEDICAL Healthcare Equipment & Services £ 1,693,182 1.72%SYNTAXIN Pharma & Biotech £ 2,090,651 2.12%TC LAND EXPRESSION Pharma & Biotech ¤ 1,499,995 1.52%

16,701,260 16.93%

Page 5: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

4.3. Investments in venture funds

Company Currency Last ValuationValuation

in ¤In % of Net Asset Value

CAPRICORN CLEANTECH FUND ¤ 30-06-2010 950,936 0.96%CARLYLE EUROPE TECHNOLOGY PARTNERS I ¤ 30-06-2010 2,157,697 2.19%CARLYLE EUROPE TECHNOLOGY PARTNERS II ¤ 30-06-2010 1,036,071 1.05%CETP LP Co-investment ¤ 30-06-2010 1,778,831 1.80%KIWI I VENTURA SERVICOS ¤ 30-06-2010 150,636 0.15%LIFE SCIENCES PARTNERS III ¤ 30-06-2010 1,572,608 1.59%LIFE SCIENCES PARTNERS IV ¤ 30-06-2010 180,009 0.18%SCHRODER VENTURES LSF II $ 30-06-2010 301,685 0.31%VENTECH CAPITAL 2 ¤ 30-06-2010 913,278 0.93%VERTEX III $ 30-06-2010 982,724 1.00%

10,024,475 10.16%

Total Financial Assets - Shares ¤ 91,649,036 92.90

4.4. Amounts receivable companies

Total Financial Assets - Shares Face value in ¤ CurrencyValuation

in ¤In % of Net Asset Value

KIADIS PHARMA Convertible loan note 74,327 ¤ 74,327 0.08%

MAPPER Convertible loan note 605,000 ¤ 100,000 0.10%

NANTOFEN loan note 292,182 $ 292,182 0.30%

TCLAND Convertible loan note 500,000 ¤ 500,000 0.51%

Total Financial Assets – Amounts receivable ¤ 966,509 0.98%

Total Financial Assets ¤ 92,615,545 93.88%

Cash ¤ 3,797,329 3.85%

Other Net Assets ¤ 1,099,645 1.12%

Quest for Growth ordinary shares 259,305 ¤ 1,146,128 1.16%

Total Net Asset Value ¤ 98,658,647 100.00%

PORTFOLIO DISTRIBUTION BY SECTOR

Software & Services19.6%

Pharma & Biotech25.4%

Electrical & Engineering

18.3%

Technology Hardware

12.1%Funds &

Diversified Companies

10.8%

Materials6.8%

Health Care Equipment &

Services5.7%

Other sectors1.1%

Semiconductors0.1%

PORTFOLIO DISTRIBUTION BY COUNTRY

Belgium28.3%

Germany14.3%

Netherlands20.2%

United Kingdom10.8%

Switzerland6.6%

France5.3%

Austria3.3%

Israel3.6%

Denmark0.9%

Ireland2.8% Malta

0.3%

US3.5% Portugal

0.2%

PORTFOLIO DISTRIBUTION BY CURRENCY

EUR

80.06%

DKK

0.84%

CHF

6.17%

USD

7.80%

NOK

0.00%

GBP

5.12%

SEK

0.00%

5

(1) Movetis is a quoted company, but is considered as an unquoted company for the privak investment restrictions according to article 41 of the Royal Decree of 18 April 1997

Page 6: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

PROFILE, AIM

Quest for Growth focuses on European technol-ogy-based growth companies in sectors such aslife sciences, information technology, software,semiconductors, telecom, electronics, new mate-rials and special situations in other growth sectors.Funds under management amounted to € 99 mil-lion on September 30th 2010.

Quest for Growth has been listed on EuronextBrussels since September 23rd 1998.

The Privak, created by Royal Decree of April 18th1997, is an investment vehicle, specially tailored toprovide a suitable framework for investments inprivate equity and in growth companies.

The Privak is a closed-end Undertakings for Col-lective Investments in Transferrable Securities(UCITS) under the regulation of the Belgian Bank-ing Commission and subject to specific invest-ment and dividend pay out rules.

INVESTMENT POLICY

Quest for Growth invests in growth companieswith the objective of converting capital gains intotax-free income through the Privak structure. Thelargest part of the portfolio is invested in growthcompanies listed on European stock exchanges(Euronext, London Stock Exchange, DeutscheBörse etc.) and other regulated markets. UnderPrivak rules this part may not exceed 65 % of theassets.

Up to 15 % of the assets can be invested in ven-ture or private equity funds having an investmentpolicy compatible with that of Quest for Growth.

The balance will be invested in unquoted compa-nies intending to seek an exit within 36 months.Investments in start-ups or early stage companiesare allowed, but will be exceptional.

