1

QUEST FOR GROWTHSemi Annual Financial Report January – June 2010

VALUATION QUEST FOR GROWTH

Share price Net asset value/ share30/06/2010 30/06/2010 31/05/2010 31/12/2009

4.25 EUR 7.37 EUR 7.48 EUR 7.25 EUR

Number of outstanding shares: 11,789,255Discount of the share price versus Net Asset Value: 42.35 %

Source: Estimate by Quest Management NV

DISCOUNT QUEST FOR GROWTH

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60%

jan02

jul02

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jan05

jul05

jan06

jul06

jan07

jul07

jan08

jul08

jan09

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Long-term holding discountQuest for Growth - discount fully diluted

INTERIM FINANCIAL STATEMENTSThe first half year of 2010 resulted in a net profit of€ 1.5 million or € 0.12 per share, compared to aprofit of € 5.4 million or € 0.46 per share for thesame period of 2009.

This growth of the net asset value did not trans-late in a corresponding increase of the share price,which decreased over the first 6 months of theyear from € 4.65 to € 4.25. This means that the dis-count of the share amounted to 42.35 % on 30June 2010, which is a very high level both histori-cally as compared to other investment companies.

The venture capital markets in which Quest forGrowth operates, improved substantially over thefirst half of this year. More promising companieslooking for fresh capital came into the market atinteresting valuations. The exit market also im-proved gradually, thanks to the revival of acquisi-tions as well as to the reopening of the IPOwindow. At the same time the improvement of theeconomy allowed most existing portfolio compa-nies to meet the objectives of their business plan,which was not the case during the past recession.

As a result of all this, for the first time in a longtime Quest for Growth made a new investment inan unquoted company. It invested € 1 million intoAnteryon, a Dutch company, which is the worldleader in Wafer Optics technology and producescamera modules for mobile phones. Quest forGrowth also realised an exit through the sale of CoreOptics to Cisco with a booked profit of over € 2.5 million.

The quoted portfolio performed well in an unsta-ble market in which most general share price in-dices listed a negative result after six months.Perhaps the biggest disappointment was Movetis,at 31 December 2009 the largest investment ofQuest for Growth. Since the IPO in December2009, this investment is subject to a lock-up agree-ment for a period of 12 months. Following thecrumbling share price and despite the monthly par-tial withdrawal of the discount applied because ofthe lock-up agreement, the participation listed aprovisional negative result of € 1.2 million. Sincethe company has up till now properly executed itsbusiness plan, it is hoped that this situation will berectified in the coming period.

TOTAL SHAREHOLDERS RETURN (SINCE 30/06/2009)

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PRESS RELEASE Leuven / 22 July 2010 / 5.40 PMRegulated information. This press release contains information subject to the transparency require-

ments imposed on listed companies.

Schedule for publication:

22 July 2010: 5.40 PM Press releases available at www.questforgrowth.com

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

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1. BALANCE SHEET AT JUNE 30TH, 2010

ASSETS2010

30 June 2009

31 December LIABILITIES2010

30 June 2009

31 DecemberFixed Assets 82,296,696 79,850,099 Capital and Reserves 86,906,304 85,441,572Formation expenses 0 0 Issued capital 109,748,742 109,748,742Financial assets 82,296,696 79,850,099 Reserves 2,251,148 2,251,148

SharesAmounts receivable

80,660,4231,636,273

78,033,5621,816,537

Reserves not available for distribution

1,102,046 1,205,768

Reserves available for distribution 1,149,102 1,045,380

Profit carried forward 0

Current Assets 4,715,834 5,713,801 Loss carried forward (26,558,319) (26,558,319)

Amounts receivable withinone year

440,193 399,726 Result for the period 1,464,733 0

Trade receivables 0 237,256 Amounts payable 106,226 122,328Other receivables 440,193 162,470 Amounts payable within 1 year 63,679 69,648

