ANNUAL REPORT 2022 | 5 More than anything else, 2022 will be remembered as the year the war in Ukraine began. Along with rising in- ﬂation, rising interest rates and fears of recession, it is not an especially happy year to look back on. Financial markets also struggled, with the extraordinary result that returns on both equities and bonds plunged into the red. With a negative return on equity of about 15%, Quest for Growth posted one of the worst results in recent years, even though this followed three strong years in which returns exceeded 10%. Despite this, there were also some notable rays of hope in 2022: there was a very successful exit among the private companies with the sale of c-LEcta, a portfolio company, to Kerry, an Irish multinational. In the quoted portfolio, Accell was sold with a proﬁt of more than 100% in about 18 months after a takeover bid by KKR. As in previous years, Quest for Growth has continued to invest signiﬁcantly in high-potential companies. Commit- ments to invest in Capricorn Digital Growth Fund and Capricorn Fusion China Fund were increased to €20 million and around €9 million, respectively. The various funds in which Quest for Growth invests were very active with regard to new and follow-up investments. Two new co-investments together with Capricorn Fusion China Fund also took place: US$2 million in Finquest, a Singaporean company, and €2 million in fruitcore robotics, a German company. In the quoted portfolio, the return of EVS is the only newcomer to note. In the past, this Liège-based technology company was also in the portfolio for many years with very good results. Quest for Growth again made great strides in ESG reporting and is closely following all successive new devel- opments in the context of Sustainable Finance Disclosure Reporting (SFDR) legislation. During the past year, the manager has reﬁned the ESG methodology for quoted companies. In the ESG chapter of this annual report, we present our accomplishments in 2022 and what attracted our attention in more detail. The time has come for me to say goodbye after 12 wonderful years as chairman of Quest for Growth and pass on the torch. These have been fantastic years and I am convinced that Quest for Growth has grown stronger and that it is well-positioned for a bright future. Despite the many challenges in the world, we look ahead to the future with hope. I wish to thank the team for taking the important steps to ensure the continued positive development of Quest for Growth. Finally, I would like to thank all shareholders for their conﬁdence! Antoon De Proft, Chairman We invest in three forward-looking investment areas: Cleantech, Health and Digital. Via the active shareholding model, we engage in dialogue with portfolio companies and steer operations in a more sustainable direction. 1. MESSAGE TO THE SHAREHOLDERS

6 | ANNUAL REPORT 2022 Portfolio 2022 2021 2020 2019 2018 Quoted equities 82,860 116,460 101,758 84,891 70,494 Venture & growth capital 14,170 19,972 15,646 9,279 10,312 Venture & growth funds 39,481 32,627 25,097 27,365 25,279 Financial assets 136,511 169,059 142,501 121,535 106,085 Cash and other net assets 7,799 10,682 10,809 14,693 13,401 Other liabilities -40 -40 -41 -42 -42 Net asset value (000€) 144,269 179,701 153,269 136,185 119,444 Net asset value per share (€) 7.9 10.7 9.1 8.1 7.1 Numbers per share Net asset value per share (€) 7.9 10.7 9.1 8.1 7.1 Proﬁt / loss per ordinary share (€) -1.40 (1) 2.0 1.0 1.0 -1.6 Proﬁt / loss per preference share (€) -1.40 (1) - - - - Gross dividend per ordinary share (€) 0 1.0 - - - Net dividend per ordinary share (€) 0 1.0 - - - Gross capital reduction per ordinary share (€) 0 - 0.40 - - Stock information (2) Share price (€) 6.0 8.0 6.5 5.9 6.0 Discount % 24.3% 25.5% 28.9% 27.3% 15.5% Total number of outstanding shares (000) 18,199 16,774 16,774 16,774 16,774 Market capitalisation (000€) 109,195 133,858 109,033 98,968 100,981 Stock market volume in shares (000) 2,512 2,775 2,876 2,701 2,939 Resultats Return NAV (3) -14.7% 21.9% 12.5% 14.0% -18.3% Net return on dividend (4) 0% 12.5% 0% 0% 0% Total dividend (000€) 0 19,046 0 0 0 Dividend preference shares (000€) 0 1,971 0 0 0 Dividend ordinary shares (000€) 0 17,075 0 0 0 Net proﬁt/loss (000€) -24,829 33,141 17,084 16,741 -26,924 Pay-out ratio 0% 57.5% 0% 0% 0% (1) calculated based on the average number of shares for the ﬁnancial year (2) calculated with total number of outstanding shares at the end of the ﬁnancial year (3) NAV return after proﬁt distribution, taking into account capital increases (time weighted rate of return) (4) compared to the share price at the end of the ﬁnancial year 2. KEY FIGURES

Asset allocation Quest for Growth is a privak/pricaf, a public alternative investment fund (AIF) with ﬁxed capital under Belgian law, managed by Capri- corn Partners NV. Quest for Growth invests in both quoted and private growth companies. Quest for Growth will invest at least 70% of its assets in quoted equities with a market capitalization of less than €1,5 billion or in venture and growth capital. At least 25% of the assets will be invested in venture and growth capital. Quest for Growth will target a combined ex- posure to venture and growth capital (direct and indirect via venture and growth funds) and uncalled commitments between 45% and 55% of its capital. Investments are chieﬂy made by shares and convertible loans. Resources that are temporarily not invested in the above catego- ries may be held in ﬁnancial instruments such as term deposits or short-term commercial paper. Quest for Growth is allowed to hold up to 30% of its assets in cash and cash equivalents. In general, Quest for Growth limits its investments to the amount of its own funds. The use of borrowings (leverage) is limited to a maximum of 10%, but debt ﬁnancing will only be used in special circumstances and for a limited period. The aggregated amount of uncalled committed capital of all ven- ture and growth funds and any debt taken on by Quest for Growth will never exceed 35% of the statutory capital of Quest for Growth. The use of derivative products is possible within certain limits as an alternative to equities dealing or in order to hedge the quoted equities portfolio. Geographically, Quest for Growth mainly focuses on European companies. In principle investments in foreign currencies will not be hedged. The asset manager can decide to deviate from the general rule in exceptional circumstances. For example, in case of an investment in venture and growth capital in a country that is perceived as having a signiﬁcant exchange rate risk or in case of an imminent exit in a not EUR denominated company. The decision to hedge will be exceptional and the reasoning will be documented and reported to the board of directors of Quest for Growth. 4. INVESTMENT STRATEGY 4. INVESTMENT STRATEGY Sectors and investment areas Given the desire to invest in growth companies, the focus lies on industries and themes that are expected to be capable of higher than average growth. Quest for Growth has three central areas of investment, being Digital, Health and Cleantech. These investment areas are in line with the expertise and experience of the investment managers of the Management Company.chap. 8 | ANNUAL REPORT 2022 Digital speciﬁcally involves invest- ments in sectors such as software, hardware and semiconductors. There is focus on sub-areas within Digital that still have strong growth prospects. Examples include digital solutions for the healthcare sector (“Digital Healthcare”), the manage- ment of large quantities of data (“Big Data”), the internet of things, e-com- merce and cloud software. Cleantech covers innovative products or services for cleaner or more eﬃcient use of the earth’s nat- ural resources such as energy, wa- ter, air and raw materials. Cleantech can be regarded as a particularly attractive area of investment in the coming years and decades because it oﬀers solutions that enable fur- ther economic growth on a planet with limited natural resources. This investment theme can include in- vestments in companies involved in energy eﬃciency, renewable en- ergy, advanced materials, sustain- able chemistry, water and pollution control. In Health the focus lies on com- panies oriented towards the pre- vention, diagnosis and treatment of illnesses. This encompasses biop- harmaceutical and pharmaceutical medicines and medical equipment, devices and services. Examples of ﬁrms we are on the look out for in- clude products and technologies oﬀering solutions for major clinical needs or that contribute to keep- ing a check on rising costs on the healthcare sector.

ANNUAL REPORT 2022 | 9 Investments in quoted equities Quest for Growth’s quoted portfolio is 100% actively managed and does not follow any reference index or benchmark. Stock selection is based on fundamental analysis. Important investment criteria are: ﬁnancial strength, growth pros- pects, market position, management and governance strength and valuation. The preference lies in long-term invest- ments in growth companies with an attractive valuation. Most of the shares within the portfolio are in companies with a small or mid sized market capitalisation (small & mid caps). Quest for Growth believes it is very important to maintain personal contact with the management of these com- panies. Quest for Growth may also invest in large companies to a certain degree, thus improving the liquidity of part of the portfolio. Balanced diversiﬁcation among the various industries is a goal. The portfolio is diversiﬁed but selective, with invest- ments in 20 to 30 diﬀerent companies. The holding in any individual company is in principle no more than 5% of the net asset value. Investments in venture & growth funds To a major extent, investments in unquoted equities will be made via venture capital funds of Capricorn Partners, which is Quest for Growth’s Management Company. Decisions on whether to undertake investments in these funds are tak- en by the board of directors of Quest for Growth. The aim is to take signiﬁcant participations in start-up and growth companies via these funds, whereby the Management Company plays an active role on the board of directors and in supporting the management. Quest for Growth will not commit more than 20% of its statutory capital to a single fund organized by Capricorn Partners. The aggregated investment in venture and growth funds calculated based on cost of investment will in principle never exceed 35% of the statutory capital of Quest for Growth. These Capricorn funds in which Quest for Growth invests also strive to create capital gains by eventually selling the companies in their portfolio or listing them at the stock exchange. 1 Direct investments in venture & growth capital Quest for Growth is able, on a selective basis, to co-invest together with the venture and growth funds of Capricorn Partners, which can result in Quest for Growth increasing its exposure to companies in which investments have already been made. This will usually be done in a later phase of the company’s development. These kinds of investments are initially decided on by the board of directors of Quest for Growth. To promote investment in venture and growth capital, the Board of Directors resolved in 2017 to make provision for di- rect investments that were not joint investments. They have to fall within the existing competences of the Management Company, Capricorn Partners, but outside the active investment period or specialisms of existing Capricorn venture and growth funds. The search is on for companies that at least have returning, paying clientele or a proof of concept (in Health-tech). For direct investments in venture and growth capital, Quest for Growth will invest a maximum of 5% of the assets in a single company. The initial investment will amount to a maximum of 2.5% of the assets. The aim with regard to venture and growth capital is to create capital gains by means of takeovers by other market players or in the course of exit (i.e., disposing of the shares in the company) by means of an IPO on the stock market. 2 3 Segments 4. INVESTMENT STRATEGY

12 | ANNUAL REPORT 2022 Equity Sector Change since 31/12/2021 Currency Valuation in € in % of Net Asset Value DMC Cleantech 0 $ 1,612,600 1.12% ECLECTICIQ Digital 500,000 € 2,557,961 1.77% FINQUEST Digital 1,906,033 $ 1,875,117 1.30% FRUITCORE ROBOTICS Diversiﬁed 2,000,327 € 2,000,327 1.39% NGDATA Digital 148,400 € 959,758 0.67% QPINCH Cleantech 0 € 2,137,498 1.48% REIN4CED Cleantech 0 € 1,378,020 0.96% SENSOLUS Digital 104,999 € 1,180,585 0.82% 13,701,866 9.50% Debt Sector Wijzigingen sinds 31/12/2021 Munt Waardering in € % van de Intrinsieke Waarde PROLUPIN Cleantech 888,571 € 468,595 0.32% 468,595 0.32% Equity Sector / Market Number of shares Change since 31/12/2021 Currency Share price Valuation in € in % of Net Asset Value Cleantech ABO WIND Deutsche Börse (Xetra) 60,787 -14,712 € 74.2000 4,510,395 3.13% FRX INNOVATION TSXV (Canada) 493,842 0 CAD 0.2591 88,611 0.06% GURIT SWX Swiss Exchange 20,170 1,610 CHF 90.0000 1,843,506 1.28% JENSEN GROUP Euronext Brussel 152,876 0 € 26.5000 4,051,214 2.81% KERRY GROUP Euronext Dublin 41,500 0 € 84.2400 3,495,960 2.42% MAYR-MELNHOF KARTON Deutsche Börse (Xetra) 22,500 5,000 € 151.2000 3,402,000 2.36% STEICO Deutsche Börse (Xetra) 63,333 5,000 € 43.1500 2,732,819 1.89% THERMADOR Euronext Parijs 35,444 5,500 € 86.2000 3,055,273 2.12% UMICORE Euronext Brussel 75,000 0 € 34.3200 2,574,000 1.78% 25,753,778 Digital B&C SPEAKERS Borsa Italiana 165,004 0 € 12.6000 2,079,050 1.44% CEWE STIFTUNG Deutsche Börse (Xetra) 65,295 851 € 88.7000 5,791,667 4.01% DATRON Deutsche Börse (Xetra) 119,000 0 € 10.7000 1,273,300 0.88% EVS Euronext Brussel 133,625 133,625 € 22.2500 2,973,156 2.06% LEM HOLDING SWX Swiss Exchange 1,446 -50 CHF 1.794.0000 2,634,431 1.83% MELEXIS Euronext Brussel 51,289 9,000 € 81.0000 4,154,409 2.88% NEDAP Euronext Amsterdam 93,148 0 € 55.0000 5,123,140 3.55% SAP Deutsche Börse (Xetra) 31,200 -1,000 € 96.3900 3,007,368 2.08% TKH GROUP Euronext Amsterdam 133,570 -2,500 € 37.1600 4,963,461 3.44% WOLTERS KLUWER Euronext Amsterdam 50,000 -4,000 € 97.7600 4,888,000 3.39% 36,887,982 Health EQUASENS Euronext Parijs 67,330 4,000 € 74.7000 5,029,551 3.49% NEXUS Deutsche Börse (Xetra) 59,401 5,000 € 55.8000 3,314,576 2.30% ROCHE SWX Swiss Exchange 16,500 1,000 CHF 290.5000 4,867,726 3.37% STRATEC Deutsche Börse (Xetra) 30,003 -2,492 € 81.1000 2,433,243 1.69% TUBIZE Euronext Brussel 64,588 3,000 € 70.8000 4,572,830 3.17% 20,217,927 82,859,687 57.43% QUOTED EQUITIES VENTURE & GROWTH CAPITAL 5. INVESTMENT REPORT

ANNUAL REPORT 2022 | 13 CAPRICORN PARTNERS Sector Change since 31/12/2021 Currency Share price Valuation in € in % of Net Asset Value CAPRICORN CLEANTECH FUND Cleantech -375,000 € 31/12/2022 886,415 0.61% CAPRICORN DIGITAL GROWTH FUND Digital 4,250,000 € 31/12/2022 6,970,305 4.83% CAPRICORN FUSION CHINA FUND Diversiﬁed 1,282,500 € 31/12/2022 2,615,454 1.81% CAPRICORN HEALTH-TECH FUND Health 0 € 31/12/2022 11,041,232 7.65% CAPRICORN ICT ARKIV Digital 575,000 € 31/12/2022 5,029,841 3.49% CAPRICORN SUSTAINABLE CHEMISTRY FUND Cleantech 1,000,000 € 31/12/2022 12,090,332 8.38% THIRD PARTY FUNDS CARLYLE EUROPE TECHNOLOGY PARTNERS II Diversiﬁed € 30/09/2021 86,891 0.06% LIFE SCIENCES PARTNERS III Health -159,691 € 30/09/2021 138,309 0.10% LIFE SCIENCES PARTNERS IV Health -159,691 € 30/09/2021 621,766 0.43% 39,480,546 27.37% VENTURE & GROWTH FUNDS PORTFOLIO OVERVIEW 5. INVESTMENT REPORT Valuation in € in % of Net Asset Value Quoted equities 82,859,687 57.43% Venture & Growth capital 14,170,461 9.82% Venture & Growth Capital Funds 39,480,546 27.37% Change in valuation Venture & Growth capital 0 0.00% Financial Assets 136,510,693 94.62% Cash 6,177,459 4.28% Other net assets & liabilities 1,580,797 1.10% Net Asset Value 144,268,949 100.00% Net Asset Value per share (€) 7,93 Stock price (€) 6,00 Discount % -24.31% Diversiﬁed 2% Cleantech 34% Health 23% Digital 41% Venture & growth funds 27% Cash + other netto activa 5% Quoted equities 58% Venture & growth capital 10%

14 | ANNUAL REPORT 2022 PORTFOLIO DISTRIBUTION The percentage of listed stocks in the portfolio was 57% and de- creased substantially due to falling stock prices worldwide. In 2021, the quoted portfolio was just 65% of total assets. About 12% of the net asset value consisted of investments in non-quoted companies, compared with 11% in 2021. Over 28% of the net asset value was in- vested in venture capital funds (compared with 18% on 31 December 2021). The sum of direct and indirect investments in non-quoted compa- nies was 37%, well above the statutory minimum of 25% (compared with 29% on 31 December 2021). The balance of approximately 6% of the portfolio, or over € 8 million, consisted of cash and other net assets (compared with 6% on 31 December 2021). 73.16% of the net asset value was invested in non-listed holdings or listed shares with a market capitalisation of less than 1.5 billion euros, whereas the stat- utory minimum percentage is 70%. NET ASSET VALUE AND SHARE PRICE The net asset value per share at 31 December 2022 was € 7.93 compared with € 10.71 at 31 December 2021. Quest for Growth’s total net asset value at year-end was € 144.3 million, compared with over € 179.7 million at year-end 2021. During the ﬁrst quarter of the year, the share price remained mostly above the 2021 closing price. On 5 April 2022, the stock went ex-dividend. Shareholders were given the choice of either receiv- ing their net dividend of €1.00 in cash or converting the dividend into new shares of Quest for Growth at an issue price of €6.00. Shareholders opted to convert 45% of dividend rights into new shares. The share price fell 13.6% over 2022, including dividend reinvestment. The discount of the stock price to the net asset value increased again, amounting to 24.3% at the closing date of 2022, compared with 25.5% on 31 December 2021. Quest for Growth’s market capitalisation was approximately € 109 million at year-end. 5. INVESTMENT REPORT GENERAL 4.00 4.50 5.00 5.50 6.00 6.50 7.00 7.50 8.00 8.50 9.00 - 50,000 100,000 150,000 200,000 250,000 Jan 2022 Feb 2022 Mar 2022 Apr 2022 May 2022 Jun 2022 Jul 2022 Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Volume Beurskoers SHARE PRICE & VOLUME

ANNUAL REPORT 2022 | 17 5. INVESTMENT REPORT 1. Market environment A stock market year of high volatility - and the return of a great deal of stock market wisdom 2021 was a gold star year for global stock markets; the expec- tations for 2022 relating to the stock market performance were uncertain. While the 2021 stock market indices moved steadily higher throughout the year, 2022 proved to be a stock market year of high volatility and a clear downward trend. The old stock mar- ket wisdom ‘As January goes, so goes the year’ proved true once again. The January decline was a harbinger for the rest of the stock market year. Shortage of raw materials In the ﬁrst half of 2021, supply chains worldwide had already proved to be severely disrupted, a trend that continued over 2022. The availability of any product proved a key factor. The price of a product or service necessarily shifted into the background. Just about everything became more expensive: raw materials, parts, transportation, food, housing and labour. While central bankers initially classed the general price increases as temporary, this as- sessment later turned out to be wrong. Nor did ﬁnancial markets realise until the start of the new year 2022 that substantial central bank interventions would be inevitable. Impact of interest rate hike It was not until after the Russian military invaded neighbouring Ukraine that the Federal Reserve decided on its ﬁrst interest rate hike, in March. Afterwards, the Fed raised short-term interest rates to 4.50%. The ECB followed suit with a total of four interest rate hikes from July. At the end of 2022, short-term interest rates in the euro area reached 2.50%, after a six-year period of zero interest rates. The impact of interest rate hikes was felt on stock markets worldwide. Falling stock markets The European stock market index STOXX Europe 600 Net Return realised a loss of almost 11% in 2022. The STOXX Europe Small 200 Net Return posted a loss of 24%. Finally, the US S&P 500 index fell more than 18%. Due to a more expensive US dollar, this amounted to a loss of 13% in euros. Once again, the top 10 stocks in the US star index were indicative. Unlike many years before, so-called Big Tech companies sent the S&P 500 lower this time. Despite the decline, the top 10 stocks in the S&P 500 continue to account for more than 25% of the index. Energy sector back in the picture Exemplary is the return of oil company Exxon Mobil to the US top 10 and the demise of Meta, the parent company of both Facebook and Instagram. ExxonMobil, and by extension the entire oil and gas company sector, cashed in on higher energy prices with record proﬁts and a sharp rise in the stock price. In addition to the energy sector, other so-called ‘value’ stocks also showed increased stock prices. Commodity companies, supplies to agriculture, insurance companies and banks showed a relatively strong performance. Sectors that performed well in recent years because of extremely low interest rates saw their prices go lower. This would include manufacturers of hardware or software, real estate investors and internet companies such as Alphabet, Amazon and Meta. In Europe, the trends were very similar. The energy sector is the only sector with a clearly positive price trend. Mining companies, insurance companies and banks hov- ered around last year’s level and more or less limited losses. The remaining sectors, with real estate, retail and technology leading the way, all recorded lower prices. We saw a similar development in the diﬀerent European countries. The British FTSE 100, with oil and gas companies (Shell and BP), ﬁnancials (HSBC) and miners (Glencore, Rio Tinto, Anglo American) weighing more than 40%, could narrowly post a positive stock market year. Sectors such as real estate, technology and communications represent less than 10% of the index at year-end 2022. The FTSE 100 boasted the best stock market performance in Western Europe. The Swiss stock market, traditionally a haven in diﬃcult stock mar- ket times, came out at the bottom with a decline of (16%). The strong performance of the Swiss franc mitigated the decline to (-12%) in euros. While in past years, a combination of Low Volatility and Quality Growth did extremely well in the stock market, it was just the opposite in 2022. Blue-chip companies such as Nestlé and Roche, complemented by highly priced growth companies such as Givaudan, Sika and Lonza, dragged the Swiss stock market to the rear of the European stock market set. Evolution stock market indices for ﬁnancial year 2022 II. QUOTED EQUITIES

18 | ANNUAL REPORT 2022 5. INVESTMENT REPORT Digital: Sharply increased demand for semiconductors systematically tapered oﬀ over 2022. Supply chains saw a slight improvement but are still far from the throughput times in the industry before 2020. At the same time, several semicon- ductor manufacturers worldwide announced expansion plans. The entire sector showed broad decline. Both software, hardware and machine builders for microchip production faced signiﬁcant share price losses. The Stoxx 600 Technology index, with ASML by far the largest position, fell by more than 28%. Cleantech: Shares in clean technology or cleantech are spread among a range of sectors. Reliable indicators of the global cleantech sector, such as The Cleantech Index (total return -25% in USD, converted to EUR -21%), underperformed compared with the stock market in general. In the longer term, the Cleantech sector continues to gain importance. After a very dynamic 2021, with numerous IPOs, whether through a SPAC (Special Purpose Acquisition Company) or not, the sector received a much needed cooling oﬀ in terms of pricing. Health: The STOXX 600 Health Care performed relatively better in 2022 compared with the general European stock mar- ket barometer, the STOXX 600 Europe. Traditional pharma companies such as AstraZeneca or Novo Nordisk performed strongly and saw their share prices rise by 29% and 28%, respectively. Unlike in past years, share prices of so-called medtech companies fell sharply. The producers of hearing aids (Demant, GN Store Nord, Amplifon), medical equipment for hospitals (Philips, Elekta, Ambu) and laboratories (Euroﬁns Scientiﬁc), among others, saw a substantial decline in their share prices. 2. Sector evolutions The sectors in which Quest for Growth’s quoted equity portfolio invests can be categorised into three themes or segments: Digital, Health and Cleantech.

5. INVESTMENT REPORT 3. Portfolio return The estimated decline in the portfolio of quoted equities in 2022 was about 19% (excluding cash and before expenses). The quoted portfolio realised a return that was not as poor as that of the Stoxx Europe 200 Small Net Return Index. However, relative to the Stoxx 600 Europe, returns lagged. More setbacks than outliers Steico (-61%) was unable to sustain the share price gains of the past few years. The stock price was aﬀected by the weaker outlook for the construction sector in general. Gurit (-42%) also suﬀered this year due to ongoing problems in the wind power sector. Stratec (-41%) saw its share price fall due to lower volumes of C-19 testing. We note only three positive outliers in the portfolio. ABO Wind (+34%) saw its order book of onshore wind farms grow and ben- eﬁted from sharply risen fossil fuel prices. Newcomer EVS (+10%) was able to excel with some substantial contracts and a higher sales forecast for this year. Finally, the sale of Accell yielded a gain of more than 100% compared with the prices at the end of 2020, when the stock was included in the portfolio. Portfolio return (in local currency) ANNUAL REPORT 202 ANNUAL REPORT 2022 | 19 2 * since 25/2/22, day of the ﬁrst purchase in Quest for Growth Source: Bloomberg, Capricorn Partners

20 | ANNUAL REPORT 2022 Portfolio: investments and divestments Like calendar year 2021, 2022 proved to be a calm year in terms of portfolio changes. We applied the old stock market wisdom ‘sit still when you’re getting shaved’ from the month of March. Only one company, Belgium’s EVS Broadcasting Systems, entered the portfolio as a newcomer. EVS is an old friend in our portfolio. After several turbulent years, including in management, we are seeing improvement again in this world leader in slow-motion technology for live coverage. Under the leadership of CEO Serge Van Herck, EVS achieved growth in 2022. The earlier acquisition of the Dutch company Axon allowed for adding new products to the portfolio. EVS was also able to unpack a nice 10-year ongoing contract worth $50M and is conﬁdent about its outlook. In our view, it is good value for money. We said goodbye to a total of 4 companies. The Dutch company Accell left the portfolio after we accepted the takeover bid launched by the American company KKR. In January, KKR launched its bid for Accell at a takeover price of €58 per share. An acquisition price we initially received with mixed feelings. The electric bicycle market grew rapidly thanks to strong tailwinds because of stayca- tions and lockdowns resulting from the Covid pandemic. We ﬁnally decided to sell our shares when it became clear that a higher price was not a possibility. The European bicycle market has been cool- ing at breakneck speed ever since. In addition, we sold our entire position in Fresenius, Technotrans and PSI Software after disappointing operating results. We took partial proﬁts on stocks such as Stratec, LEM and ABO Wind, and bought into stocks such as Nexus, Thermador and TKH. Proﬁles of all portfolio companies at 31 December 2022 are de- tailed in the annual report under the “Company Proﬁles” section. 5. INVESTMENT REPORT ACQUISITIONS INCREASE SALES REDUCTION JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC FRESENIUS TECHNOTRANS ACCELL PSI PSI STRACTEC WOLTERS KLUWER CEWE TECHNOTRANS ABO WIND LEM EVS EVS CEWE TKH PSI MAYR-MELNHOF TUBIZE THERMADOR EVS ROCHE STEICO NEXUS ACQUISITIONS AND SALES IN PORTFOLIO FOR FINANCIAL YEAR 2022

ANNUAL REPORT 2022 | 21 5. INVESTMENT REPORT D Photo and online printing services 4.0% NL Automatic Identiﬁcation Solutions 3.6% F Software & Pharmacies 3.5% NL Telecom, Building and Industrial Solutions 3.4% NL Software & Services for clinicians, lawyers and accountants 3.4% CH Pharma & Biotech 3.4% B Pharma & Biotech 3.2% D Onshore Wind Project Developper 3.1% B Senors and Microchips for Automobil 2.9% B Heavy Duty Laundry Systems 2.8% 4. Top 10 investments The largest positions at the end of 2022 are CEWE (4.0% of the net asset value on 31 December 2022), NEDAP (3.6%) and Equasens (3.5%). Prices and valuations fell throughout the year for just about all as- sets, including stocks. By the end of 2022, the Stoxx Europe 600 was trading at a price-to-earnings ratio of 12x, down substantially from 16x at year-end 2021. However, we observe major diﬀerenc- es between diﬀerent groups of shares. In our view, the valuation of stocks with relatively higher dividend yields and rather stable growth prospects seem to take the expected rise in interest rates better into account. In our view, the valuations of companies with longer investor payback periods still do not suﬃciently take high- er longer-term interest rates into account. We avoid the latter category in Quest for Growth’s portfolio by focusing on proﬁtable growth companies that are quoted at reasonable valuation mul- tiples. The companies in our portfolio also have a good buﬀer thanks to a conservative balance sheet with relatively low debt. Our strategy continues to embrace the quaint Dutch stock market wisdom ‘Price is what you pay, value is what you get’ and ‘You can’t see who’s swimming naked until the tide goes out’. Given the augmented uncertainty regarding the overall economic outlook, caution remains necessary in our view. Only when the tide goes out you discover who’s swimming naked Price is what you pay, value is what you get 5. Outlook

22 | ANNUAL REPORT 2022 Project developer for wind and solar energy Founded in 1996 by Dr. Jochen Ahn and Matthias Bockholt, ABO WIND is an international project developer for wind and solar energy projects. The company additionally provides operational manage- ment, maintenance, inspection and repair services. It is headquartered in Wiesbaden, Germany. Advanced composite materials for wind turbines Founded in 1835, the Swiss company GURIT is specialised in ﬁbre-reinforced and foam-based composite materials (e.g. prepregs), tooling and kitting. The products are predominantly used in the wind power industry but can also be found in aerospace, rail and marine applications. The company is stock listed on the Swiss Exchange since 2006 and based in Wattwil, Switzerland. Enabling innovation for safe and sustainable solutions FRX INNOVATIONS INC. manufactures ﬂame retardant solutions. Its Noﬁa range of products oﬀers a safe and sustainable solution to industries such as ﬁb- ers & textiles, electrical & electronics, transportation and building & construction. FRX Innovations was formed as the holding Country Canada Market cap € 15.3 mio Porfolio entry 2009 SDG 9 12 Country Switzerland Market cap € 463.5 mio Porfolio entry 2020 SDG 7 9 12 Country Germany Market cap € 773.7 mio Porfolio entry 2020 SDG 7 9 5. INVESTMENT REPORT QUOTED EQUITIES - COMPANY PROFILES CLEANTECH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 23 5. INVESTMENT REPORT Water and energy eﬃcient laundry systems JENSEN-GROUP NV is supplier to the heavy-duty laundry industry. The company markets products and services that include transportation and handling systems, tunnel washers, separators, feeders, ironers, fold- ers and complete project management for fully-equipped and managed industrial laun- dries. The group supplies sustainable single machines, systems and integrated solutions and is developing environmental friendly and innovative products to reduce consumption of energy and water (CleanTech brand). It was founded by Jørn Munch Jensen and is head- quartered in Ghent, Belgium. Taste and nutrition solutions for food & beverages KERRY GROUP PLC is a provider of taste and nutrition solutions, based in Kildare, Ireland. The Com- pany serves the food, beverage and pharmaceutical industries, and is a supplier of branded and customer branded foods to the Irish, the United Kingdom and se- lected international markets. The Company operates through two segments: Taste & Nutrition, and Consum- er Foods. The Taste & Nutrition segment manufactures and distributes application speciﬁc ingredients and ﬂavours spanning various technology platforms. The Consumer Foods segment manufactures and supplies added value brands and customer branded products, primarily to the Irish and the United Kingdom markets. Country Ireland Market cap € 15.4 bn Porfolio entry 2020 SDG 2 3 12 Country Belgium Market cap € 237.7 mio Porfolio entry 2016 SDG 6 7 9 SEE EXPLANATION SDG’S ON PAGE 59

24 | ANNUAL REPORT 2022 Cartonboad and packaging from recycled wastepaper MAYR-MELNHOF KARTON AG is a producer of carton- board, predominantly using recycled feedstock. Its operations are divided into two core business divisions: MM Karton and MM Pack- aging. MM Karton produces and markets carton board from recy- cled ﬁbers and virgin ﬁbers. It operates mills in several European countries. The MM Packaging division converts carton board into folding cartons, with the majority of the manufactured products be- ing sold to multinational customers in the branded goods industry. Next to Europe, MM Packaging also has production plants in Latin America and Asia. The Austrian company’s IPO at the Vienna Stock Exchange was in 1994. Country Austria Market cap € 3.2 bn Porfolio entry 2020 SDG 9 12 15 Leader in the niche market of ﬁber based insulation STEICO produces and markets a broad product range of wood-ﬁbre based insulation and construction materials. The oﬀering comprises ﬂexible internal and external thermal insulation, insulation boards, ﬂoor in- sulation, construction elements, laminated veneer lum- ber and adjacent building products and materials. The company’s roots go back to the year 1986 when Stein- mann & Co. was founded Country Germany Market cap € 715.4 bn Porfolio entry 2018 SDG 3 7 11 CLEANTECH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 25 Products for ﬂuid circulation THERMADOR GROUPE is a specialized distributor of accessories and equipment for ﬂuid circulation in construction and industry. Its prod- ucts include central heating and hot water acces- sories, pumps, plumbing equipment, valves and ﬁttings, ventilation and swimming pool equipment and accessories. Subsidiaries are grouped in four segments: Fluid circuits in construction, Domestic pumps, Heavy tooling and Fluid circuits in industry. The company was founded in 1986 and is head- quartered in Saint-Quentin-Fallavier, France. Country France Market cap € 864.9 mio Porfolio entry 2021 SDG 6 7 9 Material technologies in recycling & clean mobility UMICORE is a materials technology group with three business areas: The Catalysis group is one of the world’s largest manufacturers of automo- tive emission control catalysts. This segment also includes precious metals chemistry. Energy & Surface Technologies produces rechargeable battery materials, electro-optic materials, thin ﬁlm products, electroplating and cobalt and specialty materials and includes the 40% stake in Element Six Abrasives. The Recycling segment is the world’s largest recycler and reﬁner of complex materials containing precious metals. Precious metals management (trading, leasing, hedging), battery recycling and jewellery & industrial metals as well as technical materials are included in this segment. Umicore’s roots go back to the year 1805. The company is headquartered in Brussels. Country Belgium Market cap € 8.5 bn Porfolio entry 2006 SDG 7 9 12 SEE EXPLANATION SDG’S ON PAGE 59

