Many people had announced 2012 as a difficult year. At

the economic level this fear has come true: the Euro crisis

reached new heights, in the United States the year was

closed with the run-up to the “fiscal cliff” and the growth

in China seemed to slow down. The financial markets

however managed to climb the wall of worry. In all the im-

portant regions of the world the stock markets closed the

year with a profit, featuring the tormented old continent

Europe as best performing region. The European stock

markets (DJ Stoxx Europe 600 index) increased by around

14%, excluding dividends, to compare with an increase of

around 11% for the worldwide stock market indices (MSCI

World index in euro).

Results

In these market conditions Quest for Growth made a

profit of € 15.7 million (€ 1.36 per share). This represents an

increase of the net asset value of € 7.9 per share to € 9.26

per share. The increase of the net asset value (or return on

equity per share) amounts to 17.1%, thereby largely com-

pensating the decrease of 12.1% in 2011. The share price of

Quest for Growth increased by 20% to € 5.70 per share, as

a result of which the discount dropped slightly to 38.4%,

compared to 39.9% at the end of 2011.

Shares quoted companies

The portfolio of quoted stocks has delivered a strong per-

formance: more than 30% in 2012. A number of market

trends contributed to this result, especially the outper-

formance of European small caps with the DJ Stoxx Small

200 index increasing by 20%. The geographic positioning,

with Germany and Belgium as the two most important

countries in the quoted portfolio, also turned out to be a

positive factor. The TecDax index, representing German

small & mid-cap technology stocks, went up by 21%.

Shares in the portfolio which strongly contributed to

the performance in 2012 are Init (annual return of 70%),

United Drug (+69%), Econocom (+57%), Andritz (+56%)

and Arcadis (+52%).

Shares unquoted companies

The portfolio of unquoted stocks (venture capital funds

and direct investments) obtained a slight positive result

in 2012. The market circumstances were difficult, with the

European IPO market being almost completely absent.

The direct participations of Quest for Growth were backed

up by a number of follow-on investments in existing par-

ticipations such as AC Capital (Active Circle), Cartagenia,

Kiadis Pharma, Prosonix and TCLand, for a total amount

of € 3 million. The Capricorn Health-tech Fund, through

which Quest for Growth indirectly invests in unquoted

companies in the life sciences sector, realized a new in-

vestment in Mainstay Medical Ltd.

On 18 December 2012 the Capricorn ICT Arkiv NV was

launched. This new fund will provide € 15 million of ven-

ture capital to innovative ICT companies, with a focus on

Key figures:

• Returnonequitypershare:+17%since31December2011

• NetAssetValuepershareatDecember31st2012:€9.26(December31st2011:€7.90)

• Netprofitforthefiscalyear:+€15,701,811(+€1.36pershare)againstalossof-€13,313,623

(-€1.15pershare)forthepreviousfiscalyear

• SharepriceatDecember31st2012:€5.70(December31st2011:€4.75)oraincreaseof20%

• DiscountofthesharepriceversusNetAssetValue:38.4%atDecember31st2012(39.9%atDecember31st2011).

• NewinvestmentinCapricornICTARKIV:+€7,500,000(€1,875,000paidincapital).

• Additionalinvestmentsinunquotedcompanies(ACCapital,Anteryon,CapricornCo-Investments,Cartagenia,Kiadis,

ProsonixenTCLandExpression)foratotalamountof€3,533,987

ANNuALRESuLTSQuESTfoRGRowTh

Schedule for publication

on 24 January 2013:

5.40 PM press release available at www.questforgrowth.com

on 25 January 2013:

11.00 AM press & analyst meeting, Capricorn Venture Partners NV, Lei 19, 3000 Leuven

preSS releaSe Leuven / 24 January 2013 / 5.40 PMRegulated information. This press release contains information subject to the European transparency requirements imposed on listed companies.