Short term investments 1,102,046 3,455,768 Financial debts 0 0

Own shares 1,102,046 1,205,768 Trade debts 0 42

Term deposits 0 2,250,000 Taxes 72 72

Cash at Bank and in hand 2,291,894 1,797,803 Other amounts payable 63,637 69,534

Deferred charges and accrued income

881,700 60,504 Accrued charges and deferred income

42,517 52,679

TOTAL ASSETS 87,012,531 85,563,899 TOTAL LIABILITIES 87,012,531 85,563,899

2. STATEMENT OF INCOME FOR THE PERIOD ENDED JUNE 30TH, 2010

Operating income and charges1 January 2010

30 June 20101 April 2010

30 June 20101 January 2009

30 June 20091 April 2009

30 June 2009Gross operating income 1,824,974 (818,340) 5,717,252 7,100,135

Realised gains/losses on shares 2,990,283 2,844,793 (5,951,258) (2,717,162)

Unrealised gains/losses on shares (368,700) (3,052,647) 11,858,376 9,864,885

Result from option transactions 254,920 254,920 101,577 (44,728)

Realised results from Forward currency rate agreements (1,178,673) (948,116) (533,964) (65,152)

Unrealised results from Forward currency rate agreements 127,145 82,710 242,521 65,974

Depreciation and other amounts written off (0) (0) (0) (0)

Other operating charges (1,040,663) (522,388) (1,145,172) (574,784) Management fee (854,795) (429,759) (966,986) (486,164)

Custodian fee (20,679) (10,005) (12,785) (6,617)

Statutory Auditors fee (4,968) (2,502) (5,700) (2,866)

Printing and publication costs (37,331) (18,838) (61,986) (31,164)

Annual tax on Collective Investment schemes (33,896) (17,042) (26,725) (13,436)

Directors fees (34,712) (17,452) (26,456) (13,301)

Advisory fees (14,877) (8,712) (7,438) (3,740)

Accountancy (0) (0) (0) (0)

Others (39,406) (18,079) (37,095) (17,195)

Operating Profit / Loss 784,311 (1,340,728) 4,572,081 6,525,651 Financial income 873,520 830,554 782,290 709,142 Financial charges (193,098) (107,518) 15,508 209,055

Amounts written off own shares* (103,722) (38,896) 155,583* 233,375*

Capital increase cost (0) (0) (0) (0)

Others (89,376) (68,663) (140,075) (24,319)

Profit / Loss on ordinary activities before taxes 1,464,733 (617,692) 5,369,879 7,443,849 Income taxes (0) (0) (0) (0)

Profit / Loss for the period 1,464,733 (617,692) 5,369,879 7,443,849 Profit / Loss for the period, per share 0.12 (0.05) 0.46 0.63* withdrawals

CONDENSED INTERIM FINANCIAL STATEMENTS

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3. OFF BALANCE POSITIONS AT JUNE 30TH 2010

3.1 Commitments Commitment Currency Commitment in ¤Capricorn Cleantech fund 1,250,000 ¤ 1,250,000Carlyle Europe Technology Partners I 334,530 ¤ 334,530Carlyle Europe Technology Partners II 3,063,652 ¤ 3,063,652Clear2Pay 211,324 ¤ 211,324Life Sciences Partners III 364,589 ¤ 364,589Life Sciences Partners IV 1,780,402 ¤ 1,780,402Schroder Ventures International Life Sciences Fund II 71,953 $ 58,637Ventech Capital 2 305,571 ¤ 305,571Vertex III 570,000 $ 464,510

TOTAL 7,833,215

3.2 Forward Currency Rate Agreements

Value date Counterparty Quest for Growth buys Quest for Growth sells30/07/2010 Dexia Bank ¤ 2,347,272.84 £ 1,900,00030/07/2010 Dexia Bank ¤ 3,936,039.36 $ 4,800,00030/07/2010 KBC Bank ¤ 2,591,792.66 £ 2,100,00030/07/2010 KBC Bank ¤ 3,933,217.25 $ 4,800,000