26 | ANNUAL REPORT 2022 5. INVESTMENT REPORT Europe’s leading online photo service provider CEWE STIFTUNG & CO. KGAA (“CEWE”) engages in the provision of innovative photo and online printing services, with CEWE PHOTO BOOK as the leading European photo book product and brand. Additionally, Cewe operates through the following segments: Commercial Online Printing and Retail. In the Commercial Online Printing segment, printed material for busi- nesses is marketed through the sales platforms Saxoprint, Laserline and viaprinto. The Retail seg- ment oﬀers photo-related hardware and photoﬁnishing products. Founded in 1961, CEWE was taken to the stock exchange in 1993. The company is headquartered in Oldenburg, Germany. Country Germany Market cap € 715.9 mio Porfolio entry 2017 SDG 3 8 9 Electro-acoustic transducers for the audio market Founded in 1946, B&C SPEAKERS is an Italian company involved in the design, manufacture and distribution of elec- tro-acoustic transducers for the “public address” (pa) audio market within the two segments “Professional PA” (mainly ﬁxed installations in stadiums, cinemas etc.) and “Musical Instrument PA” (portable equipment). The oﬀering includes low- and high frequency drivers, high frequency horns and coaxial compo- nents. Under the “Architettura Sonora” brand name, the com- pany also oﬀers high-performance design loudspeakers for indoor and outdoor use. B&C Speakers is located in Bagno a Ripoli (Florence), Italy. Country Italy Market cap € 145.2 mio Porfolio entry 2020 SDG 3 8 9 DIGITAL SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 27 5. INVESTMENT REPORT Equipment for high-speed milling of materials DATRON AG and manufactures CNC and CAD/CAM equipment and a wide range of specialised tools in the ﬁeld of high-speed milling of materials like aluminium, plastics and compounds. The company also oﬀers neighbouring technology such as dispensing machines. Their products cover a wide range of industrial production processes as well as applications in the ﬁeld of dental technology. The company was founded in 1969 and went IPO in 2011. Datron is headquartered in Mühltal, Germany. Country Germany Market cap € 45.6 mio Porfolio entry 2017 SDG 9 Electrical measurement solutions for energy and mobility LEM produces components for power electron- ics. Its core products are transducers for measur- ing electrical parameters like current and voltage. LEM’s transducers are used in applications such as railway, motor drives, power supplies, AC/DC con- verters and wind and solar power generation. The products provide more control, more reliable ener- gy and better energy eﬃciency. LEM reports two business segments: The Industry segment includes the businesses Drives, Renewable energy, Traction and High precision. In the Automotive segment, it develops solutions for battery management and electrical motor controls for green and convention- al cars. Liaisons Electroniques-Mecaniques LEM SA was founded in 1972 and is headquartered in Plan-Les-Ouates, Switzerland. Live video technology EVS provides live video technology for broadcast and new media productions. It introduced the Live Slow-Motion system that has become the standard replay technology for broadcast sporting events. EVS’ ﬂagship hardware product is the XT live production server, with the latest generation called XT-VIA. Oth- er products include asset management (IPDirector, C-Cast), uniﬁed live production (X-One), software-de- ﬁned live production switchers (DYVI) and video assis- tance (Xeebra). Customer segments are LAB and LSP. LAB - “Live Audience Business” gathers customers using EVS products and solutions to create content for their own audience. LSP - “Live Service Providers” of- fer rental and service oﬀerings to LAB customers. EVS was founded in 1994 and was listed on the Brussels Stock Exchange in October 1998. Country Belgium Market cap € 322.4 mio Porfolio entry 2022 SDG 9 Country Switzerland Market cap € 2.2 bn Porfolio entry 2019 SDG 7 9 11 SEE EXPLANATION SDG’S ON PAGE 59

28 | ANNUAL REPORT 2022 Technologies to make people’s work more comfortable NEDAP oﬀers technological solutions that target to make people’s work more comfortable and successful (“Technolo- gy for Life”). The company focuses on 4 core technologies: Connected devices, Communication technology, Software architecture and User experience. It operates in 7 business units addressing niche markets: Healthcare, Identiﬁca- tion Systems, Light Controls, Livestock Management, Retail, Security Manage- ment and Staﬃng Solutions. Nedap was established in 1929 and is stock listed since 1947. It is headquartered in Groen- lo, the Netherlands. Software for all business processes across all industries SAP is engaged in enterprise applications in terms of soft- ware and software-related service revenue. The Company’s core business is selling licenses for software solutions and re- lated services to deliver a range of choices ﬁtting the varying functional needs of its customers, combined with a fast-grow- ing cloud oﬀering. Its solutions cover business applications and technologies, as well as speciﬁc industry applications. In-memory technology across its data management oﬀerings enables customers to access the data which they need, where they need it, when they need it. The company was founded in 1972 by ﬁve former IBM employees. It went IPO in 1988. Country Germany Market cap € 130.9 bn Porfolio entry 2012 SDG 8 9 12 Country Netherlands Market cap € 398.9 mio Porfolio entry 2018 SDG 3 8 9 5. INVESTMENT REPORT Sensors for fuel eﬃciency, safety and comfort in cars MELEXIS Microelectronic Integrated Systems NV is a mixed signal semiconductor manufacturer. Its products include hall eﬀect or mag- netic sensors (Triaxis brand), pressure & acceleration sensors (based on MEMS), wireless communication ICs (RF and RFID), actuators (for engine control and LIN bus systems) and optical sensors. Melexis’ products are primarily used in automotive electronics systems, where they help to improve fuel eﬃciency, safety and comfort. Melexis also uses it core competence to supply ICs and sensors to consumer, med- ical and industrial markets. Melexis adopts a fabless model. It is head- quartered in Ieper, Belgium and has other important facilities in Tes- senderlo (Belgium), Bulgaria and Germany. In October 1997 Melexis had its IPO on the EASDAQ Stock exchange. Country Belgium Market cap € 3.7 bn Porfolio entry 2011 SDG 3 7 9 DIGITAL SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 29 5. INVESTMENT REPORT Information, software and services for professionals WOLTERS KLUWER provides information, software, and services for profes- sionals such as clinicians, accountants, lawyers, and for tax, ﬁnance, audit, risk, com- pliance, and regulatory sectors. It operates through the following segments: Health; Tax and Accounting; Governance, Risk and Compliance; and Legal and Regulatory. The company was founded by Jan-Berend Wolters and Æbele Everts Kluwer in 1836 and is headquartered in Alphen aan den Rijn, the Netherlands. Smart vision, manufacturing and connectivity solutions TKH GROUP focuses on three Smart Technologies. Smart Vision Systems creates 2D and 3D Machine Vision and Secu- rity Vision Systems in combination with in-house developed software. These are used in consumer electronics, factory au- tomation, logistics, wood industry, infrastructures and buildings and medical and life sciences. Smart Manufacturing Systems further capitalize on both Vision and Connectivity technologies and develop systems and machines for tyre production, factory automation and medicine distribution. Smart Connectivity Sys- tems creates integrated solutions for on- and oﬀ-shore energy distribution, Fibre Optic connectivity systems for data and com- munication networks and cable systems for industrial automa- tion, airﬁeld ground lighting systems and contactless energy and data distribution (CEDD). The company’s roots go back to the year 1930. Country Netherlands Market cap € 1.7 bn Porfolio entry 2014 SDG 7 8 9 Country Netherlands Market cap € 25.8 bn Porfolio entry 2020 SDG 3 4 16 SEE EXPLANATION SDG’S ON PAGE 59

30 | ANNUAL REPORT 2022 Software for pharmacies and the healthcare industry EQUASENS develops software for pharmacies and the healthcare industry. In France, the LGPI (“Logiciel de Gestion à Portail Integré”) solution is considered as a standard in pharmacies, enabling stock management, optimisation of orders, data exchange, pricing policy optimisation, management of loyalty cards, etc. The Pharmacy - Europe division also oﬀers software for pharmacies in Belgium, Lux- embourg and Italy. Health and Social Care Facilities Solutions includes the sub- sidiaries Malta Informatique (IT solutions for nursing homes), DICSIT Informatique (home care) and Axigate (hospitals). The e-Health division includes e-Patients and e-Connect activities. Fintech provides ﬁnancing solutions for rental products. The company was founded in 1996 and is headquartered in Villers-les-Nancy, France. Software for healthcare institutions NEXUS AG is a provider of information technology for the healthcare sector. The group has two business ﬁelds: Health- care Software which includes modular software solutions, from planning to equipment integration and documentation, for areas such as diagnostics (DIS Product Suite), complete information systems for hospitals (HIS) and nursing homes. The Healthcare Services unit provides outsourcing and SAP integration servic- es for the healthcare sector. The company is headquartered in Donaueschingen, Germany. Country Germany Market cap € 915 mio Porfolio entry 2011 SDG 3 8 9 Country France Market cap € 1.2 bn Porfolio entry 2010 SDG 3 8 9 5. INVESTMENT REPORT HEALTH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 31 5. INVESTMENT REPORT Analyzer systems for diagnostics STRATEC designs and manufactures fully au- tomated analyzer systems for its partners in the ﬁelds of in-vitro diagnostics (investigation of sam- ples taken from the human body) and life scienc- es. Furthermore, the company oﬀers integrated laboratory software and complex consumables for diagnostics applications. It operates through the following main segments: Instrumentation, Diatron (hematology and clinical chemistry) and Smart Con- sumables. The company was founded by Hermann Leistner in 1979 and is headquartered in Birkenfeld, Germany. Innovative medicines and diagnostic test ROCHE Holding AG operates as a research healthcare company. It operates through the seg- ments “Diagnostics” and “Pharmaceuticals”. The Pharmaceutical segment refers to development of medicines in the ﬁeld of oncology, immunology, ophthalmology, infectious diseases and neurosci- ence. The Diagnostic segment refers to diagnosis of diseases through an in-vitro diagnostics process. The company was founded by Fritz Hoﬀmann-La Roche on October 1st, 1896 and is headquartered in Basel, Switzerland. Country Switzerland Market cap € 243.6 bn Porfolio entry 2020 SDG 3 9 Country Germany Market cap € 1 bn Porfolio entry 2020 SDG 3 9 Shareholder of biopharmaceutical company UCB FINANCIÈRE DE TUBIZE is a holding company and the reference shareholder that owns an interest of 35% of all shares issued by UCB. UCB is a biopharmaceutical company, focused on the discovery and development of medicines for diseases of the immune system or of the central nervous system. Products include Vimpat, Briviact and Keppra (epilepsy), Neupro (Parkinson’s dis- ease and restless leg syndrome), Cimzia (immunology) and Zyrtec (allergies). Country Belgium Market cap € 3.3 bn Porfolio entry 2010 SDG 3 9 SEE EXPLANATION SDG’S ON PAGE 59

32 | ANNUAL REPORT 2022 5. INVESTMENT REPORT iii. VENTURE & GROWTH CAPITAL 1. Market environment Natural cool-down of the venture capital market From a macro economic perspective, venture capitalists follow general economic sentiment and the development of stock mar- kets. However, trends, especially in venture capital, with more irregular and therefore less predictable valuations, show more shocks and tend to lag slightly behind stock market developments. After several quarters of historic records, the venture capital mar- ket is also cooling. This is the result of macroeconomic and geo- political evolutions on the one hand, but also a natural cool- down after the overheating of recent years. Fundraising in Europe is heading for its lowest total in 10 years. Fundraising in European Private Equity funds slowed in 2022 as capital became more expensive in a climate of aggressive interest rates. Another explanation is that distributions have fallen due to less favourable exit conditions. This reduces fundraising because less capital is available to reinvest. Investors have a wait-and-see attitude to pledge new capital because of nervousness in the ven- ture capital market due to price declines in public markets. Recent ﬁgures indicate that fund sizes could decline in the future and that fundraising will be more sector speciﬁc as investors become in- creasingly choosy. PE fundraising activity More conservative stance in subsequent funding rounds We detected a decline in investment amounts and a delay in clos- ing new funding rounds. Major price declines in listed securities raise questions about the valuation of private innovative compa- nies. For upcoming funding rounds, we expect a more conserva- tive stance and lower valuation multiples. On the other hand, this will undoubtedly also provide interesting new investment oppor- tunities. European exit activities declined in 2022 despite record highs in 2021. The European PE exit value reached € 221.0 billion in the third quarter of 2022, down further from the highs of 2021. If the current pace continues, the exit value is expected to amount to just under € 300.0 billion at the end of the year, down from € 429.7 billion in 2021. Despite the diﬃcult exit environment, volatile public equity markets and the gloomy macroeconomic outlook, the exit value would register the second highest ﬁgure of the past decade at the end of 2022. The exit value steadily declined on a quarterly basis as we progressed into 2022. The drop in exits coincided with a de- terioration in the market as fears of market-correcting recessions have surfaced. Because of volatile public equity markets and gloomy macroeco- nomic prospects, exits have become less attractive to investors and management teams. As with ﬁnancing rounds, large share price declines in public markets have raised questions about exit valuations at private companies. A wide range of factors has af- fected exit appetite, including geopolitical tension, weak economic growth, rising inﬂation and interest rate hikes. Exit values via public listings are on track to reach the lowest annual total since 2012. The renewable energy sector activity is expected to remain strong in 2023 The energy sector rebounded in 2022, as international conglom- erates posted strong proﬁts and solid share prices. The war in Ukraine has caused energy costs to soar across Europe given the dependence on Russian oil and gas, with costs being recharged directly to consumers. Existing volatility in non-renewable energy markets has focused attention on renewables to cushion short- term shocks, prevent future supply problems and achieve long- term goals for countries. European countries and companies are working towards a greener future. Recent events may increase de- mand for renewable energy and accelerate eﬀorts to avoid future energy crises. PE exit activity

ANNUAL REPORT 2022 | 33 First quarter The German company c-Lecta GmbH, a co-investment with Capricorn Sustainable Chemistry Fund, was sold to Kerry Group plc, a global provider of taste and nutrions solutions. c-LEcta testiﬁes about the valuable creation of recent years Marc, congratulations on the fantastic track record that you have accomplished with c-Lecta, as a founder and CEO of a company that was born under your initiative almost 20 years ago. What were your drivers to start a company? When founding c-Lecta I was a scientist who had just comple- ted his PhD. Running a business fascinated me and was on my agenda. These two worlds came together with a concrete idea, so I had to give it a try. When Capricorn Partners and bm-t stepped in, you were well on your way on a route for value creation and sales. What were the most diﬃcult obstacles you encountered up to that path? Two things come to my mind: First, choosing the right products and partners. As a technology-driven company, it is diﬃcult to make the right calls on which markets you want to address, and which commercialization partners you choose. Secondly, it was a challenge to build all the competencies to become a fully-in- tegrated company with a reach from product development and production, to quality management, marketing & sales. What are some of the signiﬁcant pivotal in- or externally driven developments that convinced your clients about your enzyme-based solution and your approach? Our unique technology always attracted high interest in the industry and brought in exciting projects. But in order to work at eye-level based on sustainable, value-creating business models, it was essential to bring more to the table than “just” technology. Positioning c-Lecta as a product company and resigning from the fee-for-service business were key on our road to success. We were impressed by Capricorn Partners’ knowledge and experience. We liked their appreciation-based company culture very much.” Marc Struhalla, CEO c-LEcta I was immediately triggered by c-Lecta’s unique “cell-free” approach to manufacture ingredients and API’s. Ludwig Goris, Partner Capricorn Partners 5. INVESTMENT REPORT HIGHLIGHTS 2022 You chose to hire an investment bank which allowed you to approach many potential investors. Why did you decide to have Capricorn Partners, and bm-t, jointly invest in c-Lecta? Capricorn was chosen as the lead investor of the round. They made an attractive oﬀer, and we were impressed by their knowledge and experience. We liked their appreciation-ba- sed company culture very much. A co-investor was needed to complete the round and bm-t as a locally acting VC with a great team was an obvious and perfectly ﬁtting addition. Ludwig, what drove you and Capricorn to invest in c-Lecta? Ludwig Goris (Partner, Capricorn): When the company was presented to us, and I reviewed the pitch, I was immediately triggered by c-Lecta’s unique “cell-free” approach to manu- facture ingredients and API’s. I did not encounter any compa- ny yet that presented such a complete oﬀering from enzyme design over microbial programming and unique know-how to enable multi-enzyme based chemical processes. When I met Marc for the ﬁrst time, I could notice that c-Lecta was built on profound scientiﬁc fundamentals that escaped the hype of industrial biotechnology. He managed and still manages the company with a true vision in mind and conviction that he is able to set through all layers of the organization.

ANNUAL REPORT 2022 | 35 5. INVESTMENT REPORT Thinking back to the start of the company, what triggered the creation of fruitcore robotics? As a team of ﬁve robotic enthusiasts we launched a prototype on the leading robotics trade fair in 2016. The feedback was overwhelmingly positive with more than 200 interviews that showed the clear demand for easy to use robots with high performance and an attractive price-performance. Fruitcore robotics has rapidly seen positive traction. What are some of the signiﬁcant proof-points with clients about your solution and your approach? Our user interface is unique as customers can realize simple as well as complex tasks without prior knowledge in robotics or PLC-programming. With our self-developed software, elec- tronics and hardware we provide an end-to-end solution to program the whole process in one user interface. This reduc- es complexity in the purchasing process, set-up, operating stage and after-sales. What are the next challenges and goals for the next phase of fruitcore robotics? The next challenge is to expand all marketing and sales activ- ities on an international scale. The launch of our Plug & Play solutions and further exciting product news in 2023 will be huge drivers that help us grow the business. You talked to many potential investors. Why did you decide to have Capricorn and the other investors invest in fruitcore robotics? The dialogue with Capricorn was very positive since the ﬁrst day. We had lots of profound discussions on the robotic market, underlying trends and our technology stack. We share a common vision regarding the go-to-market strategy and regarding the development of fruitcore robotics as an organ- ization. What are the reasons that drove Capricorn to invest in fruitcore robotics? Ke Zhang (Investment Director, Capricorn Partners): We see in fruitcore robotics a company that rides the robust long-term trend of industrial automation with products that are well tailored to the market needs and are continuously evolv- ing to adapt to the customer requirement. Combined with a passionate and focused management team with a proven track record of fast product development and go-to-market as well as solid operational management, we have all the ingre- dients of a future winner. Important next steps for fruitcore robotics include expansion into more international markets as well as to further devel- op the software and service part of the product oﬀering. The company has been successful in fast, market-driven product development, we are conﬁdent that it can continue to execute and deliver. In the Capricorn Partners team, we have a partner with years of experience in industrial technology and with extensive knowledge in strategically important markets. It feels good that we can strengthen our international growth together and that we can accomplish our mission - to put automation at the ﬁngertips of all companies - even faster Patrick Heimburger, co-founder and Managing Director of fruitcore robotics HIGHLIGHTS VENTURE & GROWTH CAPITAL 2022

36 | ANNUAL REPORT 2022 5. INVESTMENT REPORT Bringing reproducibility and economics to fermentation DMC produces molecules for the food, feed, chemical intermediates and chemical speciality industries. DMC opens up a wide range of high-margin products that are currently diﬃcult to man- ufacture (hence costly). The company uses two-step fermentation to create fermentation facilities with short development times and high repeatability. The key technology is ‘gene silencing’: the microbe’s metabolic system is programmed in such a way that only the gene sequence for the desired product is active. DMC can enable signiﬁcant carbon footprint reductions through more eﬃcient manufacturing and the use of renewable feedstock to replace molecules that are current- ly produced through classical chemical pathways. Plant-based proteins PROLUPIN produces plant-based proteins for lupin-based food. Prolupin’s proprietary technology enables the extraction of concentrated, sensory-neutral protein isolates from lupins. Alongside other food ingredients, the company de- velops, produces and markets non-dairy yoghurts, drinks, ice cream and other consumer products under its “LUVE” brand. Plant-based proteins have a smaller environmental footprint than most animal-derived ones. Moreover, lupines are among the more sustainable of protein crops, thanks to their ability to grow on poor and arid soil with little to no fertilisers or agrochemicals. This also enables them to be grown locally in many regions, allowing them to reduce the car- bon footprint for transport. Finally – and equally important – lupine products are healthy, non-GMO and Prolupin has proven they can be very tasty. Sector Industrial Biotechnology Country US Porfolio entry 2018 SDG 2 3 12 Sector Food Country Germany Porfolio entry 2020 SDG 3 12 14 15 VENTURE & GROWTH CAPITAL – COMPANY PROFILES CLEANTECH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 37 5. INVESTMENT REPORT 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59 Industrial energy from waste heat The QPINCH Heat Transformer uses a patented approach to overcome the hur- dles faced by conventional technologies to upgrade waste heat into ‘usable’ heat (having the right temperature to drive industrial processes). The large scale and broad applicability of this technology positions Qpinch for providing strategic solu- tions to reducing emissions more cheaply and faster in the petrochemicals, food and beverages, paper and pulp, and other industries. The Qpinch technology provides a heat lift for waste heat that could otherwise not be utilised. Compared with conven- tional heat pumps, the closed-loop process minimises operational costs as well as electricity use. The technology is easily scalable and therefore able to process enor- mous levels of industrial waste heat, enabling a quantum leap in energy eﬃciency and in CO2 reduction. Sector Waste Heat Country Belgium Porfolio entry 2021 SDG 7 12 13 Impact-resistant, recyclable composites REIN4CED produces ground-breaking products with a new breed of lightweight, im- pact-resistant and recyclable composites. REIN4CED leads the innovation cycle in the bicycle industry by engineering, designing and manufacturing for bike brands looking for maximum performance as well as for enhanced safety and durability. REIN4CED’s products are broadly applicable in industries where lightweight, strength and impact resistance are key. Its pat- ent-protected technology oﬀers leisure, automotive and aerospace OEMs an entirely new platform for material innovation. The composites dramatically improve product safety and en- able CO2 reduction through their lightweight and simpliﬁed production and logistical set-up. Sector Advanced Materials Country Belgium Porfolio entry 2021 SDG 9 12

ANNUAL REPORT 2022 | 39 5. INVESTERINGSVERSLAG SEE EXPLANATION SDG’S ON PAGE 59 Asset tracking solutions in logistics SENSOLUS specialises in activity and location monitoring of non-powered assets. The company provides end-to-end supply chain visibility and insights to their customers, which include Airbus, TCR, AB InBev and Veolia. The Sensolus industrial internet-of-things tech- nology covers the full trajectory from data to actionable insights, starting with data collec- tion based on low-power devices with edge intelligence, a patent protected data integrity solution for networks, and an intuitive cloud platform for data visualisation and insights. Sector Business 4.0 Country Belgium Porfolio entry 2017 SDG 8 9 12 Facilitating truly personalized marketing NGDATA’S Intelligent Engagement Platform is a feature-rich, AI-powered customer data platform. Through a combination of insightful customer DNA and real-time interaction management, it facilitates one-to-one, personalised marketing at every stage of the customer journey. NGDATA has been developed using state-of-the- art big data technology. The platform uses vast amounts of data in real-time to build the rich, relevant and context-aware individual customer proﬁles that drive marketing actions. Sector Business 4.0 Country Belgium Porfolio entry 2013

ANNUAL REPORT 2022 | 41 Capricorn Cleantech Fund The fund invested in European and North American innovation com- panies in a wide range of cleantech areas. These companies are specialised in reducing and optimising the use of natural resources, harnessing the beneﬁts of renewable materials and energy, and pro- viding the next generation of sustainable automotive and semicon- ductor technologies. Capricorn Health-tech Fund The fund focuses on non-digital technologies that help prevent, diagnose and treat diseases, while the Capricorn Digital Growth Fund focuses on digital health technologies. The human healthcare technology sector covers a wide range of products and services in sub-sectors such as bio-pharmaceuticals and pharmaceuticals, vaccines, medical devices, medical imaging, diagnostics, research equipment and nutraceuticals. Capricorn ICT Arkiv Capricorn’s ﬁrst fund focused on the opportunities that arise from transforming data into actionable insights using AI and data science technologies, both within digital healthcare and Business 4.0. Capricorn Sustainable Chemistry Fund The fund capitalises on the ever-increasing opportunities result- ing from the urgent need for new technologies to reuse, recycle or reduce the consumption of natural resources. These technolo- gies signiﬁcantly reduce the carbon footprint and reduce resource requirements for processes and products. They are critical in the transition to a sustainable and ultimately circular economy. This in- cludes food and feed ingredients, materials and chemical products manufactured from renewable resources and/or through sustaina- ble processes. The Fund focuses on investment opportunities in Eu- rope and North America but will also consider investments in other regions. Capricorn Digital Growth Fund On 28 February 2022, the Capricorn Digital Growth Fund success- fully closed with €84.5 million. Quest for Growth increased its com- mitment to €20,000,000. By 31 December 2022, €6.5 million (33%) of this amount had already been called. The fund focuses on investments in data-driven companies, concen- trating on the growing number of investment opportunities, based on the trend of turning data into actionable insights on the one hand and the emerging use of artiﬁcial intelligence and data science tech- niques on the other. In this context, the investment team will mainly focus on applications in two areas: Digital Health and Industry 4.0. Geographically, the Capricorn Digital Growth Fund will focus on in- vestment opportunities in Europe. The fund invests across the fund- ing continuum from start-up to scale-up. Capricorn Fusion China Fund After an interim closing, the Capricorn Fusion China Fund was successfully closed at €36.3 million on 28 March 2022. Quest for Growth increased its commitment to €9,075,000. By 31 December 2022, €3.2 million (35%) of this amount had been called. The fund focuses on investing in companies that link the Europe- an and Chinese markets. On the one hand, the fund is looking for innovative European companies which see a clear role for the Chi- nese market in their development (in sourcing, supply, production or commercialization). On the other hand, the fund will also invest in Chinese companies looking to step into the European market. since 2008 since 2010 since 2012 since 2018 since 2019 since 2021 Capricorn Cleantech Fund Capricorn Health-tech Fund Capricorn ICT Arkiv Capricorn Sustainable Chemistry Fund Capricorn Digital Growth Fund Capricorn Fusion China Fund 5. INVESTMENT REPORT iv. VENTURE & GROWTH FUNDS 1. Overview and history

42 | ANNUAL REPORT 2022 5. INVESTMENT REPORT HIGHLIGHTS 2022 Capricorn Cleantech Fund Avantium N.V. announced the successful completion of a €45 million capital increase in April 2022. Successful completion will enable Avantium to advance their plantMEG™ technology towards commercialisation and develop their bioreﬁnery, CO2- based chemicals, and their other environmentally friendly polymer-related technologies. Despite the capital increase, there was a decrease in Avantium’s share price compared with the share price at year-end 2021. The listing of FRX Polymers on the TSX Venture Exchange in May 2022 as FRX Innovations (FRXI) had a positive impact on the net asset value. However, at a later stage, the decline in the share price in the fourth quarter led to a negative impact on the net asset value. FRX Innovations is a global manufacturing company that produces a range of environmentally friendly, ﬁre-retardant products, serving a number of major markets, including electronics, automotive, electric vehicles and medical de- vices. The listing on the TSX Venture Exchange may help the company meet growing demand for their products and accelerate growth into new markets. Capricorn Health-tech Fund Following the sale of Ogeda to Astellas Pharma in 2017, a potential milestone payment is still outstanding. Astellas Pharma has published that it has submitted an application for a new drug for fezolinetant to the US FDA, which has declared the application admissible. This increases the likelihood of the milestone payout resulting in a positive upward adjustment. In addition, iStar Medical and AbbVie announced a strategic transaction to further develop and commercial- ise iSTAR Medical’s MINIject® device, a next-generation minimally invasive surgical (MIGS) device for patients with glaucoma. This had a positive impact on Quest for Growth’s equity value. As a result of the 2021 sale of Diagenode to US-based Hologic, two escrow payments were received in 2022. Capricorn ICT Arkiv OneWelcome, the Dutch identity and access manage- ment platform, is acquiring Leuven-based authorisation player Scaled Access. As a result of this transaction, both Capricorn ICT Arkiv and Quest for Growth, which had stakes in Scaled Access, become shareholders in OneWelcome. With the acquisition of Scaled Access, OneWelcome is extending its range of services by of- fering detailed and policy-based access. Organisations can now manage and control the access of consumers, business partners and external workers to their online services and apps at even more detailed levels. In the third quarter, OneWelcome was sold to Thales, a leading provider of cyber security solutions. This acquisition al- lows OneWelcome to roll out its state-of-the-art identity and access management platform globally. In addition, the Belgian company LindaCare, in portfo- lio since 2015, has ﬁled for bankruptcy. The fund also made some follow-on investments in exist- ing portfolio companies.

ANNUAL REPORT 2022 | 43 5. INVESTMENT REPORT 5. INVESTMENT REPORT Capricorn Digital Growth Fund The fund invested in the French company Zozio during the second quarter and in the third quarter in the following three companies StoryChief, Trensition and Bingli. Trensition developed an AI-driven SaaS platform for stra- tegic intelligence, Trendtracker. It is designed to support or- ganisations in continuously making better-informed strategic decisions. Trendtracker oﬀers companies a 100% custom and data-based, transparent and objective view of trends coming today and tomorrow and in the longer term. This investment round will accelerate Trensition’s international growth and en- able continuous innovation of its AI-powered SaaS platform. It also allows Trensition to expand the team that can take the company to the next level. Bingli is a digital health company that provides a patient-doc- tor anamnesis (medical history information collected by a phy- sician by asking questions) solution based on a combination of AI-driven technology and ﬁxed, predeﬁned questions. This solution provides clinicians with the necessary information be- fore consultation or clinical intervention and has the potential to become a screening tool based on contextual data. Bingli is set to use the funding to further develop clinically relevant solu- tions in order to optimise collection of information and create insight into healthcare, and to expand into new markets, with a focus on Europe and the US. Er volgden nog drie nieuwe investeringen in het vierde kwar- taal: neotiv, Minze en Chainels. neotiv is a digital health company oﬀering a cognitive test solution that can diagnose patients with mild cognitive impair- ment (MCI), which is known as a precursor to other diseases such as Alzheimer or Dementia. Minze is a digital health company oﬀering a solution to diag- nose, monitor & treat patients with lower urinary tract symp- toms (LUTS) inside and outside of the hospital. Chainels oﬀers a tenant experience app that connects those that live and work in mixed-used, residential, retail and oﬃce destinations. Their app also serves as a property management portal and community platform which enhances communica- tion between all stakeholders. The fund also made some follow-on investments in existing portfolio companies. Capricorn Sustainable Chemistry Fund Kerry Group plc announced in February 2022 that it had reached an agreement to acquire 92% of the share capital of c-LEcta for €137 million. The balance remains in the hands of management. The acquisition agreement of c-LEcta had a positive impact on the equity value of Capricorn Sustainable Chemistry Fund. During the second quarter of 2022, the fund invested in deep-tech company Econic Technologies, a pioneer in the use of carbon dioxide (CO2) as a valuable resource. It licenses and sells innovative catalyst and process technology for the production of CO2 containing polymers used in essential everyday products. The use of CO2 sustainably displaces conventional oil-based raw materials and complements bio-based raw materials to create more cost-eﬀective, higher-performing end products. In the third quarter, the fund increased its investment in the company. The fund also made some follow-on investments in existing portfolio companies.