QueSt for growthPrivak, fixed capital investment company established under Belgian Law

www.questforgrowth.comquest@questforgrowth.com

Digital Healthcare & Big Data. Besides a participation by

the ARKimedes Fonds II NV, Quest for Growth will invest

€ 7.5 million in the Capricorn ICT Arkiv NV. Through the

launch of this fund, Quest for Growth will be able to par-

ticipate in growth companies in Cleantech, in Health-tech

and now also in ICT, each time via a specialized venture

capital fund of Capricorn Venture Partners, the asset

manager of Quest for Growth.

Prospects

A careful optimism regarding the further evolution of the

net asset value remains justified. As far as the quoted port-

folio is concerned, a number of factors remain positive but

the average valuations are higher than a year ago and the

performance of 2012 will be difficult to match. For the un-

quoted portfolio the perspectives of exits may improve

if the sentiment on the capital markets further improves.

Finally it is important to underline that the transferred

losses of Quest for Growth have been reduced to € 3.6

million, compared to € 19 million a year earlier. As a result,

the possibility of the pay-out of a dividend increases, on

the condition that the results keep evolving positively.

The Annual General Assembly will be held on 21 March

2013 at 11.00 AM in Leuven.

Total shareholders return ( 31/12/2011 – 31/12/2012) Return on equity of Quest for Growth and market indices until 31 December 2012

3.62%

17.15%

-5.04%

13.67%

4.17%

14.37%

-10%

-5%

0%

5%

10%

15%

20%

Since September 30th 2012 Since December 31st 2011

QfG Net Asset Value

Nasdaq (in Euro)

DJ STOXX 600 (in Euro)

€ 0

€ 20,000,000

€ 40,000,000

€ 60,000,000

€ 80,000,000

€ 100,000,000

€ 120,000,000

Cash + Other net assets

Quoted portfolio Unquoted portfolio Venture funds Market cap

Portfolio composition and market capitalisation at 31/12/2012 Results from 31/12/2005 until 31/12/2012

-20,000,000

-10,000,000

-

10,000,000

20,000,000

30,000,000

40,000,000

2005 2006 2007 2008 2009 2010 2011 2012

www.questforgrowth.comquest@questforgrowth.com

1. Balance sheet 201231 December

201131 December

201031 December

200931 December

200831 December

200731 December

200631 December

ASSETS

Fixed assets 104,265,373 86,989,456 99,778,377 79,850,099 61,137,896 108,892,469 105,699,790

Formation expenses 0 0 0 0 0 0 0

Financial assets 104,265,373 86,898,456 99,778,377 79,850,099 61,137,896 108,892,469 105,699,790

Shares 100,625,585 79,492,057 93,078,608 78,033,562 59,198,500 108,028,068 104,733,291

Amounts receivable 3,639,788 7,497,399 6,699,769 1,816,537 1,939,396 864,401 966,499

Current assets 2,632,925 4,203,529 6,298,058 5,713,801 6,535,923 7,606,626 11,865,851

Amounts receivable in more than one year 0 0 885,932 0 0 0 185,804

Trade receivables 0 0 0 0 0 0 0

Other receivables 0 0 885,932 0 0 0 185,804

Amounts receivable within one year 689,618 1,165,102 98,934 399,726 235,277 298,014 0

Trade receivables 0 0 0 237,256 177 0 0

Other receivables 689,618 1,165,102 98,934 162,470 235,100 298,014 0

Short term investments 0 0 1,376,910 3,455,768 816,811 6,870,357 11,043,412

Own shares 0 0 1,376,910 1,205,768 816,811 1,702,806 1,093,412

Term deposits 0 0 0 2,250,000 0 5,167,551 9,950,000

Cash at bank and in hand 1,867,036 3,038,427 3,724,105 1,797,803 5,165,410 297,132 546,328

Deferred charges and accrued income 73,271 31,501 212,177 60,504 318,425 141,123 90,307

TOTAL ASSETS 106,898,298 91,224,485 106,076,435 85,563,899 67,673,819 116,499,095 117,565,641

LIABILITIES

Capital and reserves 106,803,118 91,101,307 106,009,655 85,441,572 67,365,307 115,769,735 95,943,007

Issued capital 109,748,742 109,748,742 109,748,742 109,748,742 109,748,742 109,748,742 89,942,195