PORTFOLIO COMPOSITION & MARKET CAPITALISATION 30 JUNE 2010

€ 100,000,000

€ 90,000,000

€ 80,000,000

€ 70,000,000

€ 60,000,000

€ 50,000,000

€ 40,000,000

€ 30,000,000

€ 20,000,000

€ 10,000,000

0

Cash + other net assets

Quotedcompanies

Unquotedcompanies

Venture capital funds

Market capitalisation

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4. NOTES TO THE FINANCIAL STATEMENTS – FINANCIALASSETS BREAKDOWN JUNE 30TH 2010

4.1 Shares quoted companies

Company Sector / MarketNumber of

shares

Changesince

31/12/2009 Currency Share priceValuation

In ¤

In % ofNet Asset

ValueSoftware & Services

ECONOCOM Euronext Brussels 71,170 71,170 ¤ 11,1000 789,987 0.91 %INIT INNOVATION Deutsche Börse 95,000 5,000 ¤ 14,3000 1,358,500 1.56 %NEMETSCHEK Deutsche Börse 135,000 -7,500 ¤ 22,5550 3,044,925 3.50 %TRANSICS Euronext Brussels 250,000 0 ¤ 4,8000 1,200,000 1.38 %UNIT 4 AGRESSO Euronext Amsterdam 195,330 -4,670 ¤ 17,2550 3,370,419 3.88 %VIZRT Oslo 326,191 -89,000 NOK 19,8000 810,107 0.93 %WIRECARD Deutsche Börse 250,000 0 ¤ 7,0200 1,755,000 2.02 %

Technology HardwareEVS BROADCAST EQUIPM. Euronext Brussels 55,000 -13,500 ¤ 33,1100 1,821,050 2.10 %LEM Holding SWX Swiss Exchange 7,994 -2,006 CHF 345,0000 2,076,285 2.39 %PARROT Euronext Paris 30,000 30,000 ¤ 13,0800 392,400 0.45 %TKH GROUP Euronext Amsterdam 93,610 -106,732 ¤ 14,9000 1,394,789 1.60 %

Pharma & BiotechABLYNX Euronext Brussels 115,000 52,500 ¤ 7,4500 856,750 0.99 %MOVETIS Euronext Brussels 523,601 0 ¤ 8,0080 4,192,997 4.82 %ROCHE HOLDINGS SWX Swiss Exchange 20,000 2,500 CHF 149,1000 2,244,975 2.58 %TEVA PHARMACEUTICAL Nasdaq 45,000 45,000 ¤ 51,9900 1,906,568 2.19 %

Healthcare Equipement & Services UNITED DRUG Dublin 1,018,628 18,628 ¤ 2,2870 2,329,602 2.68 %

Electrical & EngineeringANDRITZ AG Vienna 70,000 -10,000 ¤ 46,0000 3,220,000 3.71 %ARCADIS Euronext Amsterdam 240,000 10,000 ¤ 14,7500 3,540,000 4.07 %FAIVELEY Euronext Paris 25,000 10,000 ¤ 54,2000 1,355,000 1.56 %IMTECH Euronext Amsterdam 108,055 33,055 ¤ 21,2000 2,290,766 2.64 %PFEIFFER VACUUM Deutsche Börse 40,000 0 ¤ 60,7900 2,431,600 2.80 %PHOENIX SOLAR Deutsche Börse 25,000 25,000 ¤ 30,7400 768,500 0.88 %SMA SOLAR Deutsche Börse 15,000 1,000 ¤ 84,5600 1,268,400 1.46 %VESTAS WIND SYSTEMS Copenhagen 30,000 11,000 DKK 255,3000 1,028,219 1.18 %

MaterialsCENTROTEC Deutsche Börse 110,000 30,000 ¤ 12,8600 1,414,600 1.63 %GEBERIT SWX Swiss Exchange 12,000 0 CHF 168,5000 1,522,246 1.75 %UMICORE Euronext Brussels 100,000 0 ¤ 23,8550 2,385,500 2.74 %