Thinking back to the start of the company, what triggered the creation of the company? When I left my engineering studies to work in industry in Fran- ce and Germany, I met with over thirty industrialists. I came to the realisation that they had a huge technical debt. SaaS oﬃce automation or productivity software has mostly been adopter by service companies, but the oﬀering is very limited for logistical operators in factories. From very early on, the ambition of Zozio was to create a unique smart companion for the operator and the operational manager in the production facility. Zozio has rapidly seen positive traction. What are some of the signiﬁcant proofpoints with clients about your solution and your approach? With our solution, we are able to increase productivity by up to 10%, eliminate several tons of product waste and improve working conditions. When we meet with manufacturers to ex- plain our solution with its return on investment of 3 months and deployment in 2 days, their faces light up. It’s a revelation for these workers who have been neglected until now. What are the next challenges and goals for the next phase of Zozio? Our product is already industrialized and deployed in more than 100 sites and 20 countries worldwide. Commercial ex- pansion is our current objective by multiplying by 7 the size of our commercial team within the coming 12 months in France and also in Germany. You talked to many potential investors. Why did you decide to have Capricorn, The Faktory Fund, and Industrya jointly invest in ZoZio? We had set three criteria in the choice of our future partners: the ability to follow us in the next rounds, the international re- ach, the ﬁne understanding of the manufacturing industry and IoT. Capricorn Partners, Industry & The Faktory has the best ﬁt to meet our requirements. To top it oﬀ, we have had a fruitful collaboration from the start that convinced us they were the right people for Zozio’s success. What are the reasons that drove Capricorn to invest in Zozio? Steven Lambert, Capricorn Partners : Zozio is able to combine its knowledge of production operations with the new genera- tion technologies to help manufacturers manage their factory ﬂows in a smarter way. Big name manufacturing clients are impressed by the ease of deployment and ease of use, with an immediate return. Together, let’s make the industry more eﬃcient, human and sustainable. Bastin Triclot, CEO Zozio 5. INVESTMENT REPORT HIGHLIGHTS 2022 44 | ANNUAL REPORT 2022 Zozio is able to combine its knowledge of production operations with the new generation technologies to help manufacturers manage their factory ﬂows in a smarter way. Steven Lambert, Investment Director Capricorn Partners 5. INVESTMENT REPORT

ANNUAL REPORT 2022 | 45 5. INVESTMENT REPORT Thinking back to the start of the company, what triggered the creation of StoryChief? We started as a digital marketing agency and learned a lot from working closely with internal marketing teams of axima- rent enterprises. We soon realized that the decentralization of the content marketing processes was a big issue in these organizations. Getting content online took ages simply because the opera- tions were not centralized. People were sending Word docu- ments through email, the copy versions were not SEO optimi- zed, and there was no performance data and structure in the content archive. To top it oﬀ, there are plenty of channels out there to publish your content, but they are underused since replicating content in the right format from one channel to the other is very time-consuming. In order to set up such a pro- cess, you had to link multiple complex software applications. This resulted in processes that were diﬃcult to work with. We got the idea to create a very user-friendly platform where you have all your stakeholders and channels connected and centralized in order to collaborate, publish with a click and measure the performance of marketing content. This was the beginning of StoryChief. Storychief has rapidly seen positive traction. What are some of the signiﬁcant proof points with clients about your solution and approach? The fact that our product is very scalable and is being used in 70 diﬀerent countries. This traction is a signiﬁcant proof point that our solution is catching on. In theory, we can market it anywhere from USA, to Singapore and Argentina, which is a great feeling. It is a matter of where we aim our focus and where we want to go next. You talked to many potential investors. Why did you decide to have Capricorn Partners and other investors jointly invest in StoryChief? As a SaaS company from Belgium we ﬁnd it important to work closely with a local VC, who brings international experience and reach. The fact that Capricorn Partners goes deep into the technology solution and brings a lot of aﬃnity and experti- se with AI and Data Science, has been a key driving factor for our decision on our investor of choice. What are the reasons that drove Capricorn to invest in StoryChief? Steven Lambert, Capricorn Partners : StoryChief is solving a real problem in marketing operations, which makes it easy for customers to see and experience the value and return on in- vestment. Additionally, it is a great opportunity to apply AI to leverage market data to guide users in a smart way to further maximize the market impact of their marketing content. In terms of market traction, StoryChief has been able to get their platform proven and adopted by many diﬀerent marke- ting agencies and departments across several countries. StoryChief is ﬁrst mover in the next generation of smart mar- keting platforms which will not only replace point solutions, but also cover the entire content life cycle in a smart way. Something that was just an idea a few years ago is now a globally scaling business and is backed by the ﬁnancial resources and coaching of some of the greatest minds in the industry. Valeri Potchekailov, CEO StoryChief Capricorn Fusion China Fund During the second quarter of 2022, the fund invested in Sin- gapore company Finquest, a co-investment with Quest for Growth. Finquest focuses on big data and AI and seeks to identify globally relevant acquisition and investment opportu- nities for its clients. The company’s database is continuously updated and expanded using data collection software (‘crawl- ers’) and AI, providing a source of targeted, compiled and eas- ily actionable information on non-quoted companies. Finquest gives professional clients and private equity funds access to investment and acquisition opportunities in non-quoted com- panies in Europe, the Asia Paciﬁc region and North America. The fund invested in German company fruitcore robotics in the fourth quarter.

ANNUAL REPORT 2022 | 47 5. INVESTMENT REPORT CAPRICORN SUSTAINABLE CHEMISTRY FUND Recovering carbon black from end-of-life tyres BLACK BEAR Carbon recovers carbon black from end- of-life tyres (ELTs). ELTs are often stored in large dumps that are major breeding grounds for diseases-carrying mos- quitos. Moreover, if these heaps catch ﬁre, they produce enormous of amounts of soot. Black Bear Carbon saves 10 tonnes of CO2 per ton of recovered carbon black. Carbon black is widely used in the manufacture of tyres, rubbers, plastics, paints and many other products. The traditional production process is energy and CO2 intensive (new car- bon black being made from heavy petroleum products). Black Bear Carbon reduces the need for the use of heavy petroleum products, thereby saving resources and energy. Renewable chemicals TRILLIUM is a spin-out from Southern Research that has developed an economical and sustainable process to produce acrylonitrile and propylene glycol from renewable resourc- es. Trillium provides a green drop-in, cost-eﬀective alternative to chemicals that are currently produced from fossil fuel-derived iso-propylene. Trillium’s bio-based chemicals have demon- strated equal performance after conversion into the desired materials. Furthermore, Trillium’s technology can be used in local, small-scale production units, so the long-range hazardous transport of acrylonitrile can be avoided. As a result, a public health risk is removed and GHG emissions can be meaningfully reduced. Sector Functional Chemicals Country Netherlands Porfolio entry 2018 SDG 3 9 12 Sector Industrial Processes Technologies Country Verenigde Staten Porfolio entry 2021 SDG 9 12 SEE EXPLANATION SDG’S ON PAGE 59

48 | ANNUAL REPORT 2022 Controlling viral diseases in livestock VIROVET develops disruptive and innovative tech- nologies for the control of viral diseases in livestock, such as the company’s innovative vaccine platform. It also has several antiviral drugs in the pipeline. The company’s plasmid-launched vaccination approach enables the next generation of thermostable, low- dose and broadly applicable vaccine formulations. This, together with its dedicated small molecule ap- proach, means the company is earmarked to be a disruptor in the animal health sector. Its products will help protect sensitive food supply chains and guar- antee the protein supply that is still essential for both developing and industrialised societies. Reducing raw materials use in polymer ﬁlms VOID has developed a technology to reduce the use of raw materials in polymer ﬁlms (used for bags, foils, etc.) while oﬀering improvements in their properties, such as enabling further stretching. The eﬀect is a 25% low- er polymer use. The technology also eliminates the use of titanium dioxide, making the ﬁlm 100% recyclable. VOID allows for signiﬁcant carbon footprint reductions through more eﬃcient re- source use and its increased recyclabil- ity of multilayer polymer ﬁlm packaging material. Sector Food & feed Country Belgium Porfolio entry 2020 SDG 2 12 15 Sector Functional Chemicals Country United Kingdom Porfolio entry 2020 SDG 9 12 13 CAPRICORN SUSTAINABLE CHEMISTRY FUND 5. INVESTMENT REPORT CO-INVESTMENTS SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 49 Revolutionizing zeolite catalyst performance ZEOPORE, a spin-out from the University of Leu- ven, has developed a toolbox which is able to tune the amount, size and interconnectivity of mesopores in zeolites (catalysts for conversion processes), ensuring optimal settings for speciﬁc zeolite, feedstock and ap- plication combinations. Zeopore’s technology results in highly accessible mesoporous zeolites, with a direct in- crease in stability and selectivity in zeolite applications, such as plastics recycling and the production and con- version of bio-renewables. As resources Sector Functional Chemicals Country Belgium Porfolio entry 2020 SDG 9 12 Carbon-to-value catalyst platform technology ECONIC Technologies is a pioneer in the utilisation of carbon dioxide (CO2) as a valuable raw material. Econic’s technology inserts waste CO2 molecules into polymers used in essential everyday products. The use of CO2 sustainably displaces conventional oil-based feedstocks and complements bio-based raw materials, to create more sustainable, more cost eﬀective, higher performing, end products. Econic was founded in 2011 by Prof. Charlotte Williams, at Imperial College London. The company is ready to meet consumer and societal drive to net zero and ﬁt with the existing supply chain. The recipient of many nominations and awards, the company was most recently named as winner in the Sustainability sector of ‘Future22’ by Tech Tour, Europe’s largest investor-oriented community. Sector Advanced Chemicals and Raw Materials Country United Kingdom Porfolio entry 2022 SDG 9 12 13 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59

52 | ANNUAL REPORT 2022 CAPRICORN DIGITAL GROWTH FUND Data-driven eﬃciency for the operating room DEO’S mission is to resolve a key challenge of our health- care ecosystem: meet an increasing patient demand with timely and high-quality care, overcoming shortages in med- ical staﬀ and the immense pressure on hospital reimburse- ment. To do so, DEO has developed an innovative OR Eﬃ- ciency Platform. DEO’s product will have a big impact on more eﬃcient OR management resulting in a better patient outcome and im- proved ergonomics and job satisfaction for the clinicians. Sector Digital Healthcare Country Belgium Porfolio entry 2021 SDG 3 Managing district heating networks District heating networks provide heating for residential properties, using heat from renewable energy sources or recovered from industrial processes. GRADYENT of- fers a proven digital twin and AI-based solution for opti- mising the management of such networks. Our investment concept is based on the rapid growth of district heating networks in many countries, and the need to manage their growing complexity (both in terms of heat sources and the needs of consumers) in a smart and sustainable way. Sector Industry 4.0 Country Netherlands Porfolio entry 2020 SDG 7 11 5. INVESTMENT REPORT Bringing tenants together CHAINELS oﬀers a tenant experience app that con- nects those that live and work in mixed-used, residential, retail and oﬃce destinations. Their app also serves as a property management portal and community platform which enhances communication between all stakehold- ers including landlords, tenants, occupiers, investors, owners, developers, operators, local authorities, and public oﬃcials. Sector Industry 4.0 Country Netherlands Porfolio entry 2023 SDG 8 11 SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 53 Reinvention of factory logistics ZOZIO, created in 2019, has made its name in the industry with the only AI-pow- ered platform for predictive logistics and aims to become the logistics platform of reference in the industry of tomorrow. Zozio is working with big companies, enabling them to optimise factory ﬂows by freeing the operator from long and repetitive tasks. Thus, the manager is as- sisted in his decision making, the factory is more eﬃcient and ﬁnally the company gains in productivity. Sector Industry 4.0 Country France Porfolio entry 2022 SDG 8 9 12 Streamlining content marketing processes STORYCHIEF is a content market- ing platform from Ghent, Belgium. A us- er-friendly environment that helps agen- cies and marketing teams manage their content life cycle in one place from brief- ing, multi-channel optimization, planning, review, publishing and analytics. Sector Business 4.0 Country Belgium Porfolio entry 2022 SDG / AI-driven strategic intelligence TRENSITION developed an AI-driv- en strategic intelligence SaaS platform, Trendtracker, that supports organisations in taking more informed strategic deci- sions, continuously. Trendtracker pro- vides companies with a 100% custom and data-based, transparent, and objective view of trends that are coming today, to- morrow and the day after. Sector Big Data and AI platform Country Belgium Porfolio entry 2022 SDG 8 9 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59

54 | ANNUAL REPORT 2022 The smartest medical interview BINGLI is a digital health company oﬀering a patient-doctor anamnesis (medical history information gather by a physician by asking questions) solution based on a combination of AI-driven technology and ﬁxed predeﬁned questions. This solution provides the clini- cians with the necessary information before consultation or clinical intervention and has the potential of becoming a screening tool based on contextual data. Sector Digital Healthcare Country Belgium Porfolio entry 2022 SDG 3 Enabling cognitive health NEOTIV is a digital health company oﬀering a cognitive test solution that can diagnose patients with mild cognitive impair- ment (MCI), which is known as a precursor to other diseases such as Alzheimer or Dementia. The solution is based on spe- ciﬁc scene and object recognition tests. This provides clinicians the opportunity to diagnose MCI and neotiv’s solution can be- come the screening tool for cognitive tests in the next years. Sector Digital Health Country Germany Porfolio entry 2022 SDG 3 12 Uroﬂowmetry and bladder diaries reinvented MINZE is a digital health company oﬀering a solution to diagnose, monitor & treat pa- tients with lower urinary tract symptoms (LUTS) inside and outside of the hospital. Minze oﬀers diﬀerent hardware solutions (Hospiﬂow, Homeﬂow, Diary Pod), a digital app for the patient and a remote patient monitoring platform for the clinician. Their solutions provide patients an easy way to monitor their LUTS symptoms by tracking their urination (volume, pressure) which is essential information for clinicians to perform a better diagnosis. Sector Digital Healthcare Country Belgium Porfolio entry 2022 SDG 8 9 12 health at home 5. INVESTMENT REPORT CO-INVESTMENTS SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 55 CAPRICORN HEALTH-TECH FUND 5. INVESTMENT REPORT Stabilize, target, discover and transform CONFO THERAPEUTICS is a leader in the discovery of GPCR (G protein-coupled receptors) modulating therapies. The company has been build- ing a technology platform and develops internal discovery programs addressing otherwise unmet medical needs of patients with severe illnesses that currently lack disease-modifying treatments. Our in- vestment in Confo Therapeutics is a prime example of the fund’s mission to provide capital to enablers of drug discoveries across a multitude of diseases. Implants for patients with glaucoma ISTAR MEDICAL aims to improve the lives of pa- tients suﬀering from eye diseases by developing inno- vative minimally invasive ophthalmic implants made from STAR® Biomaterial. It is estimated that globally about 80 million, mainly elderly people, suﬀer from glaucoma. Glaucoma is the second-leading cause of blindness and often a result of lack of therapy compli- ance. Funding innovations that reduce the therapy bur- den on patients lies at the heart of the fund’s strategy. Rehabilitative treatment for severe low back pain MAINSTAY MEDICAL has developed a groundbreaking treatment for chronic lower back pain through stimulating and restoring the neuromuscular function of the muscles that stabilize the lumbar spine. Chronic low back pain causes immense suﬀering for patients and can lead to full disability. Developing and marketing devices to avoid chronic pain and immobility it is a prime example of the fund’s investment strategy. Sector Technology Platform Country Belgium Porfolio entry 2015 SDG 3 Sector Medical Devices Country Belgium Porfolio entry 2013 SDG 3 Sector Medical Devices Country United States / Ireland Porfolio entry 2015 SDG 3 SEE EXPLANATION SDG’S ON PAGE 59

56 | ANNUAL REPORT 2022 CAPRICORN FUSION CHINA FUND 5. INVESTMENT REPORT Meet the next generation of sensing SPECTRICITY is a fabless company headquar- tered in Belgium. They develop and manufacture spectral sensing solutions using CMOS technologies. These solutions are designed for high volume produc- tion and use in consumer and mobile devices. China has been one of the leading cell phone manufacturing countries in the world and may continue to develop steadily in the near future. In addition, China’s domes- tic mobile phone market has become one of the larg- est cell phone markets in the world. 3D sensor vision solutions for safer roads XENOMATIX mission is to provide road safety and road comfort with its solidly reliable, versatile and aﬀordable true-solid-state LiDAR technology. Consumer attitudes in China, where autonomous ve- hicles and new mobility options are more positively received, will have a big impact on the global auto- motive industry, certainly taking into account the size of China’s domestic market. Collapsible alumunium tubes XI’AN THIEBAUT is a Sino-Belgian joint venture specialising in the production of collapsible aluminium tubes for packaging pharmaceuticals, cosmetics, food and ﬁne chemicals. Xi’an Thiebaut’s aim is to continuously improve the quality of pharmaceu- tical packaging for better human health. The investment illustrates the mission of the Capricorn Fusion China Fund to invest in western technology with a clear value for the Chinese middle class and its growing health awareness. Sector Hyperspectral imaging Country Belgium Porfolio entry 2021 SDG 3 9 Sector Solid-state LIDAR Country Belgium Porfolio entry 2021 SDG 3 9 Sector Manufacturing Country China Porfolio entry 2020 SDG 3 12 14 CO-INVESTMENTS SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2022 | 57 Other funds 5. INVESTMENT REPORT CETP (Carlyle Europe Technology Partners) is managed by sub- sidiaries of the Carlyle Group, which is one of the largest and most experienced global private equity companies. CETP concentrates on investing in European companies, particularly in the technolo- gy, media and telecommunications sectors. The fund also focuses on buyouts in which potential portfolio companies can bear debt capitalisation, and on investing equity capital in companies with existing income ﬂows, whether or not these are proﬁtable (“later stage venture”). Quest for Growth has co-invested in a large num- ber of CETP’s portfolio businesses via Carlyle Europe Technology Partners Co-investment, LP. EQT LIFE SCIENCES is one of the largest specialist European investors in the healthcare and biotechnology sector. Since the end of the 1980s, EQT’s management has invested in a large number of very innovative companies, many of which have grown into leading ﬁrms in the global life sciences sector. EQT has oﬃces in Amsterdam (the Netherlands), Munich (Germany) and Boston (USA). Sector Industry 4.0 Country Belgium Porfolio entry 2017 Sector Digital Health Country Belgium Porfolio entry 2015 SEE EXPLANATION SDG’S ON PAGE 59

58 | ANNUAL REPORT 2022 6. ESG REPORT 6. ESG REPORT Responsible ﬁnancing means that Environmental, Social and Governance (ESG) criteria are taken into account in investment decisions, which lead to sustainable growth and the transition to a climate-neutral economy. With Quest for Growth, we have been working for years to promote a positive impact, on people, the environment and society among our portfolio companies. By taking account of ESG criteria, we meet the expectations of our shareholders. We know that this responsible method of in- vesting is the only right way, although it calls for discipline and expertise. If we wish to address the climate crisis, we must focus on green innovative technologies. As Capricorn Partners, we have already been working for years to stim- ulate low-carbon technologies. For example, the Capricorn Cleantech Fund was already formed in 2008, with Quest for Growth as a strategic investor. But it is not only important to invest in these technologies. They must also be aﬀordable and accessible enough to be able to apply them on a large scale. This is precisely why Quest for Growth invests in both cleantech start-ups with ground-breaking ideas and in quoted companies with the commercial strength to use that technology. This approach gives our shareholders a unique opportunity to invest in a diversiﬁed portfolio. We therefore deploy our capital for responsible progress. Via our active shareholding model, we enter into a dialogue with our investments and increase their economic value by steering the activities in a more sustainable direction. We divide our capital among three investment domains: Clean- tech, Health Tech and Digital. In addition to promoting the environmental and social char- acteristics to companies, we primarily stimulate good gov- ernance of the organisations. Capricorn Partners developed an integrated and proactive ESG investment strategy. From the selection of the portfo- lio companies and venture funds to the monitoring of the companies in our portfolio, we increasingly consider our decisions in the light of their impact on people and the en- vironment. Our strategy also continues to build on internationally rec- ognised principles that we have signed in relation to in- vestment. We also comply fully with European legislation in the ﬁeld of sustainable ﬁnancing and reporting. You can view the ESG policy at any time on the ESG page of the Capricorn Partners website (www.capricorn.be). General strategy The ten principles of the UN Global Compact Quest for Growth accepts no form of abuse relating to human rights, labour, the environment or anti-corruption in the investment portfolio. Capricorn Partners has signed the 10 principles of the Unit- ed Nations Global Compact. These principles are based on international UN declarations relating to human rights, labour, the environment and anti-corruption. The principles concerning human rights call on companies to support and respect the protection of internationally recognised human rights and requires them to ensure that they do not cooperate in violations of human rights. With regard to labour, Quest for Growth requires the port- folio companies to show support for the freedom of as- sociation and eﬀective recognition of the right to collec- tive negotiation. The principles also require companies to eliminate all forms of forced labour or mandatory labour, to eﬀectively discontinue child labour and to combat every form of discrimination in the ﬁelds of labour and occupa- tions. Respect for the environment is a key element of this Unit- ed Nations pact. Companies must take precautions in ad- dressing environmental challenges and must take initia- tives to promote greater environmental awareness. They must also stimulate the development and circulation of environmentally friendly technologies. The theme-based approach of the fund provides good evidence that we fo- cus on the planet in the management of our investment portfolio. The last principle is that of anti-corruption. No doubt at all may exist in that respect. The companies in our portfolio must counter every form of corruption, including blackmail and bribery, and if necessary, must be sanctioned appro- priately. Quest for Growth did not establish a single violation of the UN Global Compact principles in 2022. HUMAN RIGHTS LABOUR ENVIRONMENT ANTI-CORRUPTION THE TEN PRINCIPLES OF THE UN GLOBAL COMPACT

The UN Principles of Responsible Investment (PRI) Capricorn Partners has also endorsed the UN’s 6 Princi- ples of Responsible Investment. This commitment means that we integrate ESG char- acteristics and risk factors in our investment analyses, our due diligence inquiries and our decision-making process, and that we play an active role in the manage- ment boards of the private portfolio companies and ex- ercise our voting rights. In both cases, we take decisions that are consistent with our ESG policy. In the past year, Quest for Growth has taken every opportunity to exer- cise voting rights. We report annually to our investors on our ESG engage- ment. Where relevant, taking account of the size and activities of the portfolio companies, we report on the qualitative and quantitative progress of the ESG factors in our portfolio companies. We also promote the accept- ance and implementation of the PRI within the invest- ment sector and participate in conferences, networks and information platforms in order to share information. The fact that Capricorn Partners has been a member of UN PRI network for some years reﬂects how strongly we believe in the power of this network and the initiatives associated with it. Finally, we report on our activities and progress relating to the implementation of these principles. The latest audit of the PRI shows that we are on the right track, which encourages Quest for Growth to continually raise the bar a little higher. We have a high score for the in- vestment policy for both listed and private shares, while the score for the stewardship policy and the use of vot- ing rights in listed companies lies above the median. We want to raise the bar higher in that regard. We take the points for attention raised by the audit seriously and take the appropriate measures. For example, in 2022 we or- ganised more ESG training courses for our team and publicly supported the Paris Climate Agreement in our ESG policy, which is published on our website. The UN Sustainable Development Goals (SDGs) Our ESG strategy is based on the UN Sustainable Devel- opment Goals (SDGs). The 17 development goals, drawn up in 2015, aim to eliminate poverty, protect the plan- et and bring peace and welfare for everyone towards 2030. Every company and every fund that we invest in has a positive impact on one or more SDGs. Quest for Growth contributes most to the following goals Building resilient infrastructure, promot- ing inclusive and sustainable industriali- sation and fostering innovation Ensure sustainable consumption and production Ensuring access to aﬀordable, reliable, sustainable and modern energy for all Ensuring healthy living and promoting well-being for all at all ages ANNUAL REPORT 2022 | 59

60 | ANNUAL REPORT 2022 In 2019, the European Union’s Green Deal expressed the ambition to become the world’s ﬁrst climate-neutral continent by 2050. To achieve this ambition, ﬁnancial resources must ﬂow to sustaina- ble activities and companies to the maximum extent possible. Transparency is the key word here. In implementation of the Sustainable Finance Action Plan, Europe has therefore enacted new legislation containing guidelines on corporate sustainability and mandatory reporting, both for ﬁnan- cial market players and non-ﬁnancial companies: the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD). As the underlying initia- tive, the EU Sustainable Finance Taxonomy provides the common language, unambiguously deﬁning what constitutes a sustainable activity. SFDR legislation as mandatory transparency for the ﬁnancial sector Investment funds will be required since 2021 to communicate trans- parently how they integrate sustainability risks and opportunities into their investment choices and recommendations. The legislation introduces a classiﬁcation system with reporting requirements for investment products. For example, the SFDR distinguishes between: • ﬁnancial products that ﬁnance unsustainable activities; • ﬁnancial products that promote environmental and/or social characteristics (Article 8 funds) • and sustainable investments (article 9 funds). Quest for Growth is an Article 8 fund: it promotes ecological and/or social characteristics but does not have sustainable investment as an objective. It is also referred to as a ‘light green fund’. Most other Capricorn Partners funds belong to the same category. In concrete terms, Quest for Growth is an Article 8 fund because we integrate ESG into our investment strategy, from selection to monitoring, and because we aim for ac- tive ownership in the companies in which we invest, so that we can have an impact on the ESG decision-making. But we are also critical regarding every potential negative im- pact on the environment, people and society, and we also exclude companies based on undesirable conduct and based on products with a negative impact. We regard all this as promoting ESG characteristics in the portfolio com- panies. More information on the environmental and social characteristics of Quest for Growth is available in the ap- pendix of this annual report. Reporting obligation for all quoted companies According to the Belgian Law, quoted companies must publish annual sustainability reports. The EU taxonomy: the reference framework concerning the environment What sustainable economic activities involve must be clear to all actors. For that reason, the EU created the Sustainable Finance Taxonomy: a classiﬁcation system with objective criteria that de- termines which economic activities make a substantial contribution towards the EU’s environmental and climate objectives. In concrete terms, an activity is sustainable if it makes a substantial contribution to at least one goal, ‘does no signiﬁcant harm’ (DNSH) to other goals, is in line with minimum social assurances (conventions, principles, etc.) and complies with the technical screening criteria. It is the screening criteria that specify what a ‘substantial contribution’ involves for a given activity. So far, these have been deﬁned only for the ‘limit climate change’ and ‘adaptation to climate change’ goals. Financial institutions and companies must state whether their invest- ments are ‘eligible’, which means that the activities are included in the activities on the list of the EU taxonomy. If that is the case, they must state whether their activities are ‘aligned’: i.e., whether they comply with the DNSH principle, the social assurances and speciﬁc technical criteria for that activity. Quest for Growth invests in three sectors: cleantech, digi- tal and health. Two of those three sectors – cleantech and digital – are eligible, while health does not qualify. Clean- tech activities as such are not explicitly included in the EU taxonomy list, while speciﬁc criteria do exist for companies that produce certain low-carbon technologies. For the dig- ital sector, speciﬁc criteria exist for companies that oﬀer data-driven solutions that reduce emissions of greenhouse gases. For our investments in venture and growth capital, we have es- tablished that the portfolio companies are 0% aligned. For the quoted companies in our portfolio, we have established that a large majority are currently 0% aligned. There are two reasons for this. At present, various technical criteria have been set for ‘climate mitigation’ and ‘climate adaptation’, while the companies in which we invest can also make a diﬀerence in the transition to a circular economy and/or in the other environmental goals. We have also established that both the available and the requested information was insuﬃcient this year to show a greater alignment. The legislation 6. ESG REPORT

ANNUAL REPORT 2022 | 61 Investments in three sectors Quest for Growth invests in companies and funds in the cleantech, digitisation and health care sectors. We have designated several ESG themes within these sectors as ‘material’. These are themes that reﬂect the impact of those companies on people and the envi- ronment and to which we therefore assign priority. Within Cleantech, we focus on companies that supply products or services for a cleaner or more eﬃcient use of the earth’s natural re- sources, such as energy, water, air and raw materials. The compa- nies may be active in domains such as renewable energy, energy eﬃciency, water treatment, waste and environmental management and new materials. ESG approach for Quest for Growth 6. ESG REPORT Investing where technology impacts most We acknowledge that the energy transition has begun, but that this solves only half of the problem. Solar and wind power now make up the bulk of new energy capacity being installed, while for us, industry is at the core of greenhouse gas reduction.We also note that our current economy is barely circular and we believe very strongly that this transition is needed to combat climate change. According to OECD research more than half of our total emissions of greenhouse gases are linked to our use of raw materials and materials. Capricorn Cleantech team CLEANTECH DIGITAL HEALTH We acknowledge that the energy transition has begun, but that this solves only half of the problem. Solar and wind power now make up the bulk of new energy capacity being installed, while for us, industry is at the core of greenhouse gas reduction. We also note that our current economy is barely circular and we be- lieve very strongly that this transition is needed to combat climate change. According to OECD research more than half of our total emissions of greenhouse gases are linked to our use of raw mate- rials and materials. With cleantech start-ups, we look at the potential CO₂ reductions that their innovations can bring about. Here we support companies including those that have launched new technologies using elec- tricity instead of natural gas for the synthesis of chemicals. Certain start-ups are also working to reﬁne the use of CO₂ as a chemical

62 | ANNUAL REPORT 2022 building block. The CO₂ emissions are then collected and reused, so that they do not enter the atmosphere. Where this is meaningful, we report on reduced CO₂ emissions for these portfolio companies. During the pre-commercial phase of com- panies in our portfolio, the aim of reducing CO₂ emissions is primarily a qualitative goal, whereby the technologies under development aim at the highest possible realistically feasible CO₂ reductions. The actual quantitative impact only becomes signiﬁcant if volumes (of the prod- uct) are sold and reduction of CO₂ emissions therefore goes hand in hand with growing revenues. In the latter case, we will ask the portfo- lio company to compare the CO₂ impact of its alternative technology with the product or process that existed before it created the new replacement product or process. In that way, we can determine the net impact achieved or potentially achieved. In the Digital sector, we invest in B2B software companies in do- mains such as data management, connectivity and automation. In this sector, the ESG considerations for the non-quoted companies primarily concern the application of artiﬁcial intelligence (AI). The other ESG themes within these companies include data secu- rity and privacy, stimulation of the transition to green datacentres, the digitisation of industrial processes that contribute to reduction of the CO2 footprint and ﬁnally, assuring product quality and good personnel policy. For the Health sector, the emphasis lies on seeking health care technologies that oﬀer solutions for health problems, including the prevention, diagnosis and treatment of illnesses or solutions that contribute to better or more eﬃcient health care. For the quoted companies, we report the CO₂ footprint in the ESG chapter and stimulate every form of climate-neutral approach to the production. ESG integration: from investment to monitoring In selecting portfolio companies and funds, Capricorn Partners seeks investments with a positive impact on people and the environment, which also contribute to the Sustainable Development Goals (SDGs). In the ﬁrst instance, we exclude investments in companies that do not comply with the ten principles of the UN Global Compact or those that present unacceptable ESG risks in terms of environmen- tal, social and governance factors. We distinguish the following types of exclusion: • exclusions based on undesirable behaviour; • exclusions based on products with a negative impact; Undesirable behaviour We expect all our portfolio companies to comply with the United National Global Compact and other international standards and principles. For that reason, we exclude companies that show undesirable behaviour in the ﬁelds of human rights, employ- ment rights, environmental challenges, responsibilities and anti-corruption. Products with a negative impact We exclude companies that are involved in harmful activities such as: • controversial weapons (weapons such as cluster munitions, anti-personnel mines, sub-munitions, inert ordnance and ar- mour containing depleted uranium or other industrial uranium and weapons of mass destruction, such as biological, chemical or nuclear weapons). • production of weapons (weapons are deﬁned as products that are designed to wound or kill. In addition to military weapons, the deﬁnition of weapons covers civilian ﬁrearms, including the production and wholesaling or retailing of guns, pistols and ammunition). • the production of coal or power from coal (companies active in exploration, mining, transportation, distribution or reﬁning of coal and electricity companies active in the generation of po- wer from coal). The division of the investments is as follows: nearly 34% of the portfolio is in the Cleantech sector, half of which is invested in quoted equities. 41% is invested in the digital sector, 23% in Health and 2% in another category. 34% Cleantech 41% Digital 23% Health 2% Other 6. ESG REPORT