Reserves 656,423 656,423 2,251,148 2,251,148 2,251,148 6,000,000 6,000,000

Reserves not available for distribution 0 0 1,376,910 1,205,768 816,811 1,702,806 1,093,412

Reserves available for distribution 656,423 656,423 874,239 1,045,380 1,434,337 4,297,194 4,906,588

Profit carried forward 0 0 0 0 0 20,993 812

Loss carried forward (3,602,048) (19,303,859) (5,990,236) (26,558,319) (44,634,583) 0 0

Amount payable 98,180 123,179 66,779 122,328 308,512 729,359 21,622,634

Amounts payable within one year 43,405 105,882 66,291 69,648 80,253 729,359 21,614,063

Financial debts 0 0 0 0 0 0 0

Trade debts 4,971 55,358 7,865 42 0 0 0

Taxes 447 432 70 72 178 420 324

Dividends to be paid for the fiscal year 0 0 0 0 0 600,394 21,539,468

Other amounts payable 37,987 50,092 58,356 69,534 80,075 128,546 74,272

Accrued charges and deferred income 51,775 17,297 488 52,679 228,259 0 8,570

TOTAL LIABILITIES 106,898,298 91,224,485 106,076,435 85,563,899 67,673,819 116,499,095 117,565,641

www.questforgrowth.comquest@questforgrowth.com

*Reversal of impairment on treasury shares before annulment on June 29th 2011

2. Income statement Fiscal year2012

Fiscal year2011

Fiscal year2010

Fiscal year2009

Fiscal year2008

Fiscal year2007

Fiscal year2006

Operating income and charges

Gross operating income 16,549,688 (13,327,578) 21,373,611 19,136,134 (45,903,202) 3,096,848 22,750,915

Realised gains/losses on shares 822,772 1,975,022 14,229,612 (9,073,057) (7,910,960) 3,489,436 22,887,740

Unrealised gains/losses on shares 15,799,482 (15,131,517) 7,108,393 28,305,578 (38,451,622) (1,333,413) 401,662

Result from option transactions 46,758 60,200 254,920 54,090 68,553 (16,463) (611,553)

Realised results from Forward currency rate agreements

(76,147) (37,391) (457,777) (326,057) 752,579 824,850 (45,926)

Unrealised results from Forward currency rate agreements

(43,177) (193,893) 238,462 175,579 (361,752) 132,438 118,991

Depreciation and other amounts written off

0 0 0 0 0 0 0

Other operating charges (1,988,074) (1,904,226) (1,973,725) (2,281,376) (2,688,514) (2,616,901) (2,074,225)

Management fee (1,473,230) (1,500,000) (1,610,959) (1,950,000) (2,276,684) (2,156,217) (1,645,231)

Custodian fee (44,011) (45,323) (43,940) (29,871) (43,820) (67,015) (59,036)

Statutory Auditors fee (9,767) (11,680) (9,183) (12,047) (9,680) (20,933) (20,364)

Printing and publication costs (101,118) (76,974) (64,155) (68,663) (122,038) (148,219) (122,808)

Annual tax on Collective Investment schemes

(72,881) (84,808) (67,763) (53,892) (92,616) (76,754) (67,163)

Directors fees (204,770) (93,730) (72,398) (68,719) (53,350) (53,140) (60,538)

Advisory fees (19,645) (17,852) (34,683) (22,219) (14,731) (22,024) (16,797)

Accountancy (0) (0) (0) (0) (0) (16,200) (16,200)

Others (62,652) (73,859) (70,602) (75,966) (75,595) (56,399) (23,519)

Operating Profit/Loss 14,561,614 (15,231,804) 19,399,928 16,854,758 (48,591,716) 479,947 20,676,690

Financial income 1,646,024 1,770,100 1,394,583 1,025,963 1,621,451 1,527,626 1,184,793

Financial charges (505,741) 148,442 (226,358) 195,616 (1,434,317) (1,386,901) (325,236)

Amounts written off treasury shares* 0 217,816 171,141 388,957 (1,280,790) (153,548) (0)