ADDED VALUE PER SECTOR (JULY - SEPTEMBER 2010)

7,20

7,30

7,40

7,50

7,60

7,70

7,80

7,90

8,00

8,10

8,20

8,30

8,40

NA

V30/0

6/2

010

Tech

nolo

gy

Hard

ware

Sem

iconduct

ors

Pharm

a &

Bio

tech

Health C

are

Equip

ment

&S

erv

ices

Funds

&D

ivers

ifie

dC

om

panie

s

Soft

ware

&S

erv

ices

Ele

ctri

cal &

Engin

eeri

ng

Mate

rials

Oth

er

sect

ors

Equity H

edgin

g

Curr

ency

hedgin

g

Financi

al pro

fit

& loss

es

Expense

s

NA

V30/0

9/2

010

NA

V /

Aandeel

6

Page 7: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

Auxilium Keerbergen BVBA, represented by Mr. Frans L. Theeuwes, Director – Chairman of the AuditCommittee and Quest Management NV, represented by 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 ac-counting framework and standards applicable in Belgium give a true and fair view of the assets, lia-bilities, 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 ona 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.

7

Auxilium Keerbergen BVBA Quest Management NVDirector – Chairman of the Audit committee Managing Directorrepresented by represented by Frans L. Theeuwes René Avonts

-20.000.000

-10.000.000

-

10.000.000

20.000.000

30.000.000

40.000.000

2005 2006 2007 2008 2009 2010 (until

September

30th)

THE INTERIM FINANCIAL REPORT JULY – SEPTEMBER 2010 HAS NOT BEEN CONSOLIDATEDNOR SUBMITTED TO A CONDENSED REVIEW BY THE STATUTORY AUDITOR KLYNVELD PEATMARWICK 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

TOTAL SHAREHOLDERS RETURN

(SINCE 30/09/2009)

QUEST FOR GROWTH:

RESULTS FROM 1 JANUARY

2005 UNTIL 30 SEPTEMBER 2010

Page 8: QUEST FOR GROWTH...QUEST FOR GROWTH Quarterly Financial Report July - September 2010 VALUATION QUEST FOR GROWTH Share price Net asset value/share 30/09/2010 30/09/2010 30/06/2010 31/12/2009

Managing Director Quest Management NV, Lei 19 Box 2, B-3000 LeuvenRepresented by Mr René Avonts

Auditors Klynveld Peat Marwick Goerdeler BedrijfsrevisorenBurg. CV, represented by Mr Pierre P. BergerPrins Boudewijnlaan 24D, 2550 B-Kontich

Depositary bank DEXIA BANK, Pachecolaan 44, B-1000 Brussels

Incorporation June 9th 1998

Official listing September 23rd 1998 on Euronext Brussels (Continuous Market)

Security number ISIN: BE0003730448

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

Company reports Quarterly. The next report will be the annual report, tobe published in March 2011. The annual results will bepublished on 27 January 2011

Estimated Published every first Saturday of the month in “De Net Asset Value TIJD” and in “L’Echo”, in “Cash” and on the Quest for

Growth website.

GENERAL INFORMATION

QUEST FOR GROWTH NV

Privak, fixed capital investment company established under Belgian LawLei 19, box 3 - B-3000 Leuven - Phone: +32 (0)16 28 41 28 - Fax: +32 (0)16 28 41 [email protected]

BOARD OF DIRECTORS

Dr. Jos B. Peeters

Chairman

Quest Management NV

Managing Director, represented by Mr René AvontsManaging Director Quest Management NV

Bergendal & Co. BVBA

Vice Chairman, IndependentDirector, represented by Count Diego du Monceau deBergendal

Tacan BVBA

Vice Chairman, IndependentDirector, represented by Mr Johan Tack

Euro Invest Management NV

Director, represented by Prof. Philippe Haspeslagh

De Meiboom NV

Director, represented by Mr Edward Claeys

Mr Dirk Vanderschrick

Director

Auxilium Keerbergen BVBA

Independent Director,represented by Mr Frans L. Theeuwes

Gengest BVBA

Independent Director,represented by Mr Rudi Mariën

Prof. Koen Debackere

Independent Director

Pamica NV

Independent Director,represented by Mr Michel Akkermans

INVESTMENT COMMITTEE

Euro Invest Management NV

Chairman, represented by Prof Philippe Haspeslagh

Dr Jos B. Peeters

Pamica NV

represented by Mr Michel Akkermans

Gengest BVBA

represented by Mr Rudi Mariën

De Meiboom NV

represented by Mr Edward Claeys

Ms Goedele Ertveldt

Quest Management NV

represented by Mr René Avonts

AUDIT COMMITTEE

Auxilium Keerbergen BVBA

Chairman, represented byMr Frans L. Theeuwes

Tacan BVBA

represented by Mr Johan Tack

Bergendal & Co. BVBA

represented by Count Diego du Monceau deBergendal

8