ANNUAL REPORT 2022 | 63 • production of nuclear energy. • non-conventional oil and gas production This includes pro- duction of oil shale, synthetic crude oil and derived products based on tar sands, shale gas and the production of oil and gas from the North Pole region. • the production of and trading in tobacco (including products containing tobacco, e-cigarettes and wholesaling or retailing of these products). We make a distinction between direct and indirect involvement. Direct involvement is deﬁned as production and wholesale, while indirect involvement concerns products and services relating to the prohibited activities, such as the supply of parts, speciﬁc services or distribution of the products. For the quoted companies with direct involvement in the develop- ment of excluded products, we accept a tolerance threshold of 5% of the income, except for controversial weapons, for which zero tolerance applies. In the case of indirect involvement, we tolerate a maximum of 25% of the company’s revenue from activ- ities of this kind. Quest for Growth has no portfolio company that exceeds this threshold. ESG integration in the quoted portfolio Environmental and social aspects are taken into account when se- lecting shares of listed companies. Moreover, the exclusion factors mentioned above are checked before each investment and on a regular basis after the investment. It also analyses whether the companies meet minimum corporate governance requirements, in particular in terms of: • Good management structures • Relations with employees • Remuneration • Compliance with tax laws Speciﬁc criteria used to assess this (without each criterion individ- ually leading to exclusion) include: • Presence of independent directors • Global Compact compliance • Auditor’s report • Board participation rate • Combined CEO/chairman or duality CEO • One share one vote principle • Poison pill structures • Pay ratios • Golden parachute • Long-term orientation inﬂuenced by controlling shareholder/ family ESG integration for investments in venture & growth capital and in venture & growth funds In order to be able to decide whether to invest in a particular start- up, we make a thorough analysis of the company. Precisely what we ask of them depends on the location, the size and the current stage of the company. We put the questions based on the ESG Due Diligence Questionnaire of Invest Europe. In this way, we enter into a dialogue with the management of the company and assess their intentions to implement a robust ESG policy. Based on the analysis, we identify the risks and opportunities of the investment. If the risks are unacceptable, we decide not to invest. Nevertheless, there are exceptions. Sometimes, for example, the company does not comply with all the ESG criteria. We then draw up an improvement process which the management must approve. The risks can be very diverse For instance, we invest in digital growth companies that specialise in artiﬁcial intelligence. The abuse of this technology is a material topic. This concerns breaches of privacy, misleading clients, unethical applications or the entry of prejudices as a result of incomplete datasets. We therefore refer to a speciﬁc ESG risk. We also support the ethical standards relating to AI which the EU drew up in 2019. Europe is now working on an Artiﬁcial Intelligence Act, which will deﬁne the risks in more detail. Staﬀ turnover and ﬁnding suitable IT proﬁles are other important risks in the sector. We also attach suﬃcient importance to this by raising the subject at board meetings. As already mentioned in the paragraph regarding the EU taxon- omy, we do not yet calculate the CO2 intensity of this part of the portfolio, because the start-ups and growth companies cause few CO2 emissions. When the companies upscale, we ask them to compare the CO2 emissions of their production process with other customary production processes, in order to be able to evaluate the amount of the reduction in these emissions. We avoid investments in quoted companies with signiﬁcant activities in conventional oil extraction and power generation based on fossil fuels. We make no distinction between oil and gas here.. Capricorn Cleantech team 6. ESG REPORT

64 | ANNUAL REPORT 2022 The ESG risks and opportunities of our investments are monitored and published in the annual reports of the var- ious venture and growth funds in which Quest for Growth invests. In those annual sustainability reports, each invest- ment is subjected to an ESG exercise and action points are listed for next year. The main negative eﬀects of each investment are also explained. Active ownership In quoted portfolio companies, we have the opportunity of dis- cussing and promoting the ESG topics via personal contacts with the management. We exercise our voting right as shareholder and try, to the extent that there are shareholder decisions around ESG, to reﬂect our strategy in this. By exercising our voting right, we try to encourage those companies to reduce their exposure to these activities. If the expectations are not met or if our voting rights result in little change, we consider disinvesting in the company, or exclusion of the company. When we invest in a private company, we in principle want to sit on the board of directors. This allows us to coach and actively guide the companies in launching their products or services on the mar- ket and developing a proﬁtable business model. As the company evolves, we also coach them on corporate social responsibility. We ask them to draw up their own ESG policies, taking into account key risks and impacts. Some young companies do not yet have a proper governance structure, such as a board of directors consisting of (one) inde- pendent advisor(s) with relevant experience in the sector and rep- resentatives of the main investors. In such cases, we request that a board of directors be established, in which Capricorn Partners has at least one board seat (or, by way of an exception, an observer’s seat) at the time the initial investment closes. At meetings of shareholders and general meetings, we use our voting rights partly to ensure that the investment goals of the fund are taken into account. 6. ESG REPORT 6. ESG REPORT

ANNUAL REPORT 2022 | 65 1. In quoted companies ESG criteria Most companies in the quoted portfolio score well on ESG. Elements we look at include aligned interests of management through par- ticipation in the shareholder structure, quality of management, transparency, remuneration policy, diversity and staﬀ development. The performance of the quoted portfolio companies on the criteria below is in line with the median score of the STOXX Europe Small 200 and STOXX Europe 600 indices. QfG portfolio companies STOXX Europe 600 Index STOXX Europe Small 200 Environmental CO 2 Intensiteit (Scope 1 + 2) 11.48 14.18 7.30 Social Diversity - % Women Board of Directors 33.0% 37.5% 36.4% Wage ratio 32.3 43.1 29.25 Governance % Independent Directors 69.2% 66.7% 66.7% Role CEO and chairman BoD seperated 83.0% 91.5% 93.5% Exclusion based on activities No portfolio company is directly exposed to the excluded activities, if we take into account the tolerance thresholds we have built in. A number of companies are indirectly involved in sectors and activ- ities with ESG risks. But the companies’ activities compansate the indirect exposure to those risks. For example, Mayr-Melnhof is indirectly exposed to ESG risks as a supplier to the tobacco industry. We estimate that the positive im- pact of its main recycling activities far outweighs the impact of that indirect exposure. Furthermore, the share of the revenue involved in the tobacco industry is diminishing. Mayr-Melnhof acquired various companies at the end of 2020, representing more than € 1 billion of extra revenue from activities with a positive impact. Exercise of voting rights In 2021, Quest for Growth was represented by Capricorn Partners to vote at 23 shareholder meetings of quoted companies. The main meetings that we attended as shareholders related to the bid for the acquisition of the Accell Group. On 24 January 2022, the Accell Group and a consortium led by the American investment company KKR reached agreement on a cash bid. On 20 May 2022, Accell organised an Extraordinary General Meeting for voting on the modalities relating to the takeover bid. Quest for Growth voted against at that meeting, because we took the view that the legal structure increased the pressure to accept the public bid for Accell. Despite public opposition from a large group of mi- nority shareholders and the vote against by Quest for Growth, the proposal was accepted. Earlier, at the Annual General Meeting of Accell op 20 April, we voted against four proposals, including the discharge of the Management Board and the Supervisory Board for their activities on behalf of the company, as well as against two proposals to reappoint the members of the Supervisory Board. In our view, they had not made suﬃcient eﬀorts in relation to the public bid for the Accell Group. As is the case every year, in exercising our voting rights we de- voted extra attention to the composition of the board of directors, primarily with respect to diversity. In one portfolio company, we voted against a proposed new directorr because that proposal did not contribute to the diversity. 2. In venture & growth capital and in venture & growth funds Theme-based approach All Capricorn Partners funds are Article 8 funds according to the SFDR, apart from Capricorn Fusion China Fund (Article 6). This means that we promote ESG characteristics at the portfolio compa- nies via these funds and co-investments and that we follow-up and measure these ESG criteria as fully as possible. The theme-based choices of the funds determine the selection of the material ESG topics, from CO₂ consumption at Cleantech companies to monitor- ing the application of artiﬁcial intelligence in Digital companies and ensuring product quality in Healthcare companies. Monitoring results The ESG risks and opportunities of our investments are monitored and published in the annual reports of the various funds. In those annual sustainability reports, each investment is subjected to an ESG exercise and action points for next year are listed. The action points focus on increasing diversity in the teams, reducing staﬀ turnover, professionalising human resources man- agement, prioritising corporate governance and related initiatives, maximising compliance and, ﬁnally, reducing CO₂ consumption. The main adverse eﬀects of each investment are also explained in detail. This is done rather according to own interpretation and deﬁnition because of the unavailability of relevant data for the PAI standard criteria. The ESG actions for non-quoted companies have primarily been monitored qualitatively to date, because in most cases, we do not have suﬃcient data, such as the CO2 reduction. The progression in the development of the business technology (the Technical Readiness Level or TRL), coupled with the progress in potentially realising a signiﬁcant positive impact on one of the ESG criteria remains a determining factor in the continuing assessment of the portfolio companies. Data may be available for non-signiﬁcant ESG criteria, but it is less relevant to follow-up these data. As already mentioned, this often involves very young companies that are still in the start-up phase. Furthermore, we cast our votes at 28 shareholder meetings of non-quoted companies. ESG performance 6. ESG REPORT 6. ESG REPORT

66 | ANNUAL REPORT 2022 66 | ANNUAL REPORT 2022 CLEANTECH QUOTED This Swiss company produces advanced composite systems which it sells primarily to producers of wind turbines. It also re- cycles polyethylene terephthalate (PET) bottles as PET foam, which is used as a raw material for turbine blades. In 2021, the company invested in an expansion of its recycling installation for PET. Gurit has also developed its own sustainability policy. In 2021, the company achieved climate neutrality for its own direct emissions, such as emissions from production (scope 1), for its indirect emissions, such as electricity consumption (scope 2), and partly for the indirect emissions arising from suppliers and/or end-users (scope 3). It did so by reducing its emissions in scope 1 and oﬀsetting the rest. The company also uses 100 per cent renewable energy. Furthermore, the company uses only renewable energy. Gurit was awarded bronze Ecovadis certiﬁcation in 2022. Ecovadis evaluates how a company integrates the principles of corporate sustainability in its business operations. Gurit took signiﬁcant steps in the right direction with respect to its administrative policy. The company has simpliﬁed its share structure. In the past, the company had two types of shares: non-listed registered shares and freely tradeable bearer shares. The latter category represented a single vote, and the registered shares ﬁve votes. Simplifying the types of shares reduced the voting rights of the main shareholder of Gurit from 33.3% to 10% of the votes, in line with the number of shares held. The company does need to make extra eﬀorts with respect to diversity. ESG Highlights 6. ESG REPORT

ANNUAL REPORT 2022 | 67 This Swiss company produces power converters and sensors that measure and optimise the energy consump- tion of installations including lifts, heating, ventilation and air conditioning (HVAC) systems and robotics in order to reduce their CO2 emissions. In the Quest for Growth port- folio, the company falls into the digitisation category, but also has a clear association with cleantech. The sensors and converters are also used in renewable energy sourc- es, electric trucks, charging stations and smart grids. In order to reduce the burden on the environment, LEM aims to reduce its energy and water consumption, as well as the number of kilograms of waste per person. It also ensures that its minerals (such as gold, tantalum and tin) do not come from conﬂict zones. Furthermore, LEM has improved its ecological footprint in the past year. To mark its 50th anniversary, the com- pany relocated its head oﬃce to a new and more ener- gy-eﬃcient building. At the same time, the management expressed the ambition to be climate-neutral for scope 1 and 2 by 2025, by using even more renewable energy for its own activities. DIGITAL QUOTED This German company operates worldwide as a developer of onshore wind farms. In recent years, this company has also become involved in the devel- opment of solar farms and battery projects. Demand for renewable energy has been increasing for several years. At ABO Wind, this translates into a growing num- ber of new projects, accounting for some 20 gigawatts in total. For some years, ABO Wind has been leading the internationalisation. In the future, we expect a great deal from the development of wind farms in Finland and solar power farms in South Africa. Thanks to the successful development of a Canadian project, the small ABO Wind company was able to join the new German Chancellor Olaf Scholz on a trade mission to Canada. Germany aims to make its energy consumption greener and in the coming years, will be shifting its energy stocking to reliable partners like Canada. Both countries signed a contract for the supply of green hydrogen from Canada to Germany. ABO Wind is also working on this and recently won contracts for the development of three wind farms with a total capacity of 11 gigawatts. CLEANTECH QUOTED 6. ESG REPORT

68 | ANNUAL REPORT 2022 A Belgian company that developed an innovative heat pump. The heat pump is highly scalable (1-100 megawatt), making it suitable for industrial use in the chemical, petrochemical and food industries. The ground-breaking technology avoids energy intensive compression of gases and therefore does not require large amounts of electricity, unlike mechanical pumping of heat. For companies, the main advantage of us- ing residual heat is the energy saving. An innovative technology aimed at improving energy eﬃciency. The savings potential for a typical industrial plant is up to 50 megawatts or 105 k-tons of CO₂-eq, leading to a CO₂ reduc- tion by 10% towards 2030. Unlike conventional heat pump technology, the ground-breaking Qpinch Heat Transformer (QHT) uses little or no net electricity to convert industrial waste heat into carbon-free process heat. QHT is a patented chemical process. Typical applications are distillation towers, condensation of water from atmospheric steam and cooling of exothermic reactors. The QHT can also be applied in the food ingredients and animal feed industries, in chemical plas- tic recycling and can supply the heat required to drive carbon capture processes. Energy replacement and carbon capture will not be commer- cially available until after 2030/2035. The implementation of energy-eﬃcient solutions is a necessary ﬁrst step in the entire industrial net-zero step-by-step plan. QHT has a performance coeﬃcient (COP) of 30, compared with a COP of 3 for conven- tional technology, which represents a gigantic step towards the implementation of more eﬃcient energy solutions on a large scale. QHT uses the same amount of electricity as that currently used to cool the waste heat. Consequently, QHT has zero net electricity consumption. In contrast to conventional technology, QHT has almost no rotating equipment and there- fore has extremely low maintenance costs. Savings on fossil fuels and CO₂ reduction for large industrial sites. The Qpinch technology enables its clients to save € 700k EBITDA per MW per year, 2,100 tonnes of CO₂ emissions or the equivalent of 1,400 cars. For an installation of 50 MW, this means a minimum savings potential of € 35 M EBITDA (fuel + CO₂ taxes), 105 k-tons of CO2. The ﬁrst installations of Borealis and EVAL are now operational. In total, the installa- tions save 2.6MW of gas, representing CO₂ savings of 5,460 tonnes and € 700M EBITDA in savings for the client. CLEANTECH VENTURE & GROWTH CAPITAL ESG Highlights

ANNUAL REPORT 2022 | 69 Growing numbers of people are falling victim to cyber attacks. EclecticIQ is a Dutch company active in the cyber security in- dustry, which presents an increasingly important challenge to companies, costing them billions of dollars. Cyber attackers can steal business secrets and technology or use sensitive information of private citizens, as a result of which European companies become less competitive. Ransomware, espio- nage and the spread of fake news are among the most com- mon forms of cyber security threats. These can destabilise businesses and even threaten the democratic process. EclecticIQ makes a positive contribution to solving the growing challenge of cyber security. In 2020, the European Commission adopted speciﬁc di- rectives and a new strategy to stimulate cyber security in Europe. EclecticIQ developed software to predict cyber at- tacks and to stop the attackers before they aﬀect companies and government bodies. If an attack nevertheless occurs, the software helps to trace cyber threats sooner and solve the problem faster. There is a positive environment for limiting ESG risks EclecticIQ actively plays an educational role in the ﬁeld of cyber security, by writing transparent articles on its blog, aimed primarily at IT workers but available to the general public. Over the past year, for example, reports appeared on Russian-Ukrainian cyber attacks. The company also attaches great importance to diversity and anti-discrimination. The company employs staﬀ of diﬀerent nationalities, and the male-female ratio currently lies above the benchmark for technology companies. The company won a high score in the welfare survey con- ducted among its employees. The sector nevertheless faces signiﬁcant staﬀ turnover, due to the high demand for the job proﬁle. The company is working hard to address this, includ- ing through an HR programme to promote social cohesion. The emphasis in the ﬁeld of ESG at the company lies less on the environment than on security, integrity, reliability and continuity of the business processes. The policy and the pro- cedures to be followed will continue to be reﬁned in order to be able to respond to this appropriately. DIGITAL VENTURE & GROWTH CAPITAL

70 | ANNUAL REPORT 2022 a. Corporate Governance Code Introduction Quest for Growth has adopted the Belgische Corporate Govern- ance Code for quoted companies (versie 2020) (www.corporat- egovernancecommittee.be) as its reference code and will hereaf- ter report on its corporate governance policy for the past ﬁnancial year. The prinicples of the Corporate Governance Code are incorporat- ed in the Corporate Governance Charter and in the Good Govern- ance Statement. Corporate Governance Charter In its Corporate Governance Charter, Quest for Growth explains the main aspects of its corporate governance policy. The Charter is available on the website of the company (www.questforgrowth. com). The Charter was updated by the secretary in 2021 and approved by the board of directors in October 2021. In 2022, the secretary adjusted the capital amount following the capital increase due to the contribution in kind of dividend rights following the optional dividend, added Ms Brigitte de Vet-Veithen as a director and up- loaded the Management Company’s revised Valuation Policy. Good Governance Statement The board of directors declares, based on the report of the secre- tary, that the company has applied the provisions for the Belgische Corporate Governance Code 2020 for the ﬁnancial year 2022, ex- cept for provisions 7.6, 7.7, 7.8, 7.12 and 9.1 of the Code. Corporate Governance Code The following provisions of the Corporate Governance Code have not yet been applied: 1. Provision 7.6: Non-executive directors receive part of their re- muneration in the form of shares in the company. These shares should be retained for at least one year after the non-exectu- tive director leaves the board and at least three years after the shares were granted. However no share options are granted to non-executive directors. The non-compliance of this provision was also mentioned in the reports of the ﬁnancial years 2020 and 2021. The board continues to believe that (i) remuneration through shares could undermine the independence of non-executive directors, (ii) QfG does not own any shares that would allow them to be granted to directors and (iii) a study report conducted by Guberna and the VBO in December 2021 shows that a large majority of quoted com- panies do not follow this principle (according to the Study Report, only 11% follow this recommendation). 2. Provision 7.7 The remuneration policy for members of the ex- ecutive management describes the diﬀerent components of the remuneration and determines the appropriate balance be- tween ﬁxed and variable remuneration, and cash and deferred remuneration. 3. Provision 7.8 In order to align the interests of the members of the executive management with the objectives os sustainable value creation of the company, the variable part of the remu- neration package of the executive directors is linked to the overall performance of the company and the individual perfor- mances. 4. Provision 7.12 On the advice of the remuneration committee, the board approves the main conditions of the contracts of the CEO and the other members of the executive manage- ment. The board includes provisions allowing the company to reclaim variable remuneration, or to withhold payment of variable remuneration, and speciﬁes the circumstances under which this would be appropriate, to the extent enforceable by law. The contract contains speciﬁc provisions regarding early termination. The remuneration policy of QfG is limited to a policy outlined for the non-executive directors and the provision that Capricorn Part- ners receives a ﬁxed remuneration of 1% of the share capital of QfG for its role as Management Company. The remuneration of natural persons who perform the management of QfG on a day- to-day basis is the responsibility of Capricorn Partners, which must ensure that it has a remuneration policy that complies with the re- quirements set out in the Code of Companies and Associations, the AIFM-Law of 19 April 2014 and the AIFM-Directive. The board of directors of QfG is however aware that its respon- sibility for compliance with the Code is not thereby terminated and that the board should therefore ensure that het Management Company applies the aforementioned provisions 7.7 up to and in- cluding 7.12 concerning the remuneration of the members of the executive management, applies its own remuneration policy with regard to these persons who are part of the executive manage- ment of QfG. 7. CORPORATE GOVERNANCE 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2022 | 71 On 25 January 2022, the board of directors instructed the Nomi- nation and Remuneration Committee to examine the above-men- tioned provisions of the Code in the Management Company’s remuneration policy and report on this to the board of directors. The Nomination and Remuneration Committee addressed this is- sue and considered that the simpliﬁcation and reduction of certain preferential rights belonging to Class A and B shares is an impor- tant step to move towards a new variable remuneration policy. Preliminary discussions on the amendment of preferences could only be completed with the persons concerned in the penultimate week of the last ﬁnancial year. After its decision by the extraor- dinary general meeting, the Nomination and Remuneration Com- mittee will further consider the compliance with the principles of Corporate Governance Code as stipulated in articles 7.7, 7.8 and 7.12. . Capricorn Partners has already provided the following clar- iﬁcations on their remuneration policy: “At Capricorn Partners, no variable remuneration linked to individual performance is granted as this would only fuel internal rivalry between employees and not promote teamwork. However, all employees are granted an iden- tical proﬁt bonus linked to the Management Company’s overall ﬁnancial performance. The variable remuneration relating to the Quest for Growth fund under management consists of granting a number of options on the preference shares, which in some years give the right to an extra dividend. This remuneration is exclusively linked to the distributed proﬁt of Quest for Growth. Thus there is an alignment between the shareholders of Quest for Growth and the employees of the Management Company. These shares can be called back by the Management Company at any time. Capricorn Partners has a full remuneration committee that evaluates annually the remuneration of the board members of the Management Com- pany as well as the A.I.F.M. staﬀ (these are the employees whose actions can inﬂuence the risk proﬁle of the Management Company or the funds under management). Provision 9.1: At least every three years, the board evaluates its own performance as well as its interaction with the executive man- agement, as well as its size, composition and functioning, as well as that of its committees. The evaluation is conducted through a formal procedure, externally facilitated or not, in accordance with a methodology approved by the board. The last review was at the end of 2019 and therefore should have taken place at the end of 2022. Due to the anticipated large shift in directors’ mandates (eight of the 10 mandates expire in March 2023 and four of them cannot or will not renew their mandates), the board has postponed this review to spring 2023. b. Capital structure i. Share capital The share capital of the company after the realisation of the capi- tal increase by contribution in kind of dividend rights following an optional dividend, thus notarised on 21 April 2022, amounts to € 148,298,945.16 and is represented by 18,199,212 shares, with no nominal value. The shares are divided into three classes, name- ly 18,198,212 ordinary shares, 750 A shares and 250 B shares. All shares granted by simple subscription on a subsequent capital in- crease are ordinary shares. Only shares entitled to dividends exist. The ordinary shares are registered or dematerialised and are all tradeable on the regulated Euronext Brussels market without any transfer restrictions. The A and B shares are and will remain registered, are not traded on a regulated market, and are reserved for the founders, strategic partners and individuals who contribute to the company’s success. The holders of A and B shares will enjoy a preference dividend as stipulated in article 44 of the articles of association “this pref- erence dividend is to be paid out on the portion of the net proﬁt that is in excess of the amount needed to make a nominal payment to shareholders equal to a nominal payment of 6% on an annual basis, calculated on the shareholders’ equity as expressed on the balance sheet after deduction of the dividend paid out during the ﬁnancial year, and, if needed, to be increased by an amount equal to the amount that the company would have missed out on due to deductions for proﬁt-sharing paid in the same year by funds man- aged by Capricorn Partners NV in which it is a shareholder. Twenty percent (20%) of the excess amount will be paid to the holders of A and B shares as a preference dividend. The remaining eighty per- cent (80%) is divided equally among all shareholders. In the event of a capital increase in the course of the year, the newly contrib- uted capital is taken into account for the calculation on a pro rata temporis basis.” The ordinary shares are freely transferable; transfers of A and B shares are subject to restrictions as set out in the articles of as- sociation. Since these shares are also not tradeable on a regulat- ed market, these rights do not need to be speciﬁed in this report. Please refer to the articles of association and the company’s Cor- porate Governance Charter, both published on the website (www. questforgrowth.com). 7. CORPORATE GOVERNANCE

72 | ANNUAL REPORT 2022 ii. Authorised capital The text of the articles of association, amended on 14 April 2021, ex- pressly authorises the board of directors to increase the capital on one or more occasions by a maximum amount of €139,749,029.16. This authorisation is granted for a period of ﬁve years from the pub- lication of the deed to increase the company’s capital of 14 April 2021 in the Appendix to the Belgian Oﬃcial Gazette on 29 April 2021. It may be renewed one or more times, each time for a maxi- mum period of ﬁve years. The Annual General Meeting may increase or reduce the sub- scribed capital. If a capital increase would take place by issuing shares against cash contribution, the preferential right of the exist- ing shareholders cannot be deviated from. iii. Reference shareholder A notiﬁcation requirement exists at the fund when a shareholder exceeds the 5% voting rights threshold. As at 31 December 2022, Quest for Growth had one shareholder who notiﬁed holding more than 5% of the voting rights: Name and address % Number of shares Last date threshold crossed Federal Holding and Investment Company (SFPI-FPIM) via Belﬁus Insurance Belgium NV Karel Rogierplein 11 1210 Brussels Belgium 13.03% 2,371,235(*) 20/10/2011 (*) Situation at 31 December 2022 iv. Subscription rights There are no outstanding subscripiton rights to shares of the company. v. Purchase own shares The articles of association contain no special provisions on au- thorities of the board of directors regarding the possibility of purchasing own shares. vi. 10y evolution share capital and reserves 7. CORPORATE GOVERNANCE 109,748,742 109,748,742 109,748,742 109,748,742 135,130,875 135,130,875 146,458,720 146,458,720 146,458,720 138,629,636 147,072,899 -5,000,000 15,000,000 35,000,000 55,000,000 75,000,000 95,000,000 115,000,000 135,000,000 155,000,000 175,000,000 share capital available reserves unavailable reserves EVOLUTION SHARE CAPITAL AND RESERVES

Start of ﬁrst term of oﬃce Date of expiry of oﬃce: at the end of the general meeting determining the results for the ﬁnancial year ending on 31 December: Proposed by holders of shares of class Chairman Antoon De Proft (1) 9 August 2011 30 March 2023 Ordinary Director – executive oﬃcer Philippe de Vicq de Cumptich 9 August 2011 30 March 2023 Ordinary Director René Avonts 25 August 1998 30 March 2023 Ordinary Director Prof. Regine Slagmulder (1) 9 August 2011 30 March 2023 Ordinary Director Liesbet Peeters 16 March 2017 30 March 2023 A Director Jos B. Peeters 9 June 1998 30 March 2023 A Director Michel Akkermans 16 September 2004 30 March 2023 B Director Jos Clijsters 25 March 2021 28 March 2024 B Director Paul Van Dun (1) 28 March 2019 30 March 2023 Ordinary Director Brigitte de Vet-Veithen (1) 30 March 2022 27 March 2025 Ordinary (1) Independent director ANNUAL REPORT 2022 | 73 c. Board of directors i. General The board of directors is the most important management body within Quest for Growth and is responsible for all activities that are needed to enable the company to achieve its objectives, with the exception of those responsibilities that are entrusted by statute to the shareholders in general meeting and the responsibilities that are contracted out to the Management Company. The board of directors establishes the general policy, supervises the Management Company and is accountable to the shareholders in general meeting. The responsibilities of the board of directors include: • setting the business objectives and investment strategy, and evaluating them at regular intervals, • ensuring correct implementation of the Corporate Governan- ce Charter and the Corporate Governance Code • appointing, dismissing and supervising the Management Company and the executive oﬃcers, and determining their powers, • supervising internal and external control and risk management, • approving the (interim) annual report, and the quarterly state- ment to shareholders, • approving the annual ﬁnancial statements, including the Cor- porate Governance Statement, • deciding to invest in funds organised by the Management Company, and where there is a potential conﬂict of interest, • paying dividends, where applicable, • preparation of special reports required by the Belgian Compa- nies Code for certain transactions, • setting up and putting together advisory boards and deﬁning their powers. The board of directors has delegated the portfolio management, risk management, administration, human resources policy, market- ing and day-to-day management of the company to Capricorn Part- ners, a management company of alternative institutions for collec- tive investment that is licensed by the FSMA (hereinafter referred to as the Management Company). 7. CORPORATE GOVERNANCE ii. Composition The board of directors has a maximum of 10 members, appointed by the general meeting, which may or may not be shareholders; at least two of them must represent holders of A shares and at least two members must represent holders of B shares. With three directors of a diﬀerent gender, the gender quota has been met as it can be rounded down to the lower natural number. Additional eﬀorts were not considered necessary during the past ﬁnancial year as the required diversity was achieved. However, di- versity remains an important consideration in the composition of the board of directors. Diversity in day-to-day management falls under the Management Company’s human resources policy: the executive committee of Capricorn Partners has ﬁve members, two of whom are women and three men. Among the 28 employees, we count 36% women, four nationalities and a wide age curve . Below is an overview of the members of the board of directors and the date on which their mandate started and will end. The man- date of eight directors will end after the general meeting of 2023. Misters De Proft, Avonts, Akkermans and Ms Liesbet Peeters have indicated not to stand for re-election:

74 | ANNUAL REPORT 2022 members Paul Van Dun Independent director Paul is general manager of KU Leuven Research & Development (LRD). There, he coordinates activities around collaborations with companies, patents/licences, spin-oﬀ company creation and region- al development. He is also managing director of the Gemma Frisi- us investment fund, director at the Fondation Fournier-Majoie pour l’Innovation, director at RZ Tienen, chairman of the Centre for Drug Design and Discovery, member of the supervisory board of Bright- lands Chemelot Campus (Nl). He is also advisor to several invest- ment companies, and director or chairman at several high-tech and life science companies. Brigitte de Vet-Veithen Independent director Brigitte de Vet-Veithen is Vice President of Materialise and heads Materialise Medical. She has 25 years of experience in the technol- ogy sector, and especially in healthcare and life sciences. Before joining Materialise, she was CEO of Acertys group. She started her career in consulting and held management positions at Johnson & Johnson, Cordis Neurovascular and Cordis in Germany. Ms de Vet-Veithen holds an MBA with a Major in Engineering from HEC Liege and an MBA from INSEAD. Philippe de Vicq de Cumptich Director and executive oﬃcer Philippe de Vicq holds a law degree (KU Leuven) and an MBA (Vler- ick School). He was an investment manager at Investco for 10 years and then spent 15 years at Gevaert, where he was promoted to managing director. From 2005 to 2010, he was managing director at KBC Private Equity. He is currently an independent director or member of the Advisory Board at a number of industrial and ﬁ- nancial companies, including Uitgeverij Lannoo, Boston Millennia Partners, Belgian Growth Fund and Cibo. Antoon De Proft Chairman and independent director Antoon De Proft graduated as a civil engineer from KU Leuven. He started his career in Silicon Valley as an applications engineer and has always been active internationally. He was CEO at ICOS Vision Systems, a world leader in semiconductor inspection equipment, until the company was sold. Mr De Proft is founder of ADP Vision bvba and CEO of Septentrio nv, a company that designs and sells high-accuracy GPS receivers. He is also chairman of the board of IMEC and chairman of the supervisory board of TKH Group nv. Regine Slagmulder Independent director and chairman of the audit committee Regine Slagmulder is a partner and full professor in management accounting & control at Vlerick Business School. She graduated as a civil electrical engineer and as a business engineer from Ghent University, after which she obtained a PhD in Management from the Vlerick School. As part of her research activities, she was a Research Fellow at INSEAD, Boston University (USA) and the P. Drucker Grad- uate Management Center at Claremont University (USA). She is also an independent director and chairman of the audit committee at the listed companies MdxHealth and Ekopak NV.

ANNUAL REPORT 2022 | 75 Jos Clijsters Director Jos Clijsters has had a long career in the ﬁnancial sector and chaired the board of directors of Belﬁus Bank since 2014. He had already joined Belﬁus in 2011 as chairman of the management committee of Belﬁus Bank and as chairman of the board of directors of Belﬁus Insurance. Previously, Jos Clijsters was active for almost 30 years at Fortis, notably as a member of the executive committee Jos B. Peeters Director Jos B. Peeters is founder and chairman of the executive commit- tee of Capricorn Partners. Jos holds a PhD in solid state physics from KU Leuven. He worked at Bell Telephone Manufacturing Cy, PA Technology and BeneVent Management before founding Cap- ricorn Partners. Jos was the ﬁrst president of the Belgian Venture Capital and Private Equity Association and he served as chairman of EVCA (now Invest Europe) and their capital markets working group that led to the creation of Easdaq. As one of the veterans in the European venture capital and private equity industry, Jos has been involved in early stage investments in numerous technology companies for more than three decades René Avonts Director René Avonts graduated as a commercial engineer from KU Leuven and started his career at Paribas Belgium, where he became head of the international department. He was later appointed member of the executive committee and the board of directors. He then became a member of the executive committee of Artesia Bank and Bacob, and chairman of Artesia Securities. He was also a director and CFO of Elex NV. René Avonts assumed the mandate of man- aging director at Quest Management NV, the former management company of Quest for Growth. Michel Akkermans Director Michel Akkermans is a Civil Electrical Engineer and also holds a special degree in Business Economics, both from KU Leuven. He is former CEO and Chairman of Clear2Pay NV, a software technol- ogy company specialising in payment solutions. Michel also holds various positions as an active investor and on boards of directors. As a strategic investor, Pamica and/or Mr Akkermans have the right to nominate one director. Liesbet Peeters Director Liesbet Peeters is founder and managing partner of Volta Capi- tal, specialist in creating and structuring impact investment funds, ﬁnancial vehicles and products that mobilise capital to meet the needs of underserved communities and generate improved ﬁ- nancial and social returns. Before founding Volta Capital, she was investment oﬃcer at International Finance Corporation (IFC) in Washington DC and CFO/Investor Relations manager at Capricorn Partners in Belgium.

