Dresdner Van Moer Courtens NV Keytrade Bank Leo Stevens & Cie Priorijdreef 19 B-1160 Brussel Vorstlaan 100 B-1170 Brussel Schilderstraat 33 B-2000 Antwerpen Phone: +32 (0)2 549 03 20 Phone: +32 (0)2 679 90 00 Phone: +32 (0)3 242 03 70 info@dresdner-vmco.be www.keytradebank.com www.leostevens.com Prospectus and simplified prospectus (incl. Belgian appendix), annual report and semi annual report are available free of charge at the addresses mentioned above.

Quest Cleantech Fund Compartment of Quest Management, Sicav

(Situation at June 30th 2008)

REPORT OF THE INVESTMENT ADVISER

Quest Cleantech Fund was launched at the end of March 2008. The sub-fund had a very good start, but most of the gains were lost towards the end of the quarter. Despite the difficult equity market circumstances, a positive performance of 3.5% was maintained. At the end of the quarter the portfolio consists of holdings in 29 companies that benefit from trends such as climate change, rising energy and commodity prices, water scarcity and pollution control. Within the renewable energy segment, main holdings at 30 June are MEMC, Andritz and Roth & Rau. The theme of energy-efficiency is represented in the portfolio through investments in companies such as LEM Holding, Vacon, Spectris, Centrotec and Danaher. Companies such as Arcadis, Nalco and Tomra are active in water, pollution control and waste management. Finally, Umicore, Corning, Wacker Chemie and Ten Cate are the main investments in the advanced materials segment.

A-shares: € 103.47

NET ASSET VALUE 30/06/2008:

TECHNICAL INFORMATION A-SHARES

Sub fund of Quest Management, Sicav, an open-end investment company established under the laws of the Grand Duchy of Luxembourg. CHARACTERISTICS: All dividends and investment revenues are capitalized CURRENCY: EUR MANAGEMENT FEE: None PERFORMANCE FEE: 20% - 12m rolling high watermark with EUR 3 months LIBOR hurdle rate SUBSCRIPTION FEE: According to the fee schedule of the distributor: maximum 4% REDEMPTION COMMISSION: None STAMP DUTY: 0.5% (Maximum € 750) on exit ADMINISTRATIVE COST:

- Initial subscription: € 20 - Supplementary subscription: € 10

TAXATION: No withholding tax (cfr. Belgian appendix to the prospectus: sub fund not subject to the taxation of the law of 27/12/2005) INVESTMENT ADVISER: QUEST MANAGEMENT NV DEPOSITARY BANK: VP Bank (Luxembourg) S.A. MANAGEMENT COMPANY: VPB Finance S.A. FINANCIAL SERVICES BELGIUM: Dresdner Van Moer Courtens NV NET ASSET VALUE: Daily ISIN-CODE: LU0346060212 PRICES: De Tijd, L’Echo, Morningstar, Bloomberg, www.questmanagement.com DISTRIBUTION BELGIUM: DRESDNER VAN MOER COURTENS NV KEYTRADE BANK LEO STEVENS & Cie

INVESTMENT POLICY

Quest Cleantech Fund enables investors to benefit from the anticipated strong trends such as energy from environmentally friendly resources, secure future supply of energy and water, reduction of environmental damage, controlling global warming and a more efficient use of resources and materials. Cleantech can be defined as products and services that provide cleaner or more efficient use of the earth’s natural resources, such as energy, water, air and raw materials. Quest Cleantech Fund focuses on technology-driven companies in areas such as renewable energy, energy efficiency, water treatment, waste management, pollution control and advanced materials.

QUEST MANAGEMENT NV Lei 19, box 2 B-3000 Leuven Phone: +32 (0)16 28 41 28 Fax: +32 (0)16 28 41 29 www.questmanagement.com quest@questmanagement.com

Risk class (CBFA): 0 1 2 3 4 5 6

Dresdner Van Moer Courtens NV Keytrade Bank Leo Stevens & Cie Priorijdreef 19 B-1160 Brussel Vorstlaan 100 B-1170 Brussel Schilderstraat 33 B-2000 Antwerpen Phone: +32 (0)2 549 03 20 Phone: +32 (0)2 679 90 00 Phone: +32 (0)3 242 03 70 info@dresdner-vmco.be www.keytradebank.com www.leostevens.com Prospectus and simplified prospectus (incl. Belgian appendix), annual report and semi annual report are available free of charge at the addresses mentioned above.

Holdings at June 30th, 2008

Market Company Number of shares

Valuation in EUR

% of Net Asset Value

Euronext Brussels 5.5% PORTFOLIO BY SEGMENT Umicore 6,750 211,950 5.5%

Euronext Amsterdam 11.6% Accell group 4,500 98,460 2.6% Arcadis 13,500 194,400 5.1% Ten Cate 6,500 147,355 3.9%

Alternext Paris 1.1% Thenergo 4,500 42,930 1.1% Deutsche Börse 21.8% PORTFOLIO BY SECTOR

Centrotec 11,000 152,350 4.0%

Ersol Solar 1,000 100,800 2.6% Roth & Rau 800 110,400 2.9% SGL Carbon 1,500 66,885 1.8% Solar Millennium 3,000 81,450 2.1% Solarworld 2,500 75,300 2.0% PVA Tepla 7,500 51,375 1.3% Wacker Chemie 1,000 133,250 3.5% Zhongde Waste 2,500 63,050 1.6% Vienna 3.1% Andritz AG 3,000 120,150 3.1% Helsinki 3.4% PORTFOLIO BY CURRENCY

Vacon 5,000 128,750 3.4%

Oslo 3.0% Tomra Systems 27,500 116,332 3.0% SWX Swiss Exchange 5.7% Geberit 750 70,332 1.8% LEM Holding 750 149,077 3.9% London 7.2% Chloride 20,000 65,631 1.7% PV Crystalox Solar 30,000 75,350 2.0% Spectris 15,000 135,270 3.5% New York Stock Exchange 24.0% PORTFOLIO BY COUNTRY

Corning 10,000 145,951 3.8%

Danaher 3,000 146,838 3.8% Donaldson 4,000 113,063 2.9% MEMC 4,000 155,867 4.1% Nalco 10,500 140,617 3.7% Pall 4,500 113,063 3.0% Roper Industries 2,500 104,287 2.7% TOTAL EQUITY PORTFOLIO 3,310,533 86.4%