Other sectorsACCELL GROUP Euronext Amsterdam 25,000 25,000 ¤ 34,5000 862,500 0.99 %

51,631,687 59.41 %

4.2 Shares unquoted companies

Company Sector / Market CurrencyValuation

in ¤In % of Net Asset

ValueACTIVE CIRCLE Software & Services ¤ 400,000 0.46 %ANTERYON Technology Hardware ¤ 1.000.001 1,15 %CLEAR2PAY Software & Services ¤ 5,359,013 6.17 %COREOPTICS Technology Hardware $ 3.973.024 4,57 %IDEA AG Pharma & Biotech ¤ 517,285 0.60 %KIADIS PHARMA Pharma & Biotech ¤ 2,299,952 2.65 %MAGWEL Software & Services ¤ 430,000 0.49 %NANTOFEN Pharma & Biotech $ 445 0.00 %OXAGEN Ltd. Pharma & Biotech £ 5,112 0.01 %PROSONIX Pharma & Biotech £ 1,325,259 1.52 %SPHERE MEDICAL Healthcare Equipment & Services £ 1.781.212 2,05 %SYNTAXIN Pharma & Biotech £ 1,834,975 2.11 %TC LAND EXPRESSION Pharma & Biotech ¤ 1,499,995 1.73 %

20,426,273 23.50 %

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4.3 Investments in Venture Funds

Company Currency Last ValuationValuation

in ¤In % of Net Asset Value

CAPRICORN CLEANTECH FUND ¤ 31/03/2010 962,815 1.11 %CARLYLE EUROPE TECHNOLOGY PARTNERS I ¤ 31/03/2010 1,649,588 1.90 %CARLYLE EUROPE TECHNOLOGY PARTNERS II ¤ 31/03/2010 487,516 0.56 %CETP LP Co-investment ¤ 31/03/2010 1,270,969 1.46 %KIWI I VENTURA SERVICOS ¤ 31/03/2010 140,874 0.16 %LIFE SCIENCES PARTNERS III ¤ 31/03/2010 1,685,000 1.94 %LIFE SCIENCES PARTNERS IV ¤ 31/03/2010 156,000 0.18 %SCHRODER VENTURES LSF II $ 31/12/2009 312,988 0.36 %VENTECH CAPITAL 2 ¤ 31/03/2010 870,825 1.00 %VERTEX III $ 31/03/2010 1,065,888 1.23 %

8,602,463 9.91 %

Total Financial Assets - Shares ¤ 80,660,423 92.82 %

4.4 Amounts receivable companies

Loan notes unquoted companies Face value in ¤ CurrencyValuation

in ¤In % of Net Asset Value

KIADIS PHARMA Convertible Pharma & Biotech 74,327 ¤ 74,327 0.09 %MAPPER Convertible Semiconductors 605,000 ¤ 100,000 0.12 %NANTOFEN Pharma & Biotech 324,969 $ 324,969 0.37 %GOADV Software & services 965,796 ¤ 1,136,977 1.31 %

Total Financial Assets – Amounts receivable ¤ 1,636,273 1.88 %

Total Financial Assets ¤ 82,296,696 94.70 %

Cash ¤ 2,291,894 2.65 %Other Net Assets ¤ 1,215,668 1.39 %Quest for Growth ordinary shares ¤ 1,102,046 1.27 %