76 | ANNUAL REPORT 2022 7. CORPORATE GOVERNANCE iii. Functioning 1. Activities The board of directors met six times in the pas ﬁnancial year: • The four meetings following the end of a quarter each deal with a number of recurring topics such as the approval of valuations, the adoption of the quarterly ﬁgures (or half-yearly report), the report of the Management Company, the report of the non-executive executive oﬃcer and the chairman of the audit committee on the activities carried out during the past quarter. • An additional meeting was held on 22 February 2022 to deter- mine the manner in which the general meeting would be held, update the PRIIP and exchange views on revising the capital structure and making the preference rights accruing to the A and B shares market-compliant. • The board met on 31 March 2022 via videoconference before the notary public in order to oﬀer the shareholders the option of not receiving in cash but, in whole or in part, contributing their claim against the Company for payment of the approved (net) dividend for the 2021 ﬁnancial year to the capital of the Company against issue of new shares (the so-called “optional dividend”) under the authorised capital. Once a year, the board of directors decides on the annual report and the appropriation of the result, updates the PRIIP and hears the report of the secretary regarding compliance with the Corporate Governance Code 2020. In closed session with only the non-exec- utive directors, the interaction with the executive management is assessed in accordance with article 3.11 of the Corporate Govern- ance Code 2020, as well as whether the management fee is still in line with the market. The interactions with shareholders, press and analysts are now also reported to the board of directors. Other decisions in the past year include: the additional investment in the Capricorn Digital Growth Fund and direct investments in the unquoted companies Finquest, Gradyent and Fruitcore Robotics, the appointment of Ms Sabine Vermassen as eﬀective leader for an indeﬁnite period of time and the approval of Capricorn Partners’ updated Valuation Policy. 2. Meetings & attendance 25/01/2022 22/02/2022 31/03/2022 25/04/2022 26/07/2022 25/10/2022 Antoon De Proft P P P P P P Michel Akkermans P P P P P P René Avonts P P P P P P Philippe de Vicq de Cumptich P P P P P P Brigitte de Vet-Veithen N/A N/A N/A N/A P P Jos B. Peeters P P P P P P Liesbet Peeters P A A P P P Regine Slagmulder A P P A P P Paul Van Dun P P P P P P Lieve Verplancke P P A N/A N/A N/A Jos Clijsters P P P P P P P = present A = apologies

ANNUAL REPORT 2022 | 77 7. CORPORATE GOVERNANCE 3. Evaluation The chairman of the board of directors holds regular discussions with all the directors to evaluate the functioning of the board of directors. In doing so, he focuses on both the operational and stra- tegic responsibilities of the board of directors. At the end of 2019 all the directors received an anonymous ques- tionnaire as part of a thorough evaluation of the functioning of the board of directors, of the interaction between the board of direc- tors and the Management Company, and of the interaction with the chairman and the executive oﬃcers. This evaluation exercise was discussed during the ﬁrst meeting of the board of directors in 2020 and will take place the next time at the beginning of 2023. iv. Conﬂicts of interest Article 7:96 ﬀ. Belgian Companies and Associations Code – Article 11§1 of the Royal Decree of 10 July 2016 Transactions with related parties – Article 7:97 Belgian Companies and Associations Code During the past ﬁnancial year, no situations arose in which Articles 7:96 and 7:97 of the Companies and Associations Code or Article 11§1 of the Royal Decree of 10 July 2016 had to be applied. v. Code of conduct Each director arranges his or her own personal and business af- fairs in such way that no direct or indirect conﬂict of interest arises with the company. Transactions between the company and its di- rectors require to be conducted at arm’s length. The members of the board of directors subscribe to the Corpo- rate Governance Charter, one section of which is dedicated to the ethical rules, and have each individually signed a Dealing Code in accordance with the rules prescribed in the Market Abuse Regula- tion (MAR), which has been applicable since 3 July 2016. The MAR creates a common regulatory framework with respect to insider dealing, the unlawful disclosure of inside information and market manipulation. Members of the executive management are also subject to the Management Company’s Code of Conduct. d. Nomination and Remuneration Committee i. General At the board meeting of 27 April 2021, Quest for Growth decided to set up a Nomination and Remuneration Committee in preparation of a major change of directors in 2023. ii. Composition The nomination and remuneration committee consists of the chair- man of the board of directors, a representative of the management committee (als niet stemgerechtigd lid) and an additional inde- pendent director. In concrete terms, Mr Antoon De Proft, Mr Jos Peeters and Mr Paul Van Dun are members of the committee. Mr Van Dun chairs the committee. Both Mr De Proft and Mr Van Dun have experience and expertise in the speciﬁc areas of the nomina- tion and remuneration Committee. iii. Functioning 1. Activities The committee met informally to prepare the operation to amend the rights of the preference shares. This involved several discus- sions with the persons concerned. 2. Meetings & attendance A formal meeting did not take place. The March 2023 board chang- es were prepared early January 2023. The intention is to move to a more formal Nomination and Remuneration Committee after the amendment of the articles of association and director changes.

78 | ANNUAL REPORT 2022 Regine Slagmulder Chairman Paul Van Dun René Avonts e. Audit and risk committee i. General Within the board of directors, an audit and risk committee has been set up. The set-up and functioning of the committee are described in the articles of association and Corporate Governance Charter of Quest for Growth. The majority of the members of the audit and risk committee, including the chairman, fulﬁl the criteria in terms of ac- counting and audit expertise. The audit committee members have no executive or functional responsibilities within the company. The committee assists the board of directors in performing its duties by overseeing: • the quality and integrity of the audit, bookkeeping and ﬁnanci- al reporting processes; • the ﬁnancial reports and other ﬁnancial information provided by the company to its shareholders, prudential regulators and the general public; • the internal control systems relative to bookkeeping, ﬁnancial transactions and compliance with statutory requirements and the ethical rules imposed by the company. The audit and risk committee’s principal activity is to steer and su- pervise the ﬁnancial reporting, bookkeeping and administration. The ﬁnancial reporting is discussed quarterly, with special attention being paid to valuation decisions relative to venture and growth capital and to venture and growth funds in the portfolio. The audit and risk committee oversees the eﬃciency of the internal control and risk management systems. Moreover, the committee has yearly access to the report of the Management Company. The audit committee seeks to create open communication between the exter- nal auditor, the Management Company and the board of directors. For the performance of its duties the committee has unlimited and direct access to all information and all employees of the Manage- ment Company and the committee can use the means necessary to achieve this. The audit and risk committee is supposed to communi- cate freely and frankly with the auditor (including individual talks at least once a year). After each meeting the chairman of the committee reports to the board of directors, which includes issuing recommendations. ii. Composition Regine Slagmulder, Chairman Paul Van Dun René Avonts iii. Functioning 1. Activities During the past ﬁnancial year, the audit and risk committee met ﬁve times. Four meetings were convened following the quarterly management update and the fund’s quarterly results. There was also an additional joint meeting with the audit committee of the Management Company in the presence of the Management Com- pany’s internal auditor to discuss the internal control processes at the Management Company and at QfG and to listen to the inter- nal auditor’s annual report. In accordance with principle 4.14 of the Corporate Governance Code, the audit and risk committee consid- ers that there is no need to set up a separate internal audit function for QfG as all management processes of QfG are included in the terms of reference of the internal audit function of the Manage- ment Company. 2. Meetings & attendance 25/01/2022 25/04/2022 26/07/2022 25/10/2022 14/11/2022 Regine Slagmulder P A P P P René Avonts P P P P P Paul Van Dun P P P P P Lieve Verplancke P N/A N/A N/A N/A P = present A = apologies Audit and risk committee 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2022 | 79 f. Executive oﬃcers i. General The board of directors has appointed two executive oﬃcers, who are responsible for day-to-day management and for supervising the execution of the management agreement between the compa- ny and the Management Company. Their duties include ensuring that the Management Company has suﬃcient personnel, process- es and controls to appropriately carry out its responsibilities under the management agreement. In order to enable the executive oﬃcers to fulﬁl their duties ap- propriately and eﬃciently, the Management Company timely pro- vides them with the necessary relevant reports as set down in the management agreement. In addition, the executive oﬃcers have unrestricted access to the employees and the information held by the Management Company. The executive oﬃcers report verbally on their ﬁndings to the board of directors at least once every quarter. As part of their responsibili- ties, the executive oﬃcers each day receive a calculation of the net asset value, the risk analysis and the compliance analysis. ii. Composition The executive oﬃcers are Mr Philippe de Vicq de Cumptich (also di- rector of Quest for Growth) and Ms Sabine Vermassen (member of the executive committee of Capricorn Partners). Sabine Vermassen was appointed executive oﬃcer by the board of directors of Quest for Growth on 25 October 2022, replacing Yves Vaneerdewegh, who held this position since 25 April 2017. Mr Philippe de Vicq de Cumptich is responsible for the following tasks: • Supervising the calculation of the published net asset value • Controlling the execution of the management agreement with Capricorn Partners • Controlling the adherence to the investment policy of Quest for Growth Ms Sabine Vermassen is responsible for the following tasks: • Secretary of the board of directors • Compliance, risk management and corporate housekeeping, monitoring compliance with the Corporate Governance Code • Other tasks of daily management not covered by those dele- gated to Capricorn Partners iii. Functioning 1. Activities During the past ﬁnancial year, various formal and informal meetings took place between the executive oﬃcers and the Management Company to discuss the evolution of Quest for Growth, and more speciﬁcally the valuation of the unquoted portfolio and to prepare the general and extraordinary general meetings, the meetings of the audit committee and the board of directors. Other matters discussed by the executive oﬃcers in 2022 include the preparation of press releases and interim reports and the pos- sible new investments in unquoted companies. Within the executive oﬃcers’ mandate of oversight and monitoring of Quest for Growth’s processes and activities, they have read the Corporate Governance Charter and the other Policies and Proce- dures of the Management Company and the executive oﬃcers are of the opinion that the processes and controls listed therein are suﬃcient to carry out the duties of the Management Company in connection wit hits activities for Quest for Growth in accordance with the management agreement. 2. Meetings & attendance At least two meetings take place every quarter: the eﬀective lead- ers attend the general valuation meeting at which the unlisted shares are determined by the Management Company and they also meet formally at all times to prepare the boards of directors. In addition, Mr de Vicq has also been appointed as a director in all of Capricorn Partners’ venture capital funds in which QfG has taken a participation. Sabine Vermassen Head of Legal, Risk and Compliance Capricorn Partners Philippe de Vicq Executive oﬃcers 7. CORPORATE GOVERNANCE

80 | ANNUAL REPORT 2022 g. Management Company i. General Capricorn Partners is the management company of Quest for Growth and carries out the statutory management tasks including portfolio management, risk management and administration (also the “Management Company”). Capricorn Partners is an independent manager of private and pub- lic venture and growth funds, practising portfolio management of variable capital investment funds in delegation. Capricorn Partners specialises in investments in technologically innovative growth companies. Its investment teams consist of experienced invest- ment managers with deep technology backgrounds and extensive business experience. Capricorn Partners distinguishes itself from other venture capital providers by its thorough, multidisciplinary dossier knowledge and far-reaching hands-on approach to invest- ment ﬁles. In addition, it can rely on an extensive, global network of advisers, investors and experts who, each in their own ﬁeld, are crucial to the Capricorn team’s successful investment decisions. Capricorn Partners is licensed as a management company of al- ternative institutions for collective investments by the Financial Services and Markets Authority (FSMA) and has a compliance, gov- ernance and internal control structure that meets all statutory and regulatory requirements. The content and scope of the tasks of the Management Company as well as the reporting obligations to the board of directors of Quest for Growth are described in the management agreement concluded between the two parties on 1 April 2017 and updated in 2021. You can ﬁnd the latest version of this management agreement on the website as an appendix to the Corporate Governance Charter. The board of directors of Quest for Growth remains authorised to determine the investment policy and the allocation of assets. The board of directors also decides autonomously on investments in venture and growth funds set up by Capricorn Partners and on co-investments in venture and growth capital that are made jointly with Capricorn Partners’ venture and growth funds and may result in a conﬂict of interest. De board of directors is responsible for supervising the Manage- ment Company in the fulﬁlment of the tasks assigned to it in the Management Agreement. ii. Composition Executive Committee Jos Peeters, Chairman of the Executive Committee Before founding Capricorn Partners, Jos worked for Bell Telephone Manufacturing Company, PA Technology and BeneVent Manage- ment. He was the ﬁrst Chairman of the Belgian Venture Capital and Private Equity Association, and served as Chairman of EVCA (now Invest Europe). In the latter role, he chaired the capital markets work group, which led to the creation of Easdaq. A veteran of the European venture capital and private equity industry, Jos was in- volved in over three decades of early stage investing in a broad range of technology-based companies, supporting M&A transac- tions as well as IPOs on Nasdaq, Easdaq and Euronext. Jos Peeters Chairman of the Executive Committee Katrin Geyskens Digital & Health Yves Vaneerdewegh Quoted Equities, Finance & Administration Sabine Vermassen Legal, Risk and Compliance Rob van der Meij Cleantech Management Company 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2022 | 81 Katrin Geyskens – Digital & Health Katrin brings twenty years of investment experience to the Cap- ricorn Digital team. Before falling in love with venture capital, she had a short career in banking and management consulting fol- lowed by a try at a start-up. The ﬁrst female president of the BVA, she served on their board of directors for ten years. Next to work- ing for Capricorn, Katrin is a council member of VARIO (the Flemish Council for Innovation and Entrepreneurship) and a member of the supervisory board of EIT Digital. In 2020, she was named one of Belgium’s ‘Inspiring Fifty’, an award celebrating inspiring female leaders in technology. Yves Vaneerdewegh – Quoted Equities, Finance & Administration Before joining Capricorn Partners in 2005, Yves worked for Ham- burg Mannheimer NV (part of Munich Re Group) as a ﬁnancial ana- lyst, and for Puilaetco as a portfolio manager. Sabine Vermassen – Legal, Risk & Compliance A certiﬁed compliance oﬃcer, Sabine started her career in the M&A department of an international law ﬁrm. She has been working as an advisor to several venture capital funds and their portfolio com- panies since 1991. Sabine is the chairman of the Belgian Venture Capital Association and a member of the Professional Standards Committee of Invest Europe. Rob van der Meij – Cleantech Rob is a chemical engineer who has held business management positions with Akzo Nobel and Shell Chemicals. Rob was one of the founders and the CEO of KiOR in the United States, and he has worked as the CEO for several other start-ups in chemicals and water technology. He likes to invest in start-ups, both privately and as a partner at Capricorn Partners, and he currently serves on the board of several start-ups in the EU and the US. iii. Funds under management Capricorn Partners, in addition to being the manager of Quest for Growth, is also the management company and managing director of the Capricorn Cleantech Fund, the Capricorn Health-tech Fund, the Capricorn ICT ARKIV, the Capricorn Sustainable Chemistry Fund, the Capricorn Digital Growth Fund, the Capricorn Fusion China Fund, the Capricorn Industrial Biotech Fund (based in The Netherlands) and of three feeder funds linked to the venture and growth funds. Capricorn Partners is also investment and marketing manager of the Quest Cleantech Fund and Quest+, two compart- ments (sub-funds) of Quest Management Sicav and manages the Funds for Good-Cleantech II portfolio. These variable capital funds invest only in quoted equities and are based in Luxembourg. The table below shows the total commitments raised in the funds under management of Capricorn Partners. 7. CORPORATE GOVERNANCE Venture & Growth Funds* Capricorn Cleantech Fund 112,000,000 Capricorn Sustainable Chemistry Fund 86,500,000 Capricorn ICT Arkiv 33,000,000 Capricorn Digital Growth Fund 84,500,000 Capricorn Health-tech Fund 42,000,000 Capricorn Fusion China Fund 30,300,000 Capricorn Industrial Biotech Fund 6,300,000 Listed Quest for Growth 144,268,949 Quest Management, sicav Quest Cleantech Fund 192,925,113 Quest + 9,924,677 Third parties FundsforGood - Cleantech II 74,443,548 * Committed Capital 7. CORPORATE GOVERNANCE

82 | ANNUAL REPORT 2022 h. Depository bank & statutory auditor i. General Statutory auditor of Quest for Growth is PwC Bedrijfsrevisoren BV, represented by Mr Gregory Joos, Culliganlaan 5, 1831 Machelen. The depository bank is BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels. The depository bank is responsible for a number of material tasks. Its main task is to ensure the safekeeping of the assets of the funds under management and to carry out the physical trading of these assets on behalf of the Management Company (e.g.: deliver the securities sold, pay for the securities purchased). In addition, the custodian is responsible for the day-to-day administration of Quest for Growth’s assets (e.g.: collecting dividends and interest from the assets and exercising the subscription and allotment rights at- tached to them). ii. Functioning The depository bank prepares quarterly reports for the audit com- mittee. The four reports prepared for this purpose in 2022 were without comments. i. Internal control & risk management i. General Internal control is a system developed by the governing body that contributes to controlling the company’s activities, its eﬀective functioning and the eﬃcient use of its resources, all in accordance with the objectives, scope and complexity of its business activities. Risk management is the process of identifying, evaluating and con- trolling risks and communication in this respect. The Management Company’s internal control procedures must en- sure that the ﬁnancial reporting is a faithful reﬂection of the trans- actions completed, that the operational business processes are eﬀective and eﬃcient, and that all activities comply with legislation, regulations and the company’s own internal policies. The Management Company has a risk department consisting of four people, and operates in accordance with the COSO model. This COSO framework is generally accepted as the standard for internal control, and is structured around ﬁve components: the control environment, the risk management process, the control activities, information and communication, and ﬁnally supervision and monitoring. A risk analysis of all processes is carried out annu- ally, with a review as to whether the control procedures meet the requirements in terms of eﬀectiveness and eﬃciency. The control procedures themselves are then tested to check whether they ef- fectively deliver on what they promise. ii. Responsible Internal control and risk management are part of the delegated tasks to the Management Company. The Board of Directors super- vises this important function, as do the Management Company’s internal auditor and the external auditor of both Quest for Growth and the Management Company. For QfG, the management of internal control and risks focuses primarily, and on a daily basis, on the risks associated with the investments in the portfolio and their impact on the company’s general risk proﬁle and liquidity. With regard to ﬁnancial report- ing, the stock market transactions of the investment managers are checked and settled on a daily basis against the information that the fund administrator/risk oﬃcer receives from broker companies. The fund administrator, who is physically separated from the in- vestment managers, compiles a daily overview, using internal and external software packages, of the following risk points: • compliance with investment restrictions • compliance with the privak legislation • supervision of hedging of the exchange risk • supervision of ﬂuctuations in the daily net asset value iii. Activities All discrepancies are highlighted. These sheets are sent daily to the executive oﬃcers and the members of the Management Com- pany’s executive committee. One member of the executive com- mittee is responsible for risk and compliance. Each month the fund administrator compares the shareholder po- sitions of all public investments with the report from the depos- itary bank. Any discrepancies are investigated and reconciled. The transactions and cash positions are processed daily in the ac- counting department’s master spreadsheets. QfG’s intrinsic value is determined each month on the basis of these master spread- sheets. The ﬁnancial statements are prepared every quarter, and discussed with QfG’s executive oﬃcers and audit committee be- fore being submitted to the board of directors for approval. The half-yearly ﬁgures are also reviewed by the external auditor, and the annual ﬁgures are fully audited. iv. Internal and external auditor Quest for Growth beschikt ook over een externe auditor die als onderdeel van zijn activiteiten de geschiktheid van de interne con- trole van de Beheervennootschap analyseert en evalueert. Aangezien Quest for Growth haar dagelijks beheer in grote mate uitbesteedt aan Capricorn Partners is er binnen de vennootschap geen nood aan een interne auditfunctie. Capricorn Partners has an internal auditor, BDO Advisory BV, rep- resented by Mr Steven Cauwenberghs, who reviews all processes 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2022 | 83 and procedures, including those relevant to Quest for Growth, on a rotational basis. The internal auditor informs the executive oﬃcers and the audit committee of Quest for Growth as well as the audit committee of the Management Company about all audit ﬁndings of the annual internal control audit. There is also an annual meeting between the Management Com- pany’s internal auditor, the representatives of the Management Company, and the audit and risk committees of QfG and Capricorn Partners to discuss in detail the internal auditor’s ﬁndings and the internal audit plan for the subsequent year. The ﬁnancial risks (portfolio risk, liquidity risk, interest rate risk and exchange risk) are explained in the notes to the annual accounts on page 95 (Notes to the annual accounts – item 6). v. Financial reporting The above processes allow Quest for Growth to report ﬁnancial information that meets all the objectives and legal and accounting obligations that the fund must comply with. In addition, through internal separation of powers and the four-eye principle, the Man- agement Company has a number of overarching controls in place that contribute to accurate reporting. j. Communication with shareholders Quest for Growth considers it highly important to provide its share- holders with accurate and timely information. To achieve this, QfG uses various communication channels, such as the website, the annual report, press releases and presentations to investors. Quest for Growth distributes a monthly press release that includes the net asset value as per the end of the month, and also sends this to shareholders who request it. You can ﬁnd the publication dates for these press releases for the current ﬁnancial year in the ﬁnancial calendar on page 124 of this report. Furthermore, all shareholders who request it will receive a notiﬁca- tion via email and a press release containing the necessary infor- mation whenever there is important news. In 2021, the Belgian Association of Financial Analysts ABAF/BVFA awarded Quest for Growth the prize for Best Financial Communica- tion among holdings and investment companies. Below is an overview of the press releases issued in relation to the past year: 7. CORPORATE GOVERNANCE NAV per 31/12/2021 6 January 2022 Annual results 2022 27 January 2022 NAV per 31/01/2022 3 February 2022 Acquisition of c-LEcta 15 February 2022 Brigitte de Vet-Veithen proposed as director 25 February 2022 NAV per 28/02/2022 3 March 2022 Dividend and modalities optional dividend approved 31 March 2022 NAV per 31/03/2022 7 April 2022 Result optional dividend 21 April 2022 Transparency legislation 27 April 2022 Business update 31 March 2022 28 April 2022 NAV per 30/04/2022 5 May 2022 NAV per 31/05/2022 2 June 2022 Quest for Growth invests in Finquest 24 June 2022 NAV per 30/06/2022 7 July 2022 Semi-annual report 30 June 2022 28 July 2022 NAV per 31/07/2022 4 August 2022 NAV per 31/08/2022 8 September 022 NAV per 30/09/2022 6 October 2022 Business update 30 September 2022 27 October 2022 NAV per 31/10/2022 3 November 2022 NAV per 30/11/2022 8 December 2022 Quest for Growth invests in fruitcore robotics 14 December 2022

84 | ANNUAL REPORT 2022 a. Remuneration policy The remuneration policy is based on the fundamental principle that the company must be able to attract and retain qualiﬁed directors with the required knowledge and experience in the company’s various policy areas, taking into account (i) the company’s size and speciﬁc governance structure, (ii) the strategic objectives and risk appetite of the company, while (iii) always promoting sustainable val- ue creation. The board of directors ensures that the remuneration policy is consistent with the company’s general remuneration frame- work as set out in the Corporate Governance Charter. Although not minuted as a separate agenda item, the remuneration policy was ap- proved by the 2020 general meeting. No changes were made to the remuneration policy in either 2021 or 2022. Directors and executive management were paid in accordance with the remuneration policy. An amendment to the remuneration policy will be prepared in 2023 and the general meeting will be informed accordingly. The executive management, which was delegated exclusively to the Management Company, is remunerated on the basis of a ﬁxed per- centage, i.e. 1% of the capital of the company. The determination of a management fee based on a percentage of the capital rather than on the basis of the assets under management has the advan- tage of clarity, simplicity and exclusion of any, possibly not objective and diﬃcult to determine, valuation of the underlying assets that are not listed. A ﬁxed remuneration based on capital prevents too much attention being given to risky behaviour that could jeopardise long- term value creation. QfG has entered into an agreement with the Management Company Capricorn Partners a management agree- ment regarding the tasks, conditions and modalities of the manage- ment assignment and the remuneration that Capricorn will receive for carrying out this assignment. In the event of termination of the management agreement, the Management Company is entitled to payment of the ﬁxed fee pro rata to the date of termination of the agreement and no additional severance payment will be paid. The non-executive directors receive a ﬁxed annual remuneration of € 7,500 and an attendance fee of € 500 for every meeting they at- tend. The chairman and the director who fulﬁls the role of executive oﬃcer receive a ﬁxed remuneration (€ 27,000 excl. VAT) but no at- tendance fee. The ﬁxed remuneration paid to the chairman and the director-executive oﬃcer reﬂects the additional time their responsi- bilities require them to dedicate. For example, the executive oﬃcers regularly meet with representatives of the Management Company to ensure optimal execution of their role in supervising the Manage- ment Company’s fulﬁlment of its mandate. The chairman is respon- sible for the agenda, organisation and evaluation of the board of directors. In addition to their ﬁxed remuneration as a director, the members of the audit committee receive an annual fee of € 2,500 and an attendance fee of € 500 per meeting they attend. This remuneration structure aims to ensure the active participation of the directors and this for both board and committee meetings. The normal and justiﬁed expenses incurred by the directors in the performance of their duties are reimbursed and recognised under general costs. However, in 2022 this amount was nil. Neither the Management Company, nor the executive oﬃcers, nor the directors receive a performance-related short-term remunera- tion directly related to the results of the company. There are also no long-term incentive programs or beneﬁts in kind that are directly related to the results of the company, but only to the dividends paid to the A and B shareholders. Since the company is not responsible for the allocation of these shares, it cannot provide for a right of re- covery in favour of the company. The Management Company has 379 A and B shares under man- agement of which 363 shares were held at the end of 2022 by indi- viduals who actively contribute to the success of Quest for Growth. Capricorn Partners has a call option on these shares so that they are redeemable at any time. The shares have a special dividend right in accordance with the company’s bylaws and are not related to proﬁts in Quest for Growth but rather to dividends paid to shareholders, which promotes an alignment of the interests of all shareholders. There are no contributions for pensions or similar compensation for directors, and no director or executive oﬃcer in that capacity is en- titled to the payment of any severance pay at the expense of the company when their term of oﬃce comes to an end, for whatever reason. The members of the executive management also do not receive any contributions for pensions or similar beneﬁts from the Management Company. b. Remuneration paid to directors and executive oﬃcers For the ﬁnancial year 2022, the following remuneration (exc. VAT) was paid to the chairman and the director-executive oﬃcer: Mr Antoon De Proft: € 27,000 Mr Philippe de Vicq de Cumptich: € 27,000 For the ﬁnancialyear 2022, the following remuneration (excl. VAT) was paid to the directors: Prof. Regine Slagmulder: € 14,500 Mr René Avonts: € 15,500 Mr Michel Akkermans: € 10,000 Ms Lieve Verplancke: € 4,000 Mr Paul Van Dun: € 15,500 Ms Liesbet Peeters: € 9,500 Mr Jos Clijsters: € 10,500 Ms Brigitte de Vet-Veithen: € 7,125 Total renumeration paid to the directors in the past ﬁnancial year including VAT amounted to € 161.281,25 The director Jos Peeters and the executive oﬃcers Yves Va- neerdewegh/Sabine Vermassen are only remunerated by the Man- agement Company Capricorn Partners. For the ﬁnancial year 2022, no expenses were reimbursed to the directors and managing directors, nor any form of beneﬁts in kind or variable remuneration, except the attendance fees linked to the eﬀective presence of the directors on the boards of directors. In ac- cordance with the remuneration policy, no amounts were paid for pension accrual, insurances or pension plans. 8. REMUNERATION REPORT 8. REMUNERATION REPORT

ANNUAL REPORT 2022 | 85 c. Remuneration depositary bank and external auditor The remuneration paid to Belﬁus Bank for its services as deposito- ry bank amounted to € 45,688 in the past ﬁnancial year. The remuneration paid to PWC Bedrijfsrevisoren for the audit of the annual ﬁnancial statements and for the limited review of the half- year ﬁgures was € 38,500 (excl. VAT). An additional fee of € 32,000 (excl. VAT) was paid in 2022 in connection with non-audit services. d. Remuneration Management Company (and its directors and employees) The remuneration paid to the Management Company is ﬁxed at 1% of the company’s statutory capital (see p. 19 of the Explanation to the Financial Information). This calculation basis has been applica- ble since 2017. Thus, for the 2022 ﬁnancial year, € 1,456,988 was paid to the Management Company, a small increase compared to 2021 due to the realised capital increase of rounded € 8.5 million. The ﬁve members of the executive committee of Capricorn Part- ners jointly received a payment of € 344,620 for their services to the company during the past ﬁnancial year. This calculation is based on the proportion of income the Management Company receives from each fund. The share of that remuneration for the chairman of the executive committee is € 83,443, for the four other members of the executive committee together € 261,177. As the executive committee was expanded by two members in mid-2022, only 50% of the two additional board members were included in this calculation. No beneﬁts in kind, pension contributions or other insurance were granted, acquired or paid out at the expense of Quest for Growth during the past ﬁnancial year. The relative share of the ﬁxed re- muneration is therefore 100%, and no right of recovery had to be exercised for variable remuneration. On account of the holding of preference shares A and/or B of Quest for Growth, the following net dividends were paid to the executive director Jos Peeters and the executive oﬃcers: Jos Peeters, holder of 293 A or B shares received € 567,318.32, Yves Vaneerdewegh, holder of 124 A or B shares received € 240,093.76 and Sabine Vermassen, holder of 32 A or B shares received € 61,959.68. This shareholding with accompanying dividend right constitutes the only remuneration that can be considered a variable remunera- tion (the so-called “carried interest”) and is linked to the amount of dividends paid on Quest for Growth’s ordinary shares (and thus indirectly to QfG’s overall performance). We refer to the paragraph on Capital Structure and Quest for Growth’s Articles of Association in this regard. The link with individual allocation is historical (Jos Peeters was the co-founder of QfG) and time-related, in particular how much time each member of the Executive Committee spends on tasks for Quest for Growth. In the past ﬁnancial year, there was no change in the allocation of preference shares to members of the Company’s executive management. With regard to severance payments, the Management Company can say goodbye to any member of the executive management provided a three-month notice period is observed without owing any severance payment. During the past ﬁnancial year, the Management Company paid a total amount of € 5,023,835 to all its employees including vari- able remuneration of € 270,305 (which, however, are not linked to Quest for Growth performance). The number of beneﬁciaries is twenty-eight. The aggregate amount of remuneration paid to employees whose actions signiﬁcantly aﬀected QfG’s risk proﬁle was € 1,453,786. The ratio between the highest paid employee and the lowest paid is, excluding dividends but including variable remuneration that is part of the employment contract: 4.4x. e. Changes to the remuneration policy In 2022 the remuneration policy was not adjusted. The company anticipates a few substantial changes to its remuner- ation policy over the next two years, notably: • reduction in the number of board members • market remuneration for directors after benchmark • remuneration for members of the remuneration and nominati- on committee • modiﬁcation of the rights attached to the preference shares A and B • redistribution of the preference shares A and B These amendments will be submitted to the general meeting in 2023. f. Evolution of the remuneration and performance of the Company The remunerations of the directors and executive management were neither increased nor decreased in the past ﬁnancial year. The remuneration paid to the Management Company was adjusted from the date of the capital increase in accordance with the agreed ﬁxed remuneration of 1% on the capital. This is in line with the company’s remuneration policy which gives preference to ﬁxed remuneration and variable remuneration linked solely to the dividend yield of all shareholders, thus trying to align the interests of shareholders and executive management aximal. The company has opted to track the evolution of remuneration over the past ﬁve years starting from the 2020 ﬁnancial year. The evolution will therefore be included for the ﬁrst time in the annual report for ﬁnancial year 2024. 8. REMUNERATION REPORT

86 | ANNUAL REPORT 2022 OTHER STAUTORY DISCLOSURES REQUIRED BY ARTICLE 3:6 OF THE CODE OF COMPANIES AND ASSOCIATIONS 1° Description of the main risks and uncertainties See item 6 of the Notes to the ﬁnancial statements 2° Important events that have occurred after the end of the ﬁnancial year The board of directors has no knowledge of important events occurring after the balance sheet date that have inﬂuenced the capital, the economic or ﬁnancial position and/or the result of the company. 3° Disclosures concerning circumstances that might signiﬁcantly aﬀect the company’s development There exist no circumstances that might signiﬁcantly aﬀect the company’s development other than risks referred to under ‘Finan- cial Information’ and ‘Notes’. 4° Research and development activities Quest for Growth is an investment fund and does not develop any technology, service or product itself. It does of course investigate how it can increase its assets under management and thus contrib- ute to long-term value creation among shareholders. 5° Disclosures concerning the existence of branches of the company The company does not have any branches. 6° Carry-over loss or loss during two ﬁnancieal years In accordance with Article 3:6 § 1 6°, the company’s Board of Direc- tors must justify the application of the valuation rules on a loss car- ried forward on a going concern basis. The Board of Directors has considered the future and believes that the ﬁnancial statements can be prepared under the application of the valuation rules on a going concern basis. 7° All information that needs to be included The conﬂict of interest procedure as provided for in Articles 7:96 and 7:97 of the Code of Companies and Associations was initiated but ultimately did not have to be followed during the ﬁnancial year 2022. 8° Use of ﬁnancial instruments We refer to the statement of objectives and policy of the compa- ny regarding the management of risk set forth in this report. We also refer to the analysis of credit risk and liquidity risk explained elsewhere in this report under ‘Financial Information’ and to the analysis of ﬁnancial risks, including the pricing risk related to stock market prices, under the ‘Notes’. The company’s cash-ﬂow risk is limited in view of its activities as an alternative investment fund. 9° Justiﬁcation of the independence and expertise of a member of the audit committee We refer to the description of the directors who are members of the audit committee included in the Corporate Governance Statement. For the Corporate Governance Statement, we refer to the relevant chapter in this Annual Report.