Amounts written off other current assets (383,871) (0) (0) (0) (0) (0) (0)

Capital increase costs (0) (0) (0) (0) (0) (698,722) (0)

Others (121,868) (69,373) (397,350) (193,341) (153,527) (534,631) (325,236)

Profit/Loss on ordinary activities, before taxes

15,701,897 (13,313,262) 20,568,153 18,076,337 (48,404,582) 620,672 21,536,246

Income taxes (86) (362) (70) (72) 154 (97) (324)

Profit/Loss for the period 15,701,811 (13,313,623) 20,568,083 18,076,265 (48,404,428) 620,575 21,535,923

3. Profit distribution Fiscal year2012

Fiscal year2011

Fiscal year2010

Fiscal year2009

Fiscal year2008

Fiscal year2007

Fiscal year2006

Profit to be appropriated 621.387 21.540.280

Loss to be appropriated (3,602,048) (19,303,859) (5,990,236) (26,558,319) (48,383,435)

Profit to be appropriated for the period 15,701,811 20,568,083 18,076,265 620,575 21,535,923

Loss to be appropriated for the period (13,313,623) (48,404,428)

Profit/loss brought forward (19,303,859) (5,990,236) (26,558,319) (44,634,583) 20,993 812 4,357

Transfers from capital and reserves 3,748,852

From reserves 3,748,852

Transfers to capital and reserves

To other reserves

Profit/loss to be carried forward (3,602,048) (19,303,859) (5,990,236) (26,558,319) 44,634,584 (20,993)

Profit to be carried forward (20,993) (812)

Loss to be carried forward (3,602,048) (19,303,859) (5,990,236) (26,558,319) 44,634,584

Distribution of profit (600,394) (21,539,468)

Dividends 600,394 21,539,468

4. Off balance sheet positions

4.1.Commitments Commitments in currency

Currency Commitments in €31/12/2012

Commitments in €31/12/2011

Capricorn Cleantech Co-investments 1,068,621 € 1,068,621 1,500,000

Capricorn Cleantech Fund 250,000 € 250,000 675,000

Capricorn Health-tech Fund 11,250,000 € 11,250,000 11,250,000

Capricorn ICT ARKIV 5,625,000 € 5,625,000 0

Carlyle Europe Technology Partners I 385,056 € 385,056 377,944

Carlyle Europe Technology Partners II 348,669 € 348,669 1,339,098

Cartagenia 0 € 0 625,001

Life Sciences Partners III 70,799 € 70,799 114,219

Life Sciences Partners IV 1,020,773 € 1,020,773 1,213,575

Schroder Ventures International Life Sciences Fund II

0 $ 0 15,421

Ventech Capital 2 203,711 € 203,711 305,571

Vertex III 49,023 $ 37,156 128,661

Total: 20,259,784 17,544,490

4.2.forwardCurrencyRateAgreements

Value date Counterparty Quest for Growth buys Quest for Growth sells

31/01/2013 Belfius Bank € 3,289,072.97 £ 2,700,000

31/01/2013 KBC Bank € 3,287,811.35 £ 2,700,000

31/01/2013 Belfius Bank € 1,733,102.25 $ 2,300,000

31/01/2013 KBC Bank € 1,733,219.79 $ 2,300,000

5. Report of the statutory auditor

The statutory auditor, Klynveld Peat Marwick Goerdeler Bedrijfsrevisoren – Réviseurs d’Entreprises, represented by Mr. Erik Clinck, has issued an unqualified audit opinion on the financial statements of the fiscal year 2012 and has confirmed that the accounting data included in this annual announcement does not include any apparent inconsistencies with the financial statements.

The annual financial report including the audited annual accounts, the annual report, the statement on the true and fair view of the annual accounts and the fair overview in the annual report by the responsible persons and the report of the Statutory Auditor shall be available as from February 15th 2013, on request at the registered office: Lei 19 box 3, 3000 Leuven, Belgium.

www.questforgrowth.comquest@questforgrowth.com

QUEST FOR GROWTH NVPrivak, 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 29