Total Net Asset Value ¤ 86,906,304 100.00 %

QUEST FOR GROWTH BY SECTOR

Software & Services22,6%Pharma &

Biotech19,7%

Electrical & Engineering

18,3%

Technology Hardware

12,3%

Funds & Diversified Companies

9,9%

Materials6,1%

Health Care Equipment &

Services4,7%

Other sectors1,0%

Semiconductors0,1%

Cash & other net assets

5,3%

QUEST FOR GROWTH BY COUNTRY

B e lg iu m

2 1 ,9%

N e the r la nd s

20 ,4 %G e rm a n y

20 ,1%

U n ite d

K ing d o m

1 0 ,2 %

S w itz e r la nd

7 ,1%

Fr a n c e

6 ,9 %

Is ra e l

4 ,6 %A us tr ia

3 ,9 %

I re la n d

2 ,8%D e n m a rk

1 ,2%

Ma lta

0 ,4%

U S

0 ,4%

P o r tug a l

0 ,2%

QUEST FOR GROWTH BY CURRENCY

S E K

0 ,0 0 %

G B P

5 ,7 4 %N O K

0 ,9 3 %

U S D

9 ,0 5 %

C H F

6 ,8 1 %

D K K

1 ,1 8 %

E U R

7 6 ,2 8 %

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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 € 87 mil-lion on June 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 fund under the regula-tion of the Belgian Banking Commission and sub-ject to specific investment and dividend pay outrules.

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 PER SHARE (JANUARY-JUNE 2010)

PORTFOLIO HEDGE COSTS

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7.20

7.30

7.40

7.50

7.60

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Auxilium Keerbergen BVBA Quest Management NVDirector – chairman of the audit committee Managing directorRepresented by Represented by Frans L. Theeuwes René Avonts

REPORT OF THE STATUTORY AUDITORINDEPENDENT REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION AS AT 30JUNE 2010

INTRODUCTIONWe have reviewed the accompanying condensed balance sheet of Quest for Growth NV-SA (“the Com-pany”) as at June 30, 2010, and the related consolidated condensed statement of income for the 6 monthperiod then ended (“the consolidated interim financial information”), prepared in accordance with the ac-counting framework and standards applicable in Belgium, with a balance sheet total of € 87,012,531 andwith an income statement presenting a profit for the six month period then ended of € 1,464,733. This con-solidated interim financial information is the responsibility of the Company’s management. Our responsi-bility is to issue a report on this interim financial information based on our review.

SCOPE OF REVIEWWe conducted our review in accordance with the “International Standard on Review Engagements 2410”,“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review islimited primarily to inquiries of company personnel and analytical procedures applied to financial data andthus provides less assurance than an audit. We have not performed an audit and, accordingly, we do notexpress an audit opinion.

CONCLUSIONBased on our review, nothing has come to our attention that causes us to believe that the accompanyingconsolidated interim financial information is not prepared, in all material respects, in accordance with theaccounting framework and standards applicable in Belgium.

Kontich, 19 July 2010

Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren – Réviseurs d’Entreprises - represented by Pierre P.Berger, Partner.

STATEMENT ON THE TRUE AND FAIR VIEW OF THE SEMI-ANNUAL FINANCIAL STATE-MENTS AND THE FAIR OVERVIEW OF THE MANAGEMENT REPORT

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, onbehalf and for the account of the board of directors of Quest for Growth, that, to their knowledge, a) the semi-annual 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 aregulated market.

b) the semi-annual financial statements include a fair overview of the information required under Arti-cle 13, §§ 5 and 6 of the Royal Decree of November 14, 2007 on the obligations of issuers of finan-cial instruments admitted to trading on a regulated market.

Leuven, 19 July 2010

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 quarterly report, tobe published in October 2010. The quarterly results willbe published on 28 October 2010.

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

8

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 29www.questforgrowth.comquest@questforgrowth.com

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 CountDiego du Monceau deBergendal

Tacan BVBA

Vice Chairman, IndependentDirector, represented by MrJohan 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 MichelAkkermans

INVESTMENT COMMITTEE

Euro Invest Management NV

Chairman, represented by Prof Philippe Haspeslagh

Dr Jos B. Peeters

Pamica NV

represented by Mr MichelAkkermans

Gengest BVBA

represented by Mr Rudi Mariën

De Meiboom NV

represented by Mr EdwardClaeys

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 de Bergendal