88 | ANNUAL REPORT 2022 9. FINANCIAL INFORMATION 2022 9. FINANCIAL INFORMATION 2022 FREE TRANSLATION FROM THE DUTCH ORIGINAL REPORT STATUTORY AUDITOR’S REPORT TO THE GENERAL SHAREHOLDERS’ MEETING OF QUEST FOR GROWTH NV ON THE ANNUAL ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2022 We present to you our statutory auditor’s report in the context of our statutory audit of the annual accounts of Quest for Growth NV (the “Company”). This report includes our report on the annual ac- counts, as well as the other legal and regulatory requirements. This forms part of an integrated whole and is indivisible. We have been appointed as statutory auditor by the general meet- ing d.d. 31 March 2022, following the proposal formulated by the board of directors and following the recommendation by the au- dit committee. Our mandate will expire on the date of the general meeting which will deliberate on the annual accounts for the year ended 31 December 2024. We have performed the statutory audit of the Company’s annual accounts for 4 consecutive years. Report on the annual accounts Unqualiﬁed opinion We have performed the statutory audit of the Company’s annual accounts, which comprise the balance sheet as at 31 December 2022, the income statement, the statement of changes in equity and the statement of cash ﬂows for the year then ended, and the notes to the annual accounts, including a summary of signiﬁcant ac- counting policies and other explanatory information, and which is characterised by a balance sheet total of EUR 144,309,287 and an income statement showing a loss for the year of EUR 24,828,966. In our opinion, the annual accounts give a true and fair view of the Company’s net equity and ﬁnancial position as at 31 December 2022, and of its ﬁnancial performance and its cash ﬂows for the year then ended, in accordance with International Financial Report- ing Standards (IFRS) as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium. Basis for unqualiﬁed opinion We conducted our audit in accordance with International Stand- ards on Auditing (ISAs) as applicable in Belgium. Furthermore, we have applied the International Standards on Auditing as approved by the IAASB which are applicable to the year-end and which are not yet approved at the national level. Our responsibilities under those standards are further described in the “Statutory Auditor’s responsibilities for the audit of the annual accounts” section of our report. We have fulﬁlled our ethical responsibilities in accordance with the ethical requirements that are relevant to our audit of the annual accounts in Belgium, including the requirements related to independence. We have obtained from the board of directors and Company of- ﬁcials the explanations and information necessary for performing our audit. We believe that the audit evidence we have obtained is suﬃcient and appropriate to provide a basis for our opinion. Key audit matters Key audit matters are those matters that, in our professional judge- ment, were of most signiﬁcance in our audit of the annual accounts of the current period. These matters were addressed in the con- text of our audit of the annual accounts as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Fair value measurement of ﬁnancial assets Description of the key audit matter The Company measures its ﬁnancial assets, consisting of invest- ments that are, or are not, traded in active markets at fair value through proﬁt or loss. The fair value of investments that are traded in active markets is determined, based on their quoted market price on the respective stock markets on 31 December 2022 (Level 1 measurements in the fair value hierarchy). As disclosed in note 7.d., the total of the Lev- el 1 ﬁnancial assets recognised at fair value in the balance sheet amounts to EUR 82,771,077 at 31 December 2022. The fair value of investments that are not traded in active markets is determined on the basis of valuation methods applied by the Company using, among other things, estimates that are based on non-observable market data (Level 3 measurements in the fair value hierarchy). The estimates rely on assumptions made by the board of directors that are included in the valuation method of each individual investment. The most important assumptions for the investments valued based on the method based on multiples concern the composition of the peer group and the applied discounts or premiums. The most im- portant assumptions for the investments valued based on a sce- nario analysis are the assessment of Key Performance Indicators per investment and the probability-weighting of the diﬀerent pos- sible future scenarios. The total of the Level 3 ﬁnancial assets rec- ognised at fair value in the balance sheet at 31 December 2022 amounts to EUR 53,651,008 (note 7.d.).

ANNUAL REPORT 2022 | 89 The use of other underlying assumptions can alter the fair value. Considering the importance of ﬁnancial assets in the balance sheet and the impact of the fair value measurement on the balance sheet and the income statement, we consider this as a key audit matter. Our audit approach to the key audit matter Our veriﬁcation of the 31 December 2022 fair values as applied by the Company with regard to investments that are traded in active markets was based on the closing price on the said date. To assess the reasonability of 31 December 2022 fair value used in the measurements of investments that are not traded in active markets, we performed, amongst others, the following auditing procedures: • analysis of the peer group of comparable enterprises and of the applied discounts and premiums applied by the Company when using a valuation method based on the multiples approach; • inquiries with the investment managers with respect to the assumptions applied concerning the assessment of Key Performance Indicators of the enterprises in which the Com- pany holds an investment and with respect to the probabili- ty-weighting of the diﬀerent possible future scenarios, when using scenario analysis as valuation method; • assessment of the reasonableness of the assumptions used to determine the valuation by verifying them against under- lying elements; • review of the information disclosed in note 7 ‘Fair value of ﬁnancial instruments’ to the ﬁnancial statements as required under IFRS. In performing our audit procedures, we relied on the assistance of our internal valuation experts. Our auditing procedures have led us to conclude that the values, estimates and underlying assumptions used by the board of direc- tors fall within an acceptable range of reasonable estimates and assumptions, and that the information disclosed in note 7 to the ﬁnancial statements meets IFRS requirements. Responsibilities of the board of directors for the preparation of the annual accounts The board of directors is responsible for the preparation of annual accounts that give a true and fair view in accordance with Interna- tional Financial Reporting Standards as adopted by the European Union and with the legal and regulatory requirements applicable in Belgium, and for such internal control as the board of directors deter- mine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the board of directors is respon- sible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going con- cern and using the going concern basis of accounting unless the board of directors either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Statutory auditor’s responsibilities for the audit of the annual accounts Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstate- ment, whether due to fraud or error, and to issue an auditor’s re- port that includes our opinion. Reasonable assurance is a high lev- el of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to inﬂuence the economic decisions of users taken on the basis of these annual accounts. In performing our audit, we comply with the legal, regulatory and normative framework applicable to the audit of the annual ac- counts in Belgium. A statutory audit does not provide any assur- ance as to the Company’s future viability nor as to the eﬃciency or eﬀectiveness of the board of directors’ current or future busi- ness management. Our responsibilities in respect of the use of the going concern basis of accounting by the board of directors’ are described below. As part of an audit in accordance with ISAs, we exercise profes- sional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is suﬃcient and appropriate to provide a basis for our opinion. The risk of not detecting a ma- terial misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opini- on on the eﬀectiveness of the Company’s internal control; • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the board of directors; • 9. FINANCIAL INFORMATION 2022

90 | ANNUAL REPORT 2022 9. FINANCIAL INFORMATION 2022 • Conclude on the appropriateness of the board of directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast signiﬁ- cant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our statutory auditor’s report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify our opinion. Our con- clusions are based on the audit evidence obtained up to the date of our statutory auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern; • Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with the audit committee regarding, among other matters, the planned scope and timing of the audit and signiﬁcant audit ﬁndings, including any signiﬁcant deﬁciencies in internal con- trol that we identify during our audit. We also provide the audit committee with a statement that we have complied with relevant ethical requirements regarding independ- ence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independ- ence, and where applicable, related safeguards. From the matters communicated with the audit committee, we de- termine those matters that were of most signiﬁcance in the audit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s re- port unless law or regulation precludes public disclosure about the matter. Other legal and regulatory requirements Responsibilities of the board of directors The board of directors is responsible for the preparation and the content of the directors’ report on the annual accounts and the other information included in the annual report, as well as for the compliance with the legal and regulatory requirements regarding bookkeeping, with the Companies’ and Associations’ Code and the Company’s articles of association. Statutory auditor’s responsibilities In the context of our engagement and in accordance with the Bel- gian standard which is complementary to the International Stand- ards on Auditing (ISAs) as applicable in Belgium, our responsibili- ty is to verify, in all material respects, the directors’ report on the annual accounts and the other information included in the annual report, as well as compliance with the articles of association and of certain requirements of the Companies’ and Associations’ Code, and to report on these matters. Aspects related to the directors’ report and to the other information included in the annual report In our opinion, after having performed speciﬁc procedures in rela- tion to the directors’ report, the directors’ report is consistent with the annual accounts for the year under audit, and it is prepared in accordance with the articles 3:5 and 3:6 of the Companies’ and Associations’ Code. In the context of our audit of the annual accounts, we are also re- sponsible for considering, in particular based on the knowledge acquired resulting from the audit, whether the directors’ report and the other information included in the annual report, is materially mis- stated or contains information which is inadequately disclosed or otherwise misleading. In light of the procedures we have performed, there are no material misstatements we have to report to you. Statement related to independence • Our registered audit ﬁrm and our network did not pro- vide services which are incompatible with the statutory audit of the annual accounts and our registered audit ﬁrm remained independent of the Company in the course of our mandate. • The fees for additional services which are compatible with the statutory audit of the annual accounts referred to in article 3:65 of the Companies’ and Associations’ Code are correctly disclosed and itemised in the notes to the annual accounts. European Uniform Electronic Format (ESEF) We have also veriﬁed, in accordance with the draft standard on the veriﬁcation of the compliance of the ﬁnancial statements with the European Uniform Electronic Format (hereinafter “ESEF”), the com- pliance of the ESEF format with the regulatory technical standards established by the European Delegate Regulation No. 2019/815 of 17 December 2018 (hereinafter: “Delegated Regulation”). The board of directors is responsible for the preparation, in ac- cordance with ESEF requirements, of the ﬁnancial statements in the form of an electronic ﬁle in ESEF format (hereinafter “digital ﬁnancial statements”) included in the annual ﬁnancial report. Our responsibility is to obtain suﬃcient appropriate evidence to conclude that the format of the digital ﬁnancial statements comply in all material respects with the ESEF requirements under the Del- egated Regulation.

ANNUAL REPORT 2022 | 91 Based on the work we have performed, we believe that the format of the oﬃcial version of the digital ﬁnancial statements included in the annual ﬁnancial report of Quest for Growth NV per 31 Decem- ber 2022 comply in all material respects with the ESEF require- ments under the Delegated Regulation. Other statements • Without prejudice to formal aspects of minor impor- tance, the accounting records were maintained in accordance with the legal and regulatory requirements applicable in Belgium. • The appropriation of results proposed to the general meeting complies with the legal provisions and the provisions of the articles of association. • There are no transactions undertaken or decisions taken in breach of the Company‘s articles of associati- on or the Companies’ and Associations’ Code that we have to report to you. • This report is consistent with the additional report to the audit committee referred to in article 11 of the Regulation (EU) N° 537/2014. Diegem, 24 February 2023 The statutory auditor PwC Reviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV represented by Gregory Joos Réviseur d’Entreprises / Bedrijfsrevisor 9. FINANCIAL INFORMATION 2022 MANAGEMENT RESPONSIBILITY STATEMENT The ﬁnancial statements for the period ended 31 December 2022 have been prepared in accordance with IFRS as approved by the International Accounting Standards Board and accepted by the European Union. Where necessary, additional expla- nations are provided in this ﬁnancial information. The board of directors approved the ﬁnancial statements on 16 February 2023. The undersigned state that to the best of their knowledge: a. The ﬁnancial statements give a true and fair view of the ﬁnancial position, equity, proﬁt or loss, changes in equity and cash ﬂows of Quest for Growth NV, taken as a whole as at and for the twelve month period ended 31 December 2022; and b. The ﬁnancial statements include a fair review of important events that have occurred during the twelve month period ended 31 December 2022, and their impact on the ﬁnancial statements for such period, a description of the principal risks and uncertainties they face and the future prospects. Leuven, 16 February 2023 Regine Slagmulder Philippe de Vicq de Cumptich Sabine Vermassen Director – Chairman of the audit committee Director – Executive oﬃcer Executive oﬃcer Capricorn Partners

92 | ANNUAL REPORT 2022 In EUR Assets Situation at Notes 31 December 2022 31 December 2021 31 December 2020 Cash and cash equivalents 7.g 6,177,462 9,313,614 7,581,758 Short term debt securities 7.f 0 0 2,699,977 Trade and other receivables 15 1,050,834 910,459 192,002 Dividends receivable 7.f 563,083 450,277 328,430 Financial assets Financial assets at FVTPL - equity securities 14 136,042,102 168,509,906 142,401,510 Financial assets at FVTPL – debt securities 14 468,595 549,016 100,000 Other current assets 7,210 7,210 7,210 Total assets 144,309,287 179,740,483 153,310,887 Equity and liabilities Share capital 17 147,072,900 138,629,636 145,339,326 Reserves 21,918,727 7,929,733 Accumulated result 106,290 -9,154,588 Net result for the year -24,828,966 33,140,999 17,084,320 Total equity attributable to shareholders 144,268,952 179,700,367 153,269,059 Current tax payable 12 219 3 9 Other liabilities 40,115 40,112 41,819 Total liabilities 40,335 40,115 41,828 Total equity and liabilities 144,309,287 179,740,483 153,310,887 In EUR For the ﬁnancial year ended Notes 31 December 2022 31 December 2021 31 December 2020 Net realised gains / (losses) on ﬁnancial assets 8/10 6,764,147 18,841,630 9,328,136 Net unrealised gains / (losses) on ﬁnancial assets 8/10 -31,245,241 15,198,088 8,765,979 Dividends income 1,984,901 1,549,620 1,115,320 Interest income 11 -7,018 -14,121 -5,451 Net realised foreign exchange gain / (loss) 8,637 -128,103 -32,526 Net unrealised foreign exchange gain / (loss) 4,114 -11,340 25,769 Total revenues -22,490,460 35,435,774 19,197,227 Other operating income 101,156 29,066 35,752 Other operating loss -54,356 Total operating revenues -22,389,304 35,464,840 19,178,623 Fee management company 19 -1,456,988 -1,416,608 -1,464,587 Custodian fees -45,688 -49,599 -38,477 Director’s fees -161,281 -170,330 -163,845 Levy on investment funds 21.5 -166,557 -141,774 -125,971 Other operating expenses -272,972 -286,996 -134,692 Total operating expenses -2,103,791 -2,065,307 -1,927,572 Proﬁt / (Loss) from operating activities -24,492,791 33,399,533 17,251,051 Net ﬁnance expense -2,651 -5,658 -3,743 Proﬁt / (Loss) before income taxes -24,495,442 33,393,875 17,247,308 Withholding tax expenses 12 -333,304 -252,870 -162,945 Other incomes taxes 12 -219 -5 -42 Proﬁt / (Loss) for the period -24,828,966 33,140,999 17,084,320 Proﬁt / (Loss) per share Basic & diluted average number of shares outstanding 9 17,765,860 16,774,226 16,774,226 Basic & diluted proﬁt/loss per share for ordinary shares 9 -1.40 1.98 1.02 Basic & diluted proﬁt/loss per share for A and B shares 9 -1.40 1.98 1.02 BALANCE SHEET INCOME STATEMENT 9. FINANCIAL INFORMATION 2022 FINANCIAL STATEMENTS The holders of the diﬀerent share classes have diﬀerent rights in the event of a dividend payment and in the event of liquidation of the company (see point 18 below)

ANNUAL REPORT 2022 | 93 In EUR Notes Share capital Reserves Retained earnings/loss Total equity Balance at 1 January 2022 17 138,629,636 7,929,733 33,140,999 179,700,368 Retained earnings 13,988,994 -13,988,994 0 Proft/(Loss) for the year -24,828,966 -24,828,966 Capital reduction Issue of ordinary shares, net of costs of capital increase 8,443,264 8,443,264 Dividends -19,045,714 -19,045,714 Balance at 31 December 2022 17 147,072,900 21,918,727 -24,722,675 144,268,952 Balance at 1 January 2021 17 145,339,326 7,929,733 153,269,059 Retained earnings 7,929,733 -7,929,733 0 Proﬁt / (Loss) for the year 33,140,999 33,140,999 Capital reduction -6,709,690 -6,709,690 Issue of ordinary shares, net of costs of capital increase Dividends Balance at 31 December 2021 17 138,629,636 7,929,733 33,140,999 179,700,368 Balance at 1 January 2020 17 145,339,326 -9,154,587 136,184,739 Proﬁt/(Loss) for the year 17,084,320 17,084,320 Issue of ordinary shares, net of costs of capital increase Dividends Balance at 31 December 2020 17 145,339,326 7,929,733 153,269,059 In EUR For the ﬁnancial year ended Notes 31 December 2022 31 December 2021 31 December 2020 Cash ﬂows from operating activities Proceeds from sale of Financial Assets - equity securities 30,215,236 72,551,900 64,899,567 Proceeds from sale of Financial Assets – debt securities 0 2,699,977 2,499,978 Acquisition of Financial Assets - equity securities -21,234,761 -65,327,190 -67,631,718 Acquisition of Financial Assets - debt securities -888,571 -446,507 -100,000 Net receipts / (payments) from derivative activities 0 -258,725 0 Monies received from claims further to divestments 29,768 95,744 151,752 Dividends received 1,515,962 1,178,857 888,649 Interest received 11 110 221 1,074 Interest paid 11 -32,576 -14,342 -6,525 Operating expenses paid 12 -2,103,487 -2,070,367 -1,931,285 Income taxes paid -3,01 -11 -415 Cash ﬂow from operating activities 7,501,677 8,409,287 -1,228,923 Proceeds from capital increase 8,443,264 0 0 Capital reduction 0 -6,709,687 0 Dividends paid to holders of preference shares 17 -1,936,239 0 0 Dividends paid to holders of ordinary shares 18 -16,774,228 -1,710 0 Paid withholding tax on dividends to shareholders 18 -335,247 -0 0 Cash ﬂow from ﬁnancing activities -10,602,450 -6,711,397 0 Net increase / (decrease) in cash and cash equiva-lents -3,100,772 1,697,890 -1,228,923 Cash and cash equivalents at the beginning of the year -9,313,614 7,581,757 8,878,627 Eﬀect of exchange rate on cash and cash equivalents -35,079 33,967 -67,947 Cash and cash equivalents at the end of the period 6,177,462 9,313,614 7,581,757 STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS 9. FINANCIAL INFORMATION 2022

94 | ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 1. Reporting entity Quest for Growth NV PRIVAK (the “Company”) is a public alterna- tive investment company with ﬁxed capital under Belgian law, with registered oﬃce at Lei 19, PO Box 3, 3000 Leuven and with com- pany number 0463.541.422 The AIFM Directive, the AIFM Law and the Royal Decree mainly determine the legal status of the public privak. The Company is a closed end investment company primarily in- volved in investing in a highly diversiﬁed portfolio of equity secu- rities issued by companies listed on European stock exchanges, unquoted companies and unquoted investment companies, with the objective of realising capital gains that are distributed to the shareholders in the form of dividends. The Company is managed by Capricorn Partners (the “Manage- ment Company”). Quest for Growth is listed on Euronext Brussels under code BE0003730448. 2. Basis for reporting The ﬁnancial statements were authorised for publication by the Company’s board of directors on 16 February 2023. The ﬁnancial statements for the period ended on 31 December 2022 were prepared in accordance with IFRS as published by the International Accounting Standards Board (IASB) and accepted by the European Union. The annual accounts have been drawn up on the basis of going concern. 3. Functional currency and presentation of currencies The ﬁnancial statements are presented in euros, which is the com- pany’s functional currency. Following exchange rates were used for translation into euros: 31 December 2022 31 December 2021 USD 1.0666 1.1326 SEK 11.1218 10.2503 CAD 1.444 1.4393 GBP 0.88693 0.84028 CHF 0.9847 1,0331 NOK 10.5138 9.9888 4. Use of judgements and estimates In preparing these ﬁnancial statements, management has made judgement and estimates that aﬀect the application of accounting policies and reported amounts of assets, liabilities, income and ex- penses. The actual results may diﬀer from these estimates. a. Judgements Qualiﬁcation as an investment entity IFRS 10 lays down a compulsory exemption for companies that meet the deﬁnition of an investment entity from having to measure both its subsidiaries and its interests in associates and joint ventures at fair value with accounting of changes in value through proﬁt or loss. An investment entity is deﬁned as an entity that: (1) obtains funds from one or more investors for the purpose of pro- viding those investor(s) with investment management services; (2) commits to its investor(s) that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both, and (3) measures and evaluates the performance of substantially all of its investments on a fair value basis. In assessing whether it fulﬁls this deﬁnition, an entity must also look into whether it possesses the following typical features for an in- vestment entity: (1) it has more than one investment; (2) it has more than one investor; (3) it has investors that are not related parties of the entity; and (4) it has ownership interests in the form of shares or similar interests. In accordance with the transitional provisions of IFRS 1, this analy- sis was done on the transition date, when it was determined that Quest for Growth possesses both the essential and the typical fea- tures and therefore meets the deﬁnition of an investment entity. Quest for Growth is a public investment company with close-ended capital for investment in unquoted companies and growth compa- nies (called a “PRIVAK” (Dutch) or “PRICAF” (French)), regulated by the AIFM Directive, the AIFM Act and the public PRIVAKs/PRICAFs legislation (Royal Decree of 10 July 2016). The Company’s diver- siﬁed portfolio comprises for the most part investments in quot- ed equities, venture and growth capital and venture and growth funds. Quest for Growth is listed on Euronext Brussels and has a diversiﬁed range of shareholders. Quest for Growth’s objects are collective investment in permitted ﬁnancial instruments issued by unquoted companies and growth companies in order to thereby 9. FINANCIAL INFORMATION 2022 FINANCIAL STATEMENTS

ANNUAL REPORT 2022 | 95 realise capital gains that are paid in the form of dividends to its shareholders. Quest for Growth measures all holdings at fair value with changes in value accounted through the income statement. b. Assumptions and estimates The management makes estimates and assumptions concerning the future. The resulting accounting estimates will, by deﬁnition, seldom equal the related actual results. The assumptions and esti- mates that have a signiﬁcant risk of causing a material adjustment are outlined below. Estimates and underlying assumptions are re- viewed on an on-going basis. Revisions to estimates are recog- nized prospectively. Fair value of derivative ﬁnancial instruments The Company may, from time to time, hold ﬁnancial derivative instruments that are not quoted in active markets, such as over- the-counter derivatives. Fair values of such instruments are de- termined by using valuation techniques. Valuation techniques (for example, models) used to determine fair values, are validated and periodically reviewed. Fair value of private equity portfolio The private equity portfolio includes direct investments through equity, investment related investment loans and investments in other funds managed by the Management Company or in third party funds. These investments are stated at fair value on a case- by-case basis. Fair value is estimated in compliance with the International Private Equity and Venture Capital Association (IPEV) Guidelines. These guidelines include valuation methods and techniques generally recognised as standard within the industry. The Company primarily uses earnings multiples and scenario analysis to estimate the fair value of an investment. Although management uses its best judgement in estimation the fair value of investments, there are inherent limitations to every valuation methodology. Changes in assumptions could aﬀect the reported fair value of ﬁnancial instruments. Valuation models use observable data, to the extent practicable. The determination of what constitutes “observable” requires signiﬁcant judgement by the Company. The Company considers observable data to be market data that are readily available, regularly distribut- ed or updated, reliable and veriﬁable and provided by independent sources that are actively involved in the relevant market. We also refer to note 7 to the ﬁnancial statements for more infor- mation. 5. Important amendments to the principles for ﬁnancial reporting There are no signiﬁcant changes impacting the ﬁnancial reporting. 6. Financial risk management This note presents information about the Company’s exposure to each of the ﬁnancial risks. Quest for Growth is exposed to a number of ﬁnancial risks. The company’s major risk factors are deﬁned below. However these risks are not the only risks the company may run. Any other risk Quest for Growth may run, can also have a negative impact on the activities of the Company. A. Market risk 1. Price risk 2. Interest rate risk 3. Currency risk B. Liquidity risk C. Credit risk Financial risk management framework The Company’s overall risk management programme seeks to maximise the returns derived for the level of risk to which the Com- pany is exposed and seeks to minimise potential adverse eﬀects on the Company’s ﬁnancial performance. The Company’s policy al- lows it to use derivative ﬁnancial instruments to both moderate and create certain risk exposures. All securities investments present a risk of loss of capital. The max- imum loss of capital on long equity and debt securities is limited to the fair value of those positions. The maximum loss of capital on forward currency contracts is limited to the notional contract values of those positions. The management of these risks is carried out by the Management Company under policies approved by the board of directors, as explained in the annual report (Strategy page 8 and further). The Management Company reports daily in this regard to the exec- utive oﬃcers of the Company. Within the Management Company, risk management falls within the responsibility of a senior member of the ﬁnance department who is not a member of the executive committee but does report directly to it. The risk manager uses Excel spreadsheets to collate and process all information relevant for risk management. The Excel work- sheets generate various reports by which the risks within Quest for Growth can be monitored: • compliance with investment restriction • compliance with the legislation on closed-end private equity companies; • supervision of hedging of the exchange risk; • supervision of ﬂuctuations in the daily net asset value (NAV). All abnormalities are immediately notiﬁed to the executive oﬃcers. 9. FINANCIAL INFORMATION 2022

96 | ANNUAL REPORT 2022 31 December 2022 In foreign currency in euro Quoted equities CAD 127,954 88,611 CHF 9,202,674 9,345,663 Venture & growth capital GBP 0 0 USD 3,719,999 3,487,717 CHF 0 0 Venture & growth funds GBP 0 0 USD 0 0 Cash and cash equivalents GBP 0 0 USD 0 0 CHF 0 0 The risk manager reports to the executive oﬃcers. He/she reports to the audit committee at least once a year on his/her activities and can make process-improvement suggestions at any time. Risk management within the Company focuses especially on the risks associated with the investments in the portfolio and their im- pact on the company’s general risk proﬁle and liquidity. Focus is also laid on identifying and managing operational risks such as le- gal, outsourcing and compliance. A. Market risk 1. Price risk (see also sensitivity analysis on page 96) The value of the quoted companies in the portfolio directly de- pends on the stock prices and the evolution thereof. In addition, the valuation of the unquoted companies of the port- folio and the valuation of the venture capital funds depend upon a number of market related elements such as the value of compa- nies in the peer group, used for valuation purposes. This means that the fair value of quest for Growth’s unquoted port- folio is highly dependent on the evolution of the stock markets. Each investment in the quoted portfolio is smaller than 5% of the net asset value. Each direct investment in unquoted companies is also smaller than 5% of the net asset value. Investments in venture capital funds may be higher than 5% of the net asset value but are themselves diversiﬁed. 2. Interest rate risk Quest for Growth invests a limited amount in term deposits and commercial paper. The interest rate risk is therefore negligible. 3. Currency risk Quest for Growth invests in companies whose securities are not denominated in euro. It is the responsibility of the board of di- rectors to determine to what extent this currency risk should be hedged. As of September 2016 currency risk is no longer hedged. The board however, can at any time decide on a case-by-case ba- sis to hedge a position in the in the portfolio On 31 December 2022 Quest for Growth held a currency risk of € 12,921,991. The exposure per currency is illustrated in the tabel below: 9. FINANCIAL INFORMATION 2022 31 december 2021 in foreign currency in euro Quoted equities CAD 0 0 CHF 12,563,826 12,161,287 Venture & growth capital GBP 0 0 USD 1,719,999 1,518,629 CHF 0 0 Venture & growth funds GBP 0 0 USD 0 0 Cash and cash equivalents GBP 0 0 USD 0 0 CHF 0 0

ANNUAL REPORT 2022 | 97 Sensitivity analysis The table below sets out the eﬀect on the result of the period of a reasonably possible decrease of the euro against the USD, CAD and CHF by 10% at 31 December 2022 and 31 December 2021. The analysis assumes that all other variables, in particular interest rates, remain constant. Given that there were no debts or liabilities in foreign currencies at the end of the ﬁnancial year, the eﬀect on equity is the same as the eﬀect on proﬁt or loss. B. Liquidity risk ‘Liquidity risk’ is the risk that the company will encounter diﬃculties in meeting the obligations associated with its ﬁnancial liabilities and commitments that are settled by delivering cash or another ﬁnancial asset. Quest for Growth is an investment company with ﬁxed capital and – as opposed to investment funds with variable capital – does not have to buy back shares. No liquidity problems can arise in the short term. Quest for Growth does nonetheless invest in quoted growth shares with a certain liquidity risk and has outstanding commit- ments towards a number of venture and growth funds and venture and growth capital. These investment commitments need to be fully paid up in accord- ance with the investments the companies makes over the invest- ment period and further on. Quest for Growth has no control or decision power in this respect. The table below gives an overview of the outstanding commit- ments at 31 December 2022 and 31 December 2021. Currency Commit- ment in € 31/12/2022 Commit- ment in € 31/12/2021 Capricorn Health-tech Fund € 1,050,000 1,050,000 Capricorn ICT ARKIV € 1,472,000 2,046,925 Capricorn Sustainable Chemistry Fund € 5,000,000 8,000,000 Capricorn Digital Growth Fund € 12,000,000 11,250,000 Capricorn Fusion China Fund € 5,898,750 5,681,250 Carlyle Europe Technology Partners II € 653,148 653,148 Total 26,073,898 28,681,323 9. FINANCIAL INFORMATION 2022 The following are the contractual maturities of ﬁnancial liabilities at the reporting date. The table above shows the undiscounted cash ﬂows of the Fund’s ﬁnancial liabilities on the basis of their earliest possible contractual maturity. In euro Contractual cash ﬂows 31 december 2022 Book value Total Less than 15 days 15 days to 1 year More than 1 year Non-derivative liabilities Balances due to brokers 0 0 0 0 0 Dividends payable 0 0 0 0 0 Derivative ﬁnancial liabilities 0 0 0 0 0 Commitments 26,073,898 26,073,898 0 26,073,898 0 Total 26,073,898 26,073,898 0 26,073,898 0 In euro Contractual cash ﬂows 31 december 2021 Book value Total Less than 15 days 15 days to 1 year More than 1 year Non-derivative liabilities Balances due to brokers 0 0 0 0 0 Dividends payable 0 0 0 0 0 Derivative ﬁnancial liabilities 0 0 0 0 0 Commitments 28,681,323 28,681,323 0 28,681,323 0 Total 28,681,323 28,681,323 0 28,681,323 0 in euro 31 December 2022 31 December 2021 USD 387,524 168,737 CAD 9,846 0 CHF 1,038,407 1,351,254

98 | ANNUAL REPORT 2022 The ratio of net assets with an expected liquidation period within seven days (liquid assets) to total net assets is set out below. 31 December 2022 31 December 2021 Total liquid assets 45,330,877 67,848,724 Liquid assets as % of total net assets 31% 38% Liquidity in the case of quoted shares is assessed on the basis of the average number of shares traded at the exchange during the previous 90 days. The table below shows the anticipated liquida- tion period for ﬁnancial assets as at 31 December 2022: Term: Immediate- ly available Maximum 7 days Max. 1 month Max. 1 year More than 1 year 17.34% 14.09% 21.55% 9.86% 37.17% C. Credit risk - Concentration of credit risk Quest for Growth holds an important cash position. The credit risk on the cash position is managed by a fair distribu- tion of the cash amongst diﬀerent ﬁnancial institutions with solid ratings or guaranteed by the Belgian Government. However this di- versiﬁcation of cash or similar instruments cannot protect the Com- pany against negative evolutions within the counterparties that may have an important impact on the Company’s cash position. There were no signiﬁcant concentrations in debt securities to any individual issuer or group of issuers at 31 December 2022 or at 31 December 2021. No individual investment exceeded 5% of the net assets either at 31 December 2022 or at 31 December 2021. Participations in venture capital funds - which can be more than 5% of net assets - can be found on page 81 above. The Management Company reviews the credit concentration of debt securities based on counterparties. The table below shows the most signiﬁcant positions of cash and short term debt securities in fuction of the equity of the company on 31 December 2022: Counterparty Cash Short term debt securities BELFIUS BANK 3.09% 0.00% KBC BANK 0.35% 0.00% 7. Fair value of instruments a. Valuation models Fair value is the price that would be received to sell an asset or that would be paid to transfer a liability in an orderly transaction between market participants at a measurement date. Financial assets and liabilities measured at fair value The fair value of ﬁnancial assets and liabilities traded in active markets (such as listed securities and publicly traded deriva-tives) are based on quoted market prices at the close of trading at the measurement date. An active market is a market in which transac- tions for the asset or liability take place with sufﬁcient frequency and volume to provide pricing information on an on-going basis. The Company uses the close price for both ﬁnancial assets and ﬁnancial liabilities. If a signiﬁcant move-ment in fair value occurs subsequent to the close of trading at the end of the reporting date, valuation techniques will be ap-plied to determine the fair value. The fair value of ﬁnancial assets and liabilities that are not traded in active markets are determined by using valuation tech-niques. The Company may use internally developed models, which are based on valuation methods and techniques generally recognised as standard within the industry (IPEV). Valuation models are used primarily to value unlisted equity, debt securities and other debt instruments for which markets were or have been inactive during the ﬁnancial year. Some of the inputs to these models may not be market observable and are therefore estimated based on assump- tions. Valuation techniques used include the use of comparable recent market-based transactions. They determine how much an in- formed independent third party would be willing to pay to purchase the investment being valued. They refer to other instru-ments that are substantially the same, premium pricing models and other val- uation techniques commonly used by market participants who use market inputs as much as possible and rely as little as possible on inputs speciﬁc to the entity. The output of a model is always an estimate or approximation of a value that cannot be determined with certainty, and valua-tion techniques employed may not fully reﬂect all factors relevant to the positions the Company holds. Valuations are there-fore adjusted, where appropriate, to allow for additional factors including model risk, liquidity risk and counterparty risk. Other ﬁnancial assets and liabilities The carrying value less impairment provision of other ﬁnancial as- sets and liabilities are assumed to approximate their fair values. 9. FINANCIAL INFORMATION 2022

ANNUAL REPORT 2022 | 99 b. Fair value hierarchy The company recognises transfers between levels of the fair value hierarchy as at the beginning of the reporting period. The fair value hierarchy has the following levels: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the meas- urement date; Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3 inputs that are unobservable. This category includes all in- struments for which the valuation techniques includes inputs not based on observable data and whose unobservable inputs have signiﬁcant eﬀect on the instruments’ valuation. If the inputs used to determine the fair value of an asset or liability fall within diﬀerent levels of the fair value hierarchy, the determined fair value in its entirety is classiﬁed in the same level of the fair value hierarchy as the lowest level input that is signiﬁcant to the entire fair value measurement. For this purpose, the signiﬁcance of an input is assessed with respect to the fair value measurement as a whole. If a fair value measurement uses observable inputs that require signiﬁcant adjustment based on unobservable inputs, that measurement belongs to level 3. Assessing the extent to which a particular input is material to the fair value measurement in its en- tirety requires judgement, considering factors speciﬁc to the asset or liability. The determination of what constitutes ‘observable’ requires signiﬁ- cant judgement by the company. The Company considers observ- able data to be that market data that is readily available regularly distributed or updated, reliable and veriﬁable, not proprietary, and provided by independent sources that are actively involved in the relevant market. Investments whose values are based on quoted market prices in active markets, and are therefore classiﬁed within Level 1, include active listed equities and exchange traded derivatives. The Com- pany does not adjust the quoted price for these instruments. Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classiﬁed within Level 2. These include listed equities on non active markets and over-the-counter derivatives. As Level 2 investments include positions that are not traded in active mar- kets and/or are subject to transfer restrictions, valuations may be adjusted to reﬂect illiquidity and/or non-transferability, which are generally based on available market information. Investments classiﬁed within Level 3 have signiﬁcant unobservable inputs, as they trade infrequently. Level 3 instruments include pri- vate equity and corporate debt securities. As observable prices are not available for these securities, the Company has used valuation techniques to derive the fair value. c. Valuation framework The Company has established a control framework for the meas- urement of fair values. The Management Company that is responsi- ble for developing the Company’s valuation processes and proce- dures oversees the valuation process. The Management Company reports to board of directors of the Company. The valuations and calculations are carried out by the Manage- ment Company at a frequency, which is appropriate to the speciﬁc character of the Company. In practise, the Management Company reassesses the valuations of the non-quoted investments of the Company at least once every quarter. The valuation could be reas- sessed in between valuation dates in case material events occur in the underlying investment. The valuation is the responsibility of the valuation expert and the executive committee of the Management Company. The valuation role is functionally independent from the portfolio management ac- tivities and the valuation expert, though present in the team meet- ings is not a member of the investment committees. Other meas- ures ensure that conﬂicts of interest are mitigated and that undue inﬂuence upon the employees is prevented. The valuation shall be performed with all due skill, care and diligence. The valuation expert has an experience in auditing or determining the valuation of ﬁnancial instruments. For the valuation of the unquoted investments, the valuation expert receives input of the dedicated investment managers on the fun- damentals and the prospects of the non-quoted investments. He/ she attends the meetings of the investment teams. Valuation pro- posals can be discussed in the respective investment team meet- ings of the funds. The main responsibility of the valuation expert is to make sure that all valuations are done in accordance with the valuation rules of the company and that the assumptions at the basis of the valuation are suﬃciently documented. He/she will also make sure that all factors that could be relevant in determining the value of the unquoted investments are taken into account in the assessment. The valuation proposals are discussed at a quarterly valuation meeting that takes place close to the end of each quarter. Are pres- ent in this quarterly valuation meeting: the valuation expert, the 9. FINANCIAL INFORMATION 2022

31 December 2022 Level 1 Level 2 Level 3 Total Financial assets at fair value through proﬁt or loss Quoted equities 82,771,077 88,611 82,859,689 Debt securities 468,595 468,595 Venture & growth capital 13,701,867 13,701,867 Venture & growth funds 39,480,547 39,480,547 Total 82,771,077 88,611 53,651,008 136,510,697 Derivated ﬁnancial instruments Listed equity index options 0 0 0 0 Foreign currency forward contracts 0 0 0 0 Total 0 0 0 0 31 December 2021 Level 1 Level 2 Level 3 Total Financial assets at fair value through proﬁt or loss Quoted equities 116,459,903 0 0 116,459,903 Debt securities 0 0 549,016 549,016 Venture & growth capital 0 0 19,422,573 19,422,573 Venture & growth funds 0 0 36,627,429 32,627,429 Total 116,459,903 0 52,599,019 169,058,922 Derivated ﬁnancial instruments Listed equity index options 0 0 0 0 Foreign currency forward contracts 0 0 0 0 Total 0 0 0 0 100 | ANNUAL REPORT 2022 members of the executive committee of Capricorn Partners and all Capricorn investment managers overseeing active non-quoted in- vestments of the company. In the valuation meeting the proposed valuations of an investment manager are discussed with all mem- bers present and the valuations may be amended to obtain a ﬁnal valuation proposal. The ﬁnal valuation proposals are submitted for approval to the ex- ecutive committee of Capricorn Partners. The ultimate responsibility for the approval of the valuations re- sides legally and contractually with the board of Quest for Growth. Changes in valuation rules will be submitted to and need approval of the board of directors. d. Fair value hierarchy – Financial instruments measured at fair value The following table analyses ﬁnancial instruments measured at fair value at the reporting date by the level in fair value hierarchy into which the fair value measurement is categorised. The amounts are based on the values recognised in the statement of ﬁnancial po- sition. In 2022 no ﬁnancial instruments were transferred from level 2 to level 1. 9. FINANCIAL INFORMATION 2022

Private equity investments Venture capital funds Total Balance at 1 January 2022 19,971,590 32,627,429 52,599,019 Purchases 5,586,072 7,107,500 12,693,572 Sales -5,617,417 -351,984 -5,969,401 Transfers into level 3 Transfers out of level 3 Total proﬁt (or loss) recognised in the income statement -5,769,783 97,601 -5,672,182 Balance at 31 December 2022 14,170,462 39,480,547 53,651,008 Balance at 1 January 2021 15,646,277 25,096,969 40,743,246 Purchases 6,592,545 6,893,750 13,486,295 Sales -3,134,656 -1,951,889 -5,086,546 Transfers into level 3 Transfers out of level 3 Total proﬁt (or loss) recognised in the income statement 867,423 2,588,560 3,456,022 Balance at 31 December 2021 19,971,590 32,627,429 52,599,019 ANNUAL REPORT 2022 | 101 Measurement techniques used to determine fair value must en- compass as many relevant observable inputs and as few non-ob- servable inputs as possible. Level 3 inputs are non-observable as regards the assets. They are used to determine fair value to the ex- tent that no relevant observable inputs are available. They reﬂect the assumptions on which market players should proceed when measuring the assets, including assumptions as to risks. Risk assumptions include the risk inherent in a certain measure- ment technique that is used to determine fair value (such as a val- uation model) and the risk inherent in the inputs for the measure- ment technique. The table below shows the degree to which certain measurement techniques are used to value level 3 ﬁnancial instruments on 31 December 2022: 9. FINANCIAL INFORMATION 2022 The following table shows a reconciliation from the opening balances to the closing balances for the fair value meas- urement in level 3 of the fair value hierarchy. Multiples Scenario analysis Stock quotations Cash Other Venture & growth capital and debt securities 39.62% 60.38% Venture & growth funds (underlying instru-mentss) 6.82% 79.67% 2.20% 8.51% 2.80%

102 | ANNUAL REPORT 2022 e. Sensitivity analysis of ﬁnancial instruments at fair value through proﬁt or loss The valuation of investments in venture and growth capital and in venture and growth funds depends on a number of market related factors. The following market-related factors may be applied to the measurement methods. Multiples: the multiples used are preferably equity/earnings (com- pany value/turnover) for companies with a sustainable turnover ﬂow and equity/EBITDA (company value/proﬁt for ﬁnancial bur- dens, taxes and depreciation/amortisation) for companies with a sustainable EBITDA ﬂow. The valuation is done on the basis of the most recent available information over 12 months, for instance the ﬁgures for the last four quarters or the ﬁgures for the last ﬁnancial year. The multiple is determined based on the median for comparable companies (“peer group”). Factset is used as the source for these ﬁnancial data. The peer group is composed on the basis of crite- ria such as: similar activities or industry, size, geographical spread. The peer group preferably encompasses a minimum of three and a maximum of ten companies. The market-based multiple of the group of comparable quoted companies (peer group) is corrected with diﬀerences between the peer group and the company to be valued. A ﬁrst correction (illiquidity discount) is applied because of the diﬀerence in liquidi- ty of the valued shares compared to that of quoted shares. Other grounds for correcting multiples (discount or premium) might be: size, growth, diversity, nature of activities, diﬀerences between markets, competitive positioning, services performed by the com- pany, recent transactions selling or ﬁnancing comparable transac- tions, exceptional or non-recurring expected decline in results, etc. Scenario analysis: In applying the probability-weighted model, ac- count is taken of industry-speciﬁc information and available stud- ies. In valuing investments in venture and growth capital in the venture and growth funds managed by Capricorn, as at 31 December 2022 29 participations were valued on the basis of scenario analysis and 5 participations were valued using the multiple method. Addition- ally, in valuing the direct investments made by Quest for Growth in unquoted companies, 6 participations were valued on the basis of scenario analysis and 3 participations were valued using the mul- tiple method. If the valuations in a scenario analysis are subject to a 10% change, this means an increase (or decrease) in the value of the venture and growth funds by an amount of € 2,392,158. For Quest for Growth’s direct investments in venture and growth capital, valued under scenario analysis this would mean an increase (or decrease) of € 855,680. If the peer group multiple were to increase (or decrease) by 1 for the individual participations in the venture and growth funds val- ued on the basis of multiples, this would result in an overall in- crease (or decrease) of € 1,428,101. For Quest for Growth’s direct investments in venture and growth capitals valued on the basis of multiples, increasing (or decreasing) the multiple by 1 for the indi- vidual participations would mean an overall increase (or decrease) of € 748,559. The quoted equities portfolio is to a signiﬁcant extent sensitive to ﬂuctuations on the stock markets. The portfolio’s beta, which measure the portfolio’s sensitivity relative to the market, is 0.83 over 2 years. The betas have been calculated with Factset for the quoted share portfolio excluding cash against the STOXX Europe 600 index as at 31 December 2022. Taking account of these betas, calculated on the basis of historical data for the portfolio, a rise or fall of 8.3% can be expected upon a rise or fall of 10% in the STOXX Europe 600 index. Changes in the portfolio’s composition and changes in the volatility of shares in the portfolio or of the market can give rise to ﬂuctuations beyond the above range. 9. FINANCIAL INFORMATION 2022

104 | ANNUAL REPORT 2022 f. Financial instruments not measured at fair value The ﬁnancial instruments not meas- ured at fair value through proﬁt or loss are short term ﬁnancial assets and lia- bilities whose book value approaches fair value. They are not measured at fair value because the book value is a good approach of the fair value, be- cause of their short term nature and for the ﬁnancial assets for the high credit quality of counterparties. Consequent- ly, no depreciation due to expected credit losses was recognised for these receivables. 8. Operating segments The Company has three reportable segments: Investments in quot- ed equities, investments in venture and growth capital and invest- ments in venture and growth funds. Segment information is pre- pared on the same basis as that is used for the preparation of the Fund’s ﬁnancial statements. Investments in quoted equities Quest for Growth’s quoted portfolio is 100% actively managed and does not follow any reference index or benchmark. Stock selection is based on fundamental analysis. Important investment criteria are: ﬁnancial strength, growth prospects, market position, man- agement strength and valuation. The preference lies in long-term investments in growth companies with an attractive valuation. Most of the shares within the portfolio are in companies with a small or mid sized market capitalisation (small & mid caps). Quest for Growth believes it is very important to maintain personal con- tact with the management of these companies. In addition to mid caps, Quest for Growth may also invest in large companies to a certain degree, thus improving the liquidity of part of the portfolio. Balanced diversiﬁcation among the various industries is a goal. The portfolio is diversiﬁed but selective, with investments in 20 to 30 diﬀerent companies. The holding in any individual company is in principle no more than 5% of the net asset value. Investments in venture and growth capital Quest for Growth is able, on a selective basis, to co-invest togeth- er with the venture capital funds of Capricorn Partners, which can result in Quest for Growth increasing its exposure to companies in which investments have already been made. This will usually be done in a later phase of the company’s development. These kinds of investments are initially decided on by the board of directors of Quest for Growth. 9. FINANCIAL INFORMATION 2022 31 December 2022 Book value Level 1 Level 2 Level 3 Total Financial assets Short-term debt securities 0 0 0 0 0 Trade and other receivables 1,050,834 0 1,050,834 0 1,050,834 Dividend receivables 563,083 0 563,083 0 563,083 Financial liabilities Trade payables 0 0 0 0 0 31 December 2021 Book value Level 1 Level 2 Level 3 Total Financial assets Short-term debt securities 0 0 0 0 0 Trade and other receivables 910,459 0 910,459 0 910,459 Dividend receivables 450,277 0 450,277 0 450,277 Financial liabilities Trade payables 0 0 0 0 0 g. Cash and cash equivalents Cash and cash equivalents are assets placed with ﬁnancial institutions and can be accessed immediately. During the year, the position in short-term debt securites was further reduced.

ANNUAL REPORT 2022 | 105 To encourage investments in unquoted companies, since 2017 Quest for Growth has also been able to invest directly, without these investments constituting a co-investment. We refer to the Srategy chapter of this report on page 8. For direct investments in unquoted companies, Quest for Growth will invest a maximum of 5% of the assets in a single company. The aim with regard to unlisted equities is to create capital gains by means of takeovers by other market players or in the course of exit (i.e., disposing of the shares in the company) by means of an IPO on the stock market Investments in venture and growth funds Investments in unquoted equities will increasingly be made via venture and growth funds of Capricorn Partners, which is Quest for Growth’s Management Company. Decisions on whether to under- take investments in these funds are taken by the board of directors of Quest for Growth. The aim is to acquire signiﬁcant holdings in businesses via these funds, whereby the Management Company plays an active role on the board of directors and in supporting those businesses’ management. This strategy is designed to en- sure a higher inﬂux of investment ﬁles and more thorough supervi- sion of the investments in unlisted shares, with the ultimate aim of further improving Quest for Growth’s future results. As regards investments in third-party funds, a similar strategy has been pursued as for direct holdings in unquoted companies, but there will be no investments in new funds. Past obligations will be honoured. The table below gives an overview of the assets per segment: Note 31 December 2022 31 December 2021 Investments in quoted equities 14 82,859,689 116,459,903 Investments in venture and growth capital 14 14,170,462 19,971,590 Investments in venture and growth funds 14 39,480,546 32,627,429 TOTAL 136,510,697 169,058,922 9. FINANCIAL INFORMATION 2022 In EUR For the period ended Note 31 December 2022 31 December 2021 Net realised gains /(losses) on ﬁnancial assets 7/10 573,633 12,888,490 Net unrealised gains/(losses) on ﬁnancial assets 7/10 -25,573,059 11,742,064 Dividends income 1,984,901 1,549,620 Segment revenue from investments in quoted equities -23,014,525 26,180,174 Net realised gains/(losses) on ﬁnancial assets 7/10 5,899,538 6,715,788 Net unrealised gains/(losses) on ﬁnancial assets 7/10 -5,769,784 867,425 Dividends income 0 - Segment revenue from investments in venture and growth capital 129,754 7,583,213 Net realised gains /(losses) on ﬁnancial assets 7/10 290,977 -762,648 Net unrealised gains /(losses) on ﬁnancial assets 7/10 97,601 2,588,600 Dividends income 0 - Segment revenue from investments in venture and growth funds 388,577 1,825,952 Net interest income / (charges) 11 -7,018 -14,121 Net realised foreign exchange gain/(loss) 8,637 -128,103 Net unrealised foreign exchange gain/(loss) 4,114 -11,340 Total income from investments -22,490,460 35,435,774 Other operating income / (loss) 101,156 29,066 Total operating income -22,389,304 35,464,840 Total operating costs -2,103,487 -2,065,307 Proﬁt from operating activities -24,492,791 33,399,533 Net ﬁnance expense -2,651 -5,658 Proﬁt / (Loss) before income taxes -24,492,791 33,393,875 Withholding tax expenses 12 -333,304 -252,870 Other incomes taxes 12 -219 -5 Proﬁt / (Loss) for the period -24,828,966 33,140,999 OVERZICHT VAN WINST OF VERLIES PER SEGMENT

106 | ANNUAL REPORT 2022 9. Earnings per share 10. Net gain from ﬁnancial instruments at fair value through proﬁt or loss 12. Income taxes Other income taxes Quest for Growth is structured as a private equity company and therefor enjoys considerable tax beneﬁts. These beneﬁts only ap- ply if the investment rules are adhered to and: • All the portfolio companies are subject to a normal taxation scheme; • At least 80% of realised proﬁts from the ﬁnancial year are distributed as dividends (Quest for Growth’s articles of associ- ation specify that it will distribute at least 90% of the realised proﬁts) to the extent that the provisions of the CAC and of Article 35 of the Royal Decree of 10 July 2016 are met; • Provided there are sums available for distribution. Provided the private equity company adheres to these investment rules, the tax base is limited to disallowed expenses and ‘abnormal or gratuitous beneﬁts’. Amendments of the corporate tax laws may have an important im- pact on the Company’s results. Withholding taxes Dividend income from foreign companies received by the Compa- ny is subject to withholding tax imposed in country of origin. Based on double-taxation treaties between Belgium and the country of origin, sometimes part of the retained withholding taxes can be claimed back. Dividend income from Belgian companies is subject to a withhold- ing tax of 30%. The withholding tax paid cannot be claimed back. During the reporting period till 31 December 2022 € 146,255 (2021: € 79,416) was withheld on dividends from Belgian companies. For the period to 31 December 2022, a sum of € 187,049 of non-de- ductible withholding tax was retained at source on dividends from foreign corporations. In the period to 31 December 2021, reten- tions of this kind amounted to € 173,454. 9. FINANCIAL INFORMATION 2022 31 December 2022 31 December 2021 Ordinary shares class A shares class B shares Ordinary shares class A shares class B shares Average number of shares outstand-ing - basic and diluted 17,765,860 750 250 16,773,226 750 250 Proﬁt / (Loss) -24,827,569 -1,048 -349 33,139,023 1,482 494 Proﬁt / (Loss) per share -1.40 -1.40 -1.40 1.98 1.98 1.98 The holders of the diﬀerent share classes have diﬀerent rights to dividend payments and on liquidation of the company (see point 18 below) The realised gain from ﬁnancial instruments at fair value through proﬁt or loss represents the diﬀerence between the carrying amount of a ﬁnancial instrument at the beginning of the reporting period, or the transaction price if it was purchased in the current period, and its sale or settlement price. The unrealised gain represents the diﬀerence between the car- rying amount of a ﬁnancial instrument at the beginning of the pe- riod, or the transaction price if it was purchased in the current reporting period, and its carrying amount at the end of the period. Net gain (loss) from ﬁnancial instruments designated as at fair value through proﬁt or loss 31 December 2022 31 December 2021 Shares (including venture capital funds) -24,058,609 34,292,004 Debt securities -422,486 6,439 Derivative ﬁnancial instruments 0 -258,725 Net gain (loss) from ﬁnancial instruments designated as at fair value through proﬁt or loss 31 December 2022 31 December 2021 Realised 6,764,147 18,841,630 Unrealised -31,245,241 15,198,088 11. Interest income (charges) Interest income / (charges) on ﬁnancial instruments not measured at fair value 31 December 2022 31 December 2021 Short term debt securities 0 139 Cash and cash equivalents -7,018 -14,261

ANNUAL REPORT 2022 | 107 9. FINANCIAL INFORMATION 2022 31 December 2022 Designed at fair value Financial assets and liabilities at amortised cost Total Cash and cash equivalents 6,177,462 6,177,462 Short term debt securities Trade receivables 1,050,834 1,050,834 Dividends receivable 563,083 563,083 Financial assets Financial assets at FVTPL – equity securities 136,042,102 136,042,102 Financial assets at FVTPL – debt securities 468,595 468,595 Other current assets 7,210 7,210 Trade and other payables -219 -219 Other liabilities -40,115 -40,115 Total 136,510,697 7,758,255 144,268,952 31 December 2021 Designed at fair value Financial assets and liabilities at amortised cost Total Cash and cash equivalents 9,313,614 9,313,614 Short term debt securities Trade receivables 910,459 910,459 Dividends receivable 450,277 450,277 Financial assets Financial assets at FVTPL – equity securities 168,509,906 168,509,906 Financial assets at FVTPL – debt securities 549,016 549,016 Other current assets 7,210 7,210 Trade and other payables -3 -3 Other liabilities -40,112 -40,122 Total 169,058,922 10,461,455 179,700,367 13. Classiﬁcation of ﬁnancial assets and ﬁnancial liabilities The table below sets out the classiﬁcations of the carrying amounts of the company’s ﬁnancial assets and ﬁnancial liabilities into categories of ﬁnancial instruments.

108 | ANNUAL REPORT 2022 Classiﬁcation The company classiﬁes its investments in debt and equity securi- ties, venture funds and derivatives as ﬁnancial assets and liabilities at fair value through proﬁt and loss, given that they are managed, and their performance is evaluated on the basis of fair value pursu- ant to a documented risk management or investment strategy, and information concerning the group is circulated internally on this ba- sis to managers of the entity who hold key positions. Investments in equity instruments (including shares) are measured at fair value through proﬁt or loss, since they are held for trading. Derivative ﬁnancial instruments are measured at fair value through proﬁt or loss pursuant to IFRS 9. Financial assets or ﬁnancial liabilities held for trading are those ac- quired or incurred principally for the purpose of selling or repur- chasing in the near future or on initial recognition, they are part of a portfolio of identiﬁed ﬁnancial instruments that the fund manages together and has a recent actual pattern of short-term proﬁt taking. All derivatives and short positions are included in this category. No hedge accounting is done for hedging transactions. 14. Financial assets and ﬁnancial liabilities at fair value through proﬁt or loss 9. FINANCIAL INFORMATION 2022 Financial assets at fair value through proﬁt or loss 31 December 2022 31 December 2021 Quoted equities 82,859,689 116,459,903 Venture and growth capital 13,701,862 19,422,573 Venture and growth funds 39,480,547 32,627,429 Debt securities 468,595 549,016 Derivative ﬁnancial instruments 0 0 Total ﬁnancial assets through proﬁt or loss 136,510,697 169,058,922 15. Trade and other receivables Trade and other receivables comprise: 31 December 2022 31 December 2021 Claims pursuant to divestments (escrow-accounts) 1,050,834 910,459 Other 0 0 Total 1,050,834 910,459

ANNUAL REPORT 2022 | 109 16. Fees to the statutory auditor The fee paid to PWC Bedrijfsrevisoren for performing the audit of the ﬁnancial statements and for a limited review of the half-yearly ﬁgures amounted to € 38,500 (excluding VAT). An additional fee of € 32,000 (excluding VAT) was paid in 2022 in the connection with non-audit services. 17. Equity Capital increase / optional dividend: Quest for Growth paid a dividend of € 19,045,714.27 on 21 April 2022. This represented a gross dividend for the ordinary shares of € 1.02 per share (net: € 1.00 per share). Shareholders were oﬀered a choice between either: (i) the contribution of their dividend rights to capital in exchange for new shares of the class “ordinary shares”, (ii) the payment of the dividend rights in cash, or (iii) a combination of the two preceding options. The issue price for the holders of ordinary shares was € 6.00 per new ordinary share. The issue price for the holders of preference shares (A shares and B shares) was € 7.32 per new ordinary share, as they did not enjoy a discount. The number of dividend rights that had to be contributed to subscribe to one new ordinary share (the “exchange ratio”) was 6, i.e. 1 new ordinary share for 6 existing dividend rights. For 45% of the dividend rights, shareholders opted to contribute their dividend rights to the capital in exchange for new shares of the ordinary share class. As a result, 1,424,986 new ordinary shares were issued, for a total amount of € 8,549,916. The delivery of the new ordinary shares and their admission to trading on Euronext Brussels also took place on 21 April 2022. The capital of Quest for Growth now amounts (after deducting the costs of the capital increase) to € 147,072,900 and is represented by 18,198,945 ordinary shares, 750 A shares and 250 B shares. Each of these shares confers one voting right at the general meet- ing of the company. 9. FINANCIAL INFORMATION 2022 31 December 2022 31 December 2021 Authorised, issued and fully paid Ordinary shares 18,198,212 16,773,226 Class A shares 750 750 Class B shares 250 250 Subscribed capital € 148,298,945 € 139,749,029 Cost of capital increase € 1,226,045 € 1,119,393 Share capital after deduction cost of capital in-crease (IFRS) € 147,072,900 € 138,629,636

110 | ANNUAL REPORT 2022 18. Dividend Quest for Growth has the structure of a privak, a public alternative investment company with ﬁxed capital, and must comply with spe- ciﬁc rules. Although Article 35 of the Royal Decree of 10 July 2016 stipulates that the privak must distribute at least 80% of the net income of the ﬁnancial year, less the amounts corresponding to the net reduction of the investment institution’s debts in the ﬁnancial year, Quest for Growth’s Articles of Association contain a provision according to which the company is obliged to distribute at least ninety per cent (90%) of its income, after deduction of salaries, commissions and expenses. The General Meeting decides, on the proposal of the board of di- rectors, on the allocation of the balance. Dividend attributable to holders of diﬀerent classes of shares The holders of class A and class B shares of the Issuer receive a preference dividend. That preferred dividend is paid out of the part of the net proﬁt that exceeds the amount necessary to pay out to all the shareholders a dividend equal to six per cent (6%) nominal cal- culated on basis of the capital and reserves as they are expressed on the balance sheet after appropriation of the net proﬁt at the beginning of the accounting year to which the dividend relates. Of that surplus amount twenty per cent (20%) is paid out to holders of class A and class B shares of the Issuer as preference dividends. The remaining eighty per cent (80%) is distributed equally amongst all shareholders. Capital increases eﬀectuated during the year are included in the calculation on a pro rata temporis base Dividend distribution 2022 for the ﬁnancial year 2021 In accordance with the aforementioned provisions on proﬁt appro- priation, as deﬁned in the Royal Decree of 10 July 2016 on alter- native undertakings for collective investment in unquoted compa- nies and growth businesses (“Privak RD”), an additional amount of € 13,988,994 must be included in an unavailable reserve in respect of the 2021 ﬁnancial year to bring it to a total amount of € 21,918,727 being the positive balance of ﬂuctuations in the fair value of the assets. On 31 March 2022, the Annual General Meeting of Shareholders approved the proposal of the Board of Directors to distribute the remaining distributable proﬁt € 19,045,714.27 as a dividend. This amounted to a gross dividend for the ordinary shares of € 1.02 per share (net: € 1.00 per share). The dividend was paid with ex-coupon date 5 April 2022. Share- holders were given the choice of taking the dividend in shares or in cash: Gross Net Total Ordinary shares € 1.02 € 1.00 € 17,074,782.14 Shares class A/B € 1,970.93 € 1,936.24 € 1,970,932.12 € 19,045,714.27 Financial year 2022 Pursuant to Article 35 §2 2nd paragraph of the Royal Decree of 10 July 2016 relating to alternative undertakings for collective invest- ment in unlisted companies and growth companies, the positive balance of ﬂuctuations in the fair value of assets must be included in an unavailable reserve. The unavailable reserves under Article 35 & 2 2nd paragraph amounted to € 21,918,726.91 after the result distribution for ﬁnan- cial year 2021. On 31 December 2022, the balance of ﬂuctuations in the fair value of assets is - € 9,236,514. Consequently, the company will propose to withdraw the unavailable reserves. 9. FINANCIAL INFORMATION 2022

ANNUAL REPORT 2022 | 111 20. Subsequent events The board of directors has no knowledge of events occurring after the balance sheet date that might have an eﬀect on the result for the year. 21. Signiﬁcant valuation rules The Company’s ﬁnancial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) as is- sued by the International Accounting Standards Board (IASB) and approved by the European Union. The following valuation rules policies have been consistently ap- plied to all periods presented in these ﬁnancial statements. 21.1 Foreign currencies Transactions in foreign currencies are recorded at the exchange rate valid on the date of the transaction. Monetary assets and li- abilities in foreign currencies are converted at the closing rate on the balance sheet date. Proﬁts and losses resulting from foreign currency transactions and the conversion of monetary assets and liabilities are recorded in the income statement. 21.2 Non-derivative ﬁnancial instruments The fund categorises non-derivative ﬁnancial assets as follows: ﬁnancial assets valued at fair value with changes in value being incorporated into proﬁt or loss, and ﬁnancial assets at amortised cost. Realised proﬁts or losses on investments are calculated as the dif- ference between the sale price and the investment’s carrying value at the time of the sale. All purchases and sales of ﬁnancial assets according to standard market conventions are recognised on the transaction date. Purchases and sales of ﬁnancial assets according to standard mar- ket conventions are purchases and sales of an asset on the basis of a contract whose terms require delivery of the asset within the deadlines that are generally laid down or agreed on the relevant market. First recognition of loans, receivables and issued debt instruments occurs on the date on which they are executed. 19. Related parties and key contacts Parties are considered to be related if one party has the ability to control the other party or exercise signiﬁcant inﬂuence over the other party in making ﬁnancial or operational decisions. (a) Management fee The Company is managed by Capricorn Partners, an alternative investment fund manager incorporated in Belgium. Under the terms of the management agreement dated 1 April 2017, whereby the Company appointed Capricorn Partners as Management Company of Quest for Growth, the Management Company’s fee is set at 1% of the Company’s share capital. In 2021 Capricorn Partners received € 1,416,608 In 2022 Capricorn Partners received € 1,456,988

112 | ANNUAL REPORT 2022 Financial assets measured at fair value with changes in value reﬂected in proﬁt or loss A ﬁnancial asset is classiﬁed as measured at fair value through proﬁt or loss, if it does not fall within the other categories (meas- ured at amortised cost). Directly attributable transaction costs are accounted through proﬁt or loss at the time they are incurred. Financial assets measured at fair value through proﬁt or loss are measured at fair value; any changes including any interest or divi- dend proceeds are incorporated into proﬁt or loss. The shareholdings are classiﬁed as ﬁnancial ﬁxed assets measured at fair value through result. These holdings are equity instruments belonging to the fund’s investment portfolio, including associated holdings. The International Private Equity and Venture Capital Valuation Guidelines (IPEV Guidelines) are applied as explained below. In December 2018, a new version of these guidelines was published. Determination of the fair value for investments in equity components 1. Investments in quoted companies For investments that are actively traded on organised ﬁnancial markets, fair value is determined on the basis of the closing price at the time the relevant market closed on the balance sheet date. Discounts are not normally applied to stock market prices. How- ever, in cases where the liquidity of a share is restricted or if the market price is not representative, account is taken thereof in de- termining the value. The following discounts are applied where appropriate. They can be modiﬁed if circumstances clearly dictate they should be. • Contractual limitations or other legally enforceable restric- tions on sale such as a lock-up agreement: for investments in quoted companies subject to contractual arrangements prohibiting sale of those shares before the expiry of a given period (“lock-up agreement”), a discount of 1.5% is applied for each lock-up month still to run under the lock-up agreement, capped at 25%. No distinction is drawn between so called hard and soft lock-ups. • Limited liquidity owing to limited trading in the share: if the share is not regularly traded (e.g. not daily), a liquidity dis- count may be applied. If a share’s negotiability is limited (it is not traded in daily) and where there are particular movements in the price prior to the reporting date, the option can also be taken to apply an average price over a recent period as a measurement yardstick. • If more than one of the above discounts applies, application is made of the highest applicable at that time. 2. Investments in unquoted companies In accordance with IFRS 13, the fair value is determined as the amount for which an asset can be traded between well informed, independent parties prepared to enter into a transaction. In the absence of an active market for a ﬁnancial instrument, use is made of valuation models. Valuation methods are applied consistently from one period to another unless change would result in a better estimation of fair value. Valuation methods a. Multiples Method This method is used for investments in an established company with a signiﬁcant, identiﬁable or regular stream of turnover or prof- its that can be regarded as sustainable. When assessing the sus- tainability of the turnover or proﬁts, the company’s results for at least one audited ﬁnancial year must be available for examination together with the forecasted results outlook of the company. In order to determine the fair value of an investment, a reasona- ble and comparable multiple (bearing in mind the company’s risk proﬁle and proﬁt-growth prospects) is applied to the sustainable turnover or proﬁts of the company to be valued. The following multiples are preferred: • EV/turnover (enterprise value/turnover) for companies with a sustainable turnover ﬂow • EV/EBITDA (enterprise value/earnings before interest, taxes, depreciation and amortisation) for companies with a sustaina- ble EBITDA ﬂow The valuation is done on the basis of the most recent available ﬁgures over 12 months, either of the last four quarters or of the last ﬁnancial year. The multiple is determined based on the median for comparable quoted companies (the ‘peer group’). The peer group is composed on the basis of criteria such as: comparable activities or sector, size, geographical spread. The peer group will preferably encom- pass a minimum of three and a maximum of around ten companies. The market source used for determining the multiples is Factset. The market-based multiple of the peer group of quoted companies is then adjusted for points of diﬀerences between the peer group and the company to be valued (‘discount’ or ‘premium’). In this re- gard, account is taken of the diﬀerence in liquidity of the valued shares to be valued compared to that of quoted equities. Other grounds for correcting multiples might be: scope; growth; diversity; nature of activities; diﬀerences between markets; competitive posi- tioning; performance of the company; recent transactions in which comparable companies have been sold or ﬁnanced; exceptional or one-oﬀ items and anticipated drops in results. 9. FINANCIAL INFORMATION 2022

ANNUAL REPORT 2022 | 113 b. Scenario analysis The scenario analysis method is used when the company has no or no recurring, constant sales or proﬁts yet, which is often the case for seed, start-up and early-stage companies. The scenario analy- sis can also be used in exceptional circumstances for companies that meet the criteria for applying the multiples method, but where applying such multiples method would result in a valuation that does not reﬂect the fair market value of the investment. It consists of a forward-looking method that takes into account a number of possible future scenarios, being the probability-weight- ed expected return method (PWERM - probability-weighted ex- pected return method ). Valuations are determined by applying a correction factor to the most recent transaction price based on key performance indicators (KPI). This correction factor is calculated by assigning probability percentages to a number of diﬀerent possi- ble future scenarios: (a) a successful exit, (b) an upward revaluation, (c) an unchanged valuation (equal to the recent transaction price), ( d) a downward revaluation and (e) a total depreciation (lost in- vestment). c. Speciﬁc considerations Irrespective of the multiples or scenario analysis-based method used for the valuation, speciﬁc consideration should always be given to the following factors which may have an impact on the valuation of the portfolio company: • Any surplus assets or excess liabilities and other contingen- cies of the company. • Bridge ﬁnancing, such as granting loans to an investee com- pany pending on a new round of equity ﬁnancing) should be taken into account as follows: In case of an initial investment, where the AIF holds no other investment in the portfolio company, the bridge loan should be valued in isolation. If it is expected that the ﬁnancing will occur in due course and that the bridge loan is merely ensuring that funds are made available early, cost may be the best indicator of fair value, un- less market or company speciﬁc conditions exist, which could indicate that fair value diﬀer from cost. If the bridge ﬁnancing is provided to an existing investee company in anticipation of a follow-on investment, the bridge ﬁnance should be inclu- ded, together with the original investment, as a part of the overall package of investment being valued to the extent a market participant would be expected to combine the overall investment. • Other debt investments such as (convertible) loans etc. are valued at the price at which the debt investment was made or the loan was issued. At subsequent valuation dates, any indications of changes in credit risk that may aﬀect fair value should be taken into account. • Other rights such as conversion rights and ratchets may aﬀect the fair value, and a separate assessment is done in order to establish the probability of them being exercised and the impact that this could have on the fair value of the investment. • Diﬀerences in the allocation of earnings or exit proceeds, such as liquidation preferences must be assessed and taken into account in order to determine their impact on the valuati- on of the investment: • Multiples method: the calculated equity of the compa- ny must be integrated into the waterfall to obtain the fair value of the investment • Scenario analysis: liquidation preferences must be taken into account in speciﬁcally deﬁned situations • Any instrument that may have a dilutive eﬀect on the fund’s investment must be considered so as to split the net equity value appropriately among the diﬀerent securities and ﬁnanci- al instruments. • Non-binding indicative oﬀers, or term sheets are not accepted as such on a stand-alone basis for valuation but need to be assessed with a probability score of realization. • If a transaction upon which the valuation is based (e.g. SPA or “signed purchase agreement”) has been executed but has not yet been closed, a closing discount can be applied to the va- luation to factor in the risk that closing might not be achieved. • Positions in options and warrants must be valued separately from the underlying investments considering the exercise period and the strike price of the option or warrant versus the actual fair value of the underlying asset. • For receivables placed in an escrow account (in general a deferred payment of part of a sales price linked to representa- tions & warranties), a standard discount of 10% is applied. • Any internal matters such as fraud, commercial disputes, litigation, changes in management or strategy may obviously aﬀect the fair value as well. • At the measurement date, all available information is conside- red to determine the fair value of the investment. Post balance sheet events that occur between the end of the reporting pe- riod and the date that the ﬁnancial statements are authorized for issue, will be analyzed and depending on the nature of the event, the fair value of the investment can be adjusted. 9. FINANCIAL INFORMATION 2022

114 | ANNUAL REPORT 2022 d. Investments in funds not managed by Capricorn Partners For funds that are not managed by Capricorn Partners, the fund’s fair value is in principle derived from the reported fund’s net asset value. However, it may be necessary to adjust that value based on the best available information at the measurement date. Factors that might give rise to an adjustment include: a timing dif- ference against the reporting date, major valuation diﬀerences in the underlying shareholdings and any other factor likely to aﬀect the value of the fund. Hence, a better estimation of the fair value of the fund may be obtained by determining the individual valuations of the underlying shareholdings. e. Receivables of sold investments linked to milestones Receivables stemming from the sale of investments that are linked to uncertain future results (milestone payments based on sales or EBITDA ﬁgures or on other key performance indicators) are sepa- rately valued but attract a discount that is dependent on the prob- ability of these results-bound payments/claims being realised. To this end, probabilities of success that are generally accepted in the sector are used for a separate valuation. Financial assets measured at amortised cost Financial assets measured at amortised cost are classiﬁed in the business model that is based on the acquisition or holding of ﬁ- nancial instruments to collect the contractual cash ﬂows and pass the SPPI (solely payment of principal and interest) test. At initial recognition, these assets are measured at fair value plus any di- rectly attributable transaction costs. These ﬁnancial assets are subsequently measured at amortised cost, minus any impairments calculated on the basis of forecast credit losses pursuant to IFRS 9. Non-derivative ﬁnancial obligations On ﬁrst recognition, non-derivative ﬁnancial obligations are meas- ured at fair value plus any directly attributable transaction costs. After ﬁrst recognition, these obligations are measured at amortised cost using the eﬀective-interest method. Criteria for writing oﬀ ﬁnancial assets and debts Financial assets and debts are written oﬀ when the contractual rights attaching to them are no longer controlled. This arises when ﬁnancial assets and debts are sold or the cash ﬂows attributable to the assets and debts are assigned to an independent third party. 21.3 Derivative ﬁnancial instruments Derivative ﬁnancial instruments are measured at fair value on ﬁrst recognition; any directly attributable transaction costs are account- ed through proﬁt or loss at the time they are incurred. After ﬁrst recognition, derivative ﬁnancial instruments are measured at fair value. Changes in fair value are recognised in the income state- ment. No hedge accounting is done for hedging transactions. 21.4 Income tax As a matter of principle, Quest for Growth is subject to Belgian cor- poration tax at the standard rate of 25%. However, its tax base is de- termined on a notional basis in the sense that it comprises only the total abnormal and gratuitous beneﬁts it receives and disallowed ex- penses incurred other than impairment and capital losses on shares. Application of this favourable tax regime is dependent on Quest for Growth’s qualifying as a public PRIVAK/PRICAF. This means that, should the company forfeit that status (e.g. as the result of breaches of regulatory provisions imposed as a consequence of the status, such as permitted investments and the investment pol- icy that is pursued), said favourable corporation tax regime will no longer apply to it. Received income is in principle exempt from Belgian withholding tax except for Belgian-source dividends and compounded inter- est on loans and zero-coupon bonds. Belgian-source dividends remain subject to Belgian withholding tax at 30% unless Quest for Growth has held a holding representing at least 10% of the capital of the relevant Belgian company for one year or more. Any Belgian withholding tax retained at source on dividends received by Quest for Growth cannot be oﬀset against its corporation tax liability and any excess is not refundable. Moreover, it must be noted that certain foreign income received by Quest for Growth may be subject to local (foreign) withholding taxes. The company receives the relevant income after deduction or retention of the relevant local withholding tax and, in principle, cannot oﬀset it against its Belgian corporation tax charge or other- wise recover it in Belgium in any other manner. 21.5 Other levies Quest for Growth is a collective investment undertaking and there- fore subject to the annual tax on those bodies. The rate of this tax is 0.0925% and is the tax charged on the total net assets on 31 December of the preceding year. 21.6 Provisions Provisions are constituted where the company has engaged com- mitments (enforceable in law or de facto) as a result of previous events, where it is probable that fulﬁlment of those obligations will require an outﬂow of resources and where a reliable estimate can be made of the scope of those obligations. Provisions are deter- mined by placing a net present value on anticipated future cash ﬂows on the basis of a discount rate before tax that is a reﬂection of the current market assessments of the time value of money and of the speciﬁc risks relative to the obligation. The grossing-up of pro- visions is accounted as a ﬁnance charge. If the company expects to be remunerated for a provision, the repayment is not booked as an asset until such time as repayment is virtually certain. 9. FINANCIAL INFORMATION 2022

ANNUAL REPORT 2022 | 115 21.7 Recognition of earnings Interest earnings are booked as earnings according to the eﬀec- tive-interest method as set out in IFRS 9. Earnings and expenditure are presented on a net basis for proﬁts and losses on ﬁnancial instruments and for exchange rate proﬁts and losses. Declared didividends are recorded as earnings: (1) for listed shares: at the time the share is listed ex-coupon (2) for unlisted shares: at the time that the shareholders in general meeting approve the dividend 21.8 Share capital Costs directly attributable to an issuance of ordinary stock after deduction of any tax eﬀects are deducted from equity. Dividends proposed by the board of directors after year-end are not booked as a debt in the ﬁnancial statements until approved by the shareholders in annual general meeting. 21.9 Proﬁt per share Quest for Growth calculates both the ordinary and the diluted proﬁt per share in accordance with IAS 33. The ordinary proﬁt per share is calculated on the basis of the weighted average number of out- standing ordinary shares during the period. The diluted proﬁt per share is calculated according to the average number of outstand- ing shares during the period, taking into account the dilutive eﬀect of subscription rights to shares in circulation. There are currently no subscription rights to shares in circulation. 22. Newly applied standards There are no IFRS standards, amendments or interpretations, ﬁrst eﬀective for the ﬁscal year beginning January 1, 2022, that had a material impact on Quest for Growth’s 2022 accounts. 9. FINANCIAL INFORMATION 2022

116 | ANNUAL REPORT 2022 9. FINANCIAL INFORMATION 2022 Royal decree of 10 July 2016 Compulsory disclosures under the Royal Decree of 10 July 2016 on alternative funds for collective investment in unquoted companies and growth undertakings • The statutory debt ratio of the privak may not exceed 10% of the statutory assets. • Quest for Growth’s statutory debt ratio is 0.03%. • The total debt burden of the privak’s statutory debt ratio mul- tiplied by the total uncalled amounts upon acquisition by the privak of ﬁnancial instruments that are not fully paid up may not exceed 35% of the privak’s statutory assets. The total debt burden of Quest for Growth multiplied by the total uncalled amount upon acquisition by the privak’s ﬁnancial instru- ments that are not fully paid up amounts to 18.10%. • A detailed list of the transactions in quoted companies that have been carried out over the past ﬁnancial year may be inspected free of charge at the company’s registered oﬃce. • The Royal Decree of 10 July 2016 requires that more detailed information on transactions closed during the reporting period be published for investments in unquoted companies. Some- times however it is not possible to release detailed informa- tion about these transactions because releasing them could jeopardise the ﬁnanical position of portfolio companies. See the section concerning compulsory disclosures (above). • Portfolio composition, distribution per sector, per country and per currency and sector performance are detailed on the pages 14, 15 and 16 of the annual report preceding these ﬁnancial statements. • According to Article 35 §2 2nd paragraph of the Royal Decree of 10 July 2016 on alternative undertakings for collective investment in unlisted companies and growth companies, the positive balance of ﬂuctuations in the fair value of assets should be included in an unavailable reserve. The unavailable reserves under Article 35 & 2 2nd paragraph amounted to € 21,918,726.91 after the distribution of results for the 2021 ﬁnancial year. As at 31 December 2022, the balance of ﬂuctuations in the fair value of assets is - € 9,236,514. Consequently, the company will propose to withdraw the unavailable reserves. Compulsory disclosures required by the Royal Decree of 10 July 2016 on public privaks The Royal Decree of 10 July 2016 on public privaks sets down addi- tional obligations regarding the provision of information in the com- pany’s annual report. Article 11§1 of that Royal Decree has already been discussed above in the ‘Corporate Governance Statement’. Fees, commissions and costs (articles 10§2 and 10§3 of the Royal Decree) We refer to the Remuneration Report with regard to the obligations of article 10§2. During the ﬁnancial year, there were no transactions relating to the instruments and rights listed below and therefore the company did not pay any related commissions, duties or costs: • ﬁnancial instruments issued (a) by the Management Company or the custodian, or (b) by a company with which the privak, the Management Company, the custodian or directors, execu- tive oﬃcers or persons charged with the daily management of the privak, or the Management Company is related; • participatory rights in any other institution for collective invest- ment that is managed directly or indirectly by the Manage- ment Company or other persons falling within the immediately foregoing clause. Limitations exceeded (articles 23, 24 and 30 of the Royal Decree) On 31 December 2022 the company was in compliance with article 18§3 of the Royal Decree and the corresponding provisions of its articles of assocation. During articles 23, 24 and 30 of the Royal Decree did not apply to the company.

QUOTED EQUITIES ACQUISITION VALUE VALUATION ABO WIND 1,240,447 4,510,395 B&C SPEAKERS 2,141,445 2,079,050 CEWE STIFTUNG 6,230,345 5,791,667 DATRON 1,552,300 1,273,300 EQUASENS 4,891,403 5,029,551 EVS 2,778,065 2,973,158 FRX INNOVATION 2,056,495 88,611 GURIT 2,769,454 1,843,506 JENSEN GROUP 5,917,479 4,051,215 KERRY GROUP 4,306,054 3,495,960 LEM HOLDING 1,873,451 2,634,431 MAYR-MELNHOF KARTON 3,597,689 3,402,000 MELEXIS 4,508,646 4,154,409 NEDAP 4,212,655 5,123,140 NEXUS 2,977,921 3,314,576 ROCHE 5,936,001 4,867,726 SAP 3,794,627 3,007,368 STEICO 4,211,584 2,732,819 STRATEC 2,894,227 2,433,243 THERMADOR 3,442,052 3,055,273 TKH GROUP 6,282,796 4,963,461 TUBIZE 4,330,980 4,572,831 UMICORE 2,991,219 2,574,000 WOLTERS KLUWER 5.152.169 4.888.000 VENTURE & GROWTH CAPITAL ACQUISITION VALUE VALUATION SHARES DMC 1,513,685 1,612,601 ECLECTICIQ 2,500,000 2,557,961 FINQUEST 1,906,033 1,875,117 FRUITCORE ROBOTICS 2,000,327 2,000,327 NGDATA 1,615,594 959,758 QPINCH 1,899,998 2,137,498 REIN4CED 2,422,385 1,378,020 SENSOLUS 755,828 1,180,553 LOAN NOTES / COMMERCIAL PAPER PROLUPIN 888.571 468.595 ANNUAL REPORT 2022 | 117 9. FINANCIAL INFORMATION 2022 Investments (annex B to the Royal Decree of 10 July 2016) This report contains further information about the transactions that were carried out during the past ﬁnancial year by the privak, including inter alia a list of investment transactions that were carried out during the relevant ﬁnancial year with mention, for each transaction, of the acquisition value, the valuation value and the category of investments in which they were allocated. The tables below provide an overview of the acquisition value, the valuation of the investments and the category of investments to which they belong and a list of the investment transactions for venture & growth capital and venture & growth funds. VENTURE & GROWTH FUNDS ACQUISITION VALUE VALUATION CAPRICORN CLEANTECH FUND 2,758,750 886,415 CAPRICORN DIGITAL GROWTH FUND 8,000,000 6,970,305 CAPRICORN FUSION CHINA FUND 3,176,250 2,615,454 CAPRICORN HEALTH-TECH FUND 2,605,073 11,041,232 CAPRICORN ICT ARKIV 1,288,000 5,029,841 CAPRICORN SUSTAINABLE CHEMISTRY FUND 13,000,000 12,090,332 CARLYLE EUROPE TECHNOLOGY PARTNERS II 12,383 86,891 LIFE SCIENCES PARTNERS III 11,467 138,309 LIFE SCIENCES PARTNERS IV 16.940 621.767 For the investments in quoted equities, the detailed list of transactions carried out during the previous ﬁnancial year can be consulted free of charge at the company’s registered oﬃce. List of transactions for venture & growth capital and venture & growth funds: VENTURE & GROWTH FUNDS TRANSACTIONS CAPRICORN CLEANTECH FUND -375,000 CAPRICORN DIGITAL GROWTH FUND 4,250,000 CAPRICORN FUSION CHINA FUND 1,282,500 CAPRICORN ICT ARKIV 575,000 CAPRICORN SUSTAINABLE CHEMISTRY FUND 1,000,000 LIFE SCIENCES PARTNERS III -159,691 LIFE SCIENCES PARTNERS IV -82,234 VENTURE & GROWTH CAPITAL TRANSACTIONS SHARES DMC 0 ECLECTICIQ 500,000 FINQUEST 1,767,097 FRUITCORE ROBOTICS 2,000,327 NGDATA 185,500 QPINCH 0 REIN4CED 0 SENSOLUS 104,999 LOAN NOTES / CP PROLUPIN 888,571

118 | ANNUAL REPORT 2022 Investments and securities representing more than 5% of the assets and other obligations (annex B to the Royal Decree of 10 July) During the ﬁnancial year the company did not have investments representing more than 5% of the assets, with the exception of the invest- ments related to the venture capital funds controlled by the Management Company explained below: The company has no outstanding guarantees or securities. Notes to the overall policy guidelines in companies where the privak/pricaf or its representatives are represented in the governing bodies (Annex B to the Royal Decree of 10 July 2016) Quest for Growth is represented directly in the governing bodies of the venture capital funds that are managed by the Management Company, and indirectly via the representative of the Management Company in the governing bodies of almost all unquoted companies that constitute a co-investment with a venture capital fund of Cap- ricorn Partners and of one direct investment of Quest for Growth. Representatives who exercise a governing mandate are required to follow the lines of conduct set out in the Code of Conduct for Quest for Growth directors and, if applicable, in the Code of Conduct of the Management Company. All parties concerned are required to abide strictly by the conditions and provisions of the Management agreement. During the ﬁnancial year under review, the privak/pricaf and its representatives did not apply Articles 7:96 and 7:97 of the Code of Companies and Associations in companies where the privak or its representatives are represented in the governing bodies. Other compulsory disclosures Other compulsory disclosures are spread throughout this report, where necessary with a reference to the relevant provision of said Royal Decree of 10 July 2016. % NAV Called capital Uncalled capital % Uncalled capital Final closing date End of investment period Remaining term (in years) Number of portfolio companies Capricorn Health-tech Fund 7.65% 13,950,000 1,050,000 7% 22/10/2010 18/12/2015 2 3 Capricorn Sustainable Chemistry Fund 8.38% 15,000,000 5,000,000 25% 14/12/2018 14/12/2023 5 10 (*) see page 41 and further “investments in venture and growth funds” 9. FINANCIAL INFORMATION 2022

ANNUAL REPORT 2022 | 119 10. GENERAL INFORMATION 10. GENERAL INFORMATION GENERAL INFORMATION ABOUT THE COMPANY Name, legal form and legal entities register The company’s registered oﬃce is situated at Lei 19, box 3, B-3000 Leuven. The company is registered in Belgium under the legal entities register in Leuven, with company registration number 0463.541.422. Formation, changes to the Articles of Association, duration The company was established for an indeﬁnite period in the form of a public limited company (NV/SA) on 9 June 1998. Financial year and audit The Company’s ﬁnancial year begins on January 1st and ends on December 31st. The annual accounts are audited by PwC Bedrijfs- revisoren LTD, represented by Mr Gregory Joos, Culliganlaan 5, 1831 Machelen. Where information is available for inspection Quest for Growth’s articles of association are available for inspec- tion at the registry of Leuven Commercial Court. The company’s ﬁnancial statements are ﬁled with the National Bank of Belgium. These documents, together with the annual, semi-annual and quar- terly reports and all other public information intended for share- holders, are published on the website of the Company: and may also be obtained from the company’s registered oﬃce. The annual report, together with the ﬁnancial statements, are sent to the registered shareholders and to all other parties so requesting. Company objectives The privak aims to invest collectively by means of ﬁnancing from the public in accordance with the Royal Decree of 10 July 2016 on alternative undertakings for collective investment in unlisted com- panies and in growth companies. Its investment policy will be guid- ed by the provisions of the aforementioned Royal Decree and the provisions of its Articles of Association and the prospectus issued in connection with the public issue of shares. The privak shall focus its investment policy on investment in growth industries in various sectors of the economy, including but not lim- ited to the sectors of medicine and health, biotechnology, informa- tion technology, renewable energy and new materials. Furthermore, the company may incidentally keep liquid funds in the form of savings accounts, investments at notice or short term investment certiﬁcates. From the second year of operations on- wards, such liquid funds shall in principle be limited to ten per cent (10%) of the assets unless a special decision by the board of direc- tors temporarily authorises a higher percentage. General meeting The general meeting shall be held on the last Thursday of March at 11am. Where that date falls on a public holiday, the meeting shall take place on the next working day. The AGM for the accounting year starting 1 January 2023 and ending 31 December 2023 will take place on 28 March 2024.

120 | ANNUAL REPORT 2022 10. GENERAL INFORMATION Closed-end private equity funds, submitted to the Royal Decree of 10 July 2016 on alternative institutions for collective investment in unquoted and growth companies, are an investment instrument designed to oﬀer individual investors a suitable framework in which to invest in unquoted and growth undertakings. The privak is under the supervision of the Financial Services and Market Authority (FSMA) and is subject to speciﬁc investment rules and obligations as regards the distribution of dividends. Investment rules ● 25% or more of the portfolio must be invested in unquoted companies; ● 70% or more of the portfolio (qualiﬁed investments) must be invested in • unquoted companies; • quoted growth companies with a market capitalisation of less than 1.5 billion euros; • other alternative investment funds with an investment policy similar to that of the private equity fund. A private equity fund may not invest more than 20% of its portfolio in a single undertaking. Board of directors Mr Antoon De Proft, chairman and independent director Mr Michel Akkermans, director Mr René Avonts, director Mr Philippe de Vicq de Cumptich, director and executive oﬃcer Mr Jos Clijsters, director Dr. Jos B. Peeters, director Ms Liesbet Peeters, director Prof. Regine Slagmulder, independent director Mr Paul Van Dun, independent director Ms Brigitte de Vet-Veithen, independent director Audit committee Prof. Regine Slagmulder, chairman Mr René Avonts Mr Paul Van Dun Executive oﬃcers Mr Philippe de Vicq de Cumptich, director Ms Sabine Vermassen, member of the executive committee of Capricorn Partners Management company Capricorn Partners NV, Lei 19 box 1, B-3000 Leuven Statutory auditor PwC Bedrijfsrevisoren LTD, represented by Mr Gregory Joos, Culliganlaan 5, 1831 Machelen Depository bank BELFIUS BANK BELGIË, Pachecolaan 44, B-1000 Brussels Incorporation 9 June 1998 Oﬃcial listing 23 September 1998 on Euronext Brussel Security number ISIN: BE0003730448 Stock price Bloomberg: QFG BB Equity Reuters: QUFG.BR Telekurs: 950524 Company reports quarterly, the next quarterly report will be published on 27 April 2023 Estimated net asset value published every ﬁrst Thursday of the month on the website www.questforgrowth.com SUPPLEMENTARY INFORMATION

122 | ANNUAL REPORT 2022 9. FINANCIAL INFORMATION 2022 TAX TREATMENT Tax treatment of a public privak/pricaf As a public privak/pricaf, Quest for Growth NV falls under the spe- cial corporation tax rules in section 185bis of the Income Tax Code 1992, which restrict the tax base of public privaks/pricafs to abnor- mal and gratuitous beneﬁts that they receive and non-deductible expenditure (except for write-downs and impairment on shares). Tax liability in the hands of Belgian individuals and bodies subject to legal entities tax Dividend distributions There is no withholding tax charge on that portion of a dividend de- rived from capital gains realised by a privak/pricaf on shares. The remaining portion of the dividend attracts a withholding tax charge at a rate of 30%. The charge to withholding tax and the exemption therefrom are both ﬁnal in terms of ultimate liability. Capital gains on shares realised by Belgian individuals Private individuals not investing in the course of their business in principle pay no tax on any capital gain realised by them when selling their units in a privak/pricaf. There is an exception to this rule under section 19bis Income Tax Code 1992, which imposes a tax charge on the privak/pricaf’s inter- est component in the case of a purchase of own shares, liquidation or transfer for valuable consideration of units in a public privak/ pricaf in the name of individual investors (referred to as the “sav- ings levy”). The ambit of section 19bis was amended by section 101 of the “Programme Law” of 25 December 2017. For participatory rights acquired on or after 1 January 2018, section 19bis applies to collective investment undertakings investing 10% or more in debt claims and/or certiﬁcates of debt. The threshold was previously 25%. However, section 19bis does not apply if the CIU’s units qualify as distribution units within the meaning of section 19bis (1), second and third paragraphs. Quest for growth NV his applied to the Rul- ings Commission for an advance decision conﬁrming that section 19bis of the Income Tax Code 1992 does not apply. Despite the fact that the distribution requirement laid down in Quest for Growth NV’s articles of association is limited to 90% of the realised net income it receives, Quest for Growth NV’s applica- tion cites a prior decision in which it was conﬁrmed that the excep- tion for Quest for Growth shares applies on condition that an annu- al amount equal to the “Belgian TIS” (i.e. the interest component) is distributed to the shareholders as a dividend. In the prior decision conﬁrming the inapplicability of section 19bis Income Tax Code 1992, Quest for Growth NV commits itself: 1) to annually pay out a sum at least equal to the Belgian TIS to the extent permitted by the rules applying to it; and 2) in each case, to verify that, insofar as permitted by the rules to which it is subject, a sum equal to the Belgian TIS is distributed and that the portion of distributed dividend on which withhold- ing tax is deducted at source is greater than the amount of Belgian TIS per share; and 3) to expressly incorporate said commitments in the next (half-yearly and annual) reports issued by Quest for Growth NV. Should an amount equal the Belgian TIS not be distributed, or not be fully distributed, in a given year, for instance due to the legal prohibition constituted by section 35 of the Royal Decree of 10 July 2016 read in conjunction with sections 617 et seq. of the Compa- nies Code (i.e. the proscription against distributing unrealised in- come), Quest for Growth NV is asking the Rulings Commission to conﬁrm that this means that section 19bis still needs to apply. In that event, in a later ﬁnancial year (n+1, n+2, etc.), Quest for Growth NV will (provided circumstances allow) pay the relevant amount of TIS booked in year n over and above the TIS for that same later year to the extent that that sum could not be paid at the time of closing the accounts for the yea. Capital gains on shares realised by Belgian legal persons subject to legal entities tax Legal persons subject to legal entities tax are, as a rule, not taxed on the capital gains they realised when selling their units in a pri- vak/pricaf. Liquidation surplus and proﬁts on surrender A public privak/pricaf qualiﬁes as an investment company and for tax treatment that diﬀers from the general rules under the ordinary law and therefore, in principle, no withholding tax is due on income realised further to redemptions of own shares by the public privak/ pricaf or further to the entire or partial distribution of its equity. There is a exemption to this for Belgian nationals (natural persons) in that article 19bis Income Tax Code 1992 may fall to be applied. As mentioned above, Quest for Growth NV has applied to the Rul- ings Commission for an advance decision to conﬁrm that section 19bis does not apply to share redemptions by Quest for Growth NV, entire or partial distribution of its equity or transfers for valua- ble consideration of units in Quest for Growth NV.

ANNUAL REPORT 2022 | 123 Tax treatment in the hands of Belgian investors subject to corporation tax Dividend distributions No withholding tax is retained on the portion of a dividend deriv- ing from capital gains realised by a privak/pricaf on shares. The remainder of the dividend is in principle subject to withholding tax at the rate of 30%. Distributed dividends qualify for deduction as deﬁnitively taxed income (DBI/RDT). Neither the participation threshold not the min- imum holding period apply for that deduction. Moreover, the hold- ing in the privak/pricaf need not necessarily be booked as a ﬁnan- cial asset in order to qualify for the DBI/RDT deduction. Dividends distributed by a privak/pricaf only qualify for the DBI/ RDT deduction to the extent that they derive from dividends or capital gains relative to shares that are not excluded from the DBI/ RDT deduction on the basis of the “taxation condition” set down in section 203 of the Income Tax Code 1992. Income from dividends that do not accord a right to the DBI/RDT deduction or that bear no relationship to capital gains on shares that are eligible for exemp- tion are subject to corporation tax at the standard rate of 29.58% or the rate of 20.4% (the latter only applying to small companies under certain conditions and limited to the ﬁrst slice of € 100,000). From ﬁnancial year 2020, the standard rate falls to 25%. The re- duced rate of 20.4% falls to 20% from ﬁnancial year 2020. Capital gains on shares Capital gains realised on units in a privak/pricaf in principle attract corporation tax in the hands of Belgian corporate investors at the standard rate of 29.58% (25% from ﬁnancial year 2020), or 20.40% (20% from ﬁnancial year 2020) for small companies (see above). As a rule, impairment (or write-downs) on units in a privak/pricaf are non-deductible. 9. FINANCIAL INFORMATION 2022

124 | ANNUAL REPORT 2022 Shareholders’ meetings Annual General Meeting Thursday 30 March 2023 at 11 uur Annual General Meeting Thursday 28 March 2024 at 11 uur Public announcements Results FY 2022 Thursday 26 January 2023 at 17h40 Results Q1 Thursday 27 April 2023 at 17h40 Results H1 Thursday 27 July 2023 at 17h40 Results Q3 Thursday 26 October 2023 at 17h40 Results FY 2023 Thursday 25 January 2024 at 17h40 Analyst meetings Press conferences Results FY 2022 Friday 27 January 2023 at 11h00 Results H1 Friday 28 July 2023 at 11h00 Results FY 2023 Friday 26 January 2024 at 11h00 9. FINANCIAL INFORMATION 2022 FINANCIAL CALENDAR Publication of the Net Asset Value at 17h40 2023 NAV 31 Jan 28 Feb 31 Mar 30 Apr 31 May 30 Jun 31 Jul 31 Aug 30 Sep 31 Oct 30 Nov 31 Dec QfG Website Thu 2 Feb Thu 2 Mar Thu 6 Apr Thu 4 May Thu 8 Jun Thu 6 Jul Thu 3 Aug Thu 7 Sep Thu 5 Oct Thu 9 Nov Thu 7 Dec Thu 4 Jan Under the Royal Decree of 14 November 2007 on the obligations of issuers of ﬁnancial instruments admitted to trading on a regulated market, Quest for Growth is required to make its annual management report public. The annual ﬁnancial report comprises the audited ﬁnancial statements, the annual report, the management responsibility statement and the statutory auditor’s signed report. In accordance with Articles 3:10 and 3:12 of the Code of Companies and Associations, the full version of the annual ﬁnancial statements has been ﬁled with the National Bank of Belgium together with the management report by the board of direc- tors and the statutory auditor’s report. The statutory auditor has issued an unqualiﬁed opinion on the annual ﬁnancial statements. You can ﬁnd the annual report, the full version of the annual ﬁnancial statements and the statutory auditor’s report on those ﬁnancial statements on the website at www.questforgrowth.com and you can obtain copies free of charge on request at the following address: Quest for Growth NV Lei 19 box 3, B-3000 Leuven, Belgium Telephone: +32 (0)16 28 41 28 Fax: +32 (0)16 28 41 29 E-mail: quest@questforgrowth.com