ANNUAL REPORT 2023 | 5 2023 was by no means an easy year for Quest for Grow. The precarious market environment and the higher interest rates made it much more diﬃcult for starter enterprises to attract venture or growth capital. The stock market in general posted better returns than in 2022 but smaller listed stocks - in which Quest for Growth mostly invests because of its privak status - struggled to keep up with rising stock market indices driven upwards on the back of a few major stocks and new developments like Artiﬁcial Intelligence. Against this challenging background Quest for Growth closed 2023 on a loss of 3.5 million euros. Unfortunately, no dividend will be paid out for the 2023 ﬁnancial year in the wake of this loss, which has been exacerbated by the losses carried forward from 2022. Still, we would like to put this lesser year in a long-term context: over ten years, Quest for Growth's portfolio had an annualised return of more than 6% and dividends of more than 85 million euros were paid to ordinary share- holders. So we could look back on a nice track record as we celebrate 25 years of Quest for Growth at the Quest for Summer happening in August 2023. Our portfolio of listed stocks nevertheless posted a positive result of more than 5% over 2023. We completely sold about four stocks and added two interesting growth companies to the portfolio: SII and Kingspan. In venture and growth capital (funds), Capricorn Digital Growth Fund made a new investment in VoxelSensors, a Belgian deep tech company. Negative evolutions at a number of companies were partially oﬀset by good news elsewhere in the venture and growth capital (funds) portfolio. You can read more about this in the annual report. Perhaps the most important changes this year were those in the ﬁeld of shareholdership and governance. The shareholder structure was simpliﬁed and the number of preference shares was halved and is now exclusively reserved for people who contribute to the success of Quest for Growth. The rights attached to the preference shares were revised in favour of ordinary shareholders. The board of directors underwent a major reorganisation and it now comprises eight members with an equal number of women and men, thanks to the arrival of Véronique Léonard and Sabine Vermassen as new directors. We would like to take this opportunity to once again sincerely thank the departing directors, namely Antoon De Proft, René Avonts, Michel Akkermans and Liesbet Peeters. Looking ahead, we see many challenges but also hopeful evolutions. The funds in which Quest for Growth has invested have kept suﬃcient funds behind to support the holdings. Among listed stocks, some valuations have fallen back to the lowest levels in recent years, which may be positive for upside potential. This message is also my last message as chairman of the board of directors as I have resigned my position with eﬀect from 23 January 2024 because I believe that my appointment as CEO of Materialise will demand so much from me that I will not be able to devote suﬃcient time to the proper and professional performance of this impor- tant function at Quest for Growth. Finally, I would like to take this opportunity to thank the Capricorn Partners team which manages Quest for Growth team for their eﬀorts and all shareholders for their conﬁdence in Quest for Growth. Brigitte de Vet-Veithen Retiring chairman 23 January 2024 1. MESSAGE TO THE SHAREHOLDERS

6 | ANNUAL REPORT 2023 Portfolio 2023 2022 2021 2020 2019 Quoted equities (000€) 84,302 82,860 116,460 101,758 84,891 Venture & growth capital (000€) 13,289 14,170 19,972 15,646 9,279 Venture & growth funds (000€) 35,526 39,481 32,627 25,097 27,365 Financial assets (000€) 133,117 136,511 169,059 142,501 121,535 Cash and other net assets (000€) 7,668 7,799 10,682 10,809 14,693 Other liabilities (000€) -40 -40 -40 -41 -42 Net asset value (000€) 140,745 144,269 179,701 153,269 136,185 Net asset value per share (€) 7.5 7.9 10.7 9.1 8.1 Numbers per share Net asset value per share (€) 7.5 7.9 10.7 9.1 8.1 Proﬁt / loss per ordinary share (€) (1) -0.19 -1.40 1.98 1.02 1.00 Proﬁt / loss per preference share (€) (1) -0.19 -1.40 - - - Gross dividend per ordinary share (€) 0 0 1.00 0 0 Net dividend per ordinary share (€) 0 0 1.00 0 0 Gross capital reduction per ordinary share (€) 0 0 0 0.40 0 STOCK INFORMATION(2) Share price (€) 5.0 6.0 8.0 6.5 5.9 Discount % 33.4% 24.3% 25.5% 28.9% 27.3% Total number of outstanding shares (000) 18,734 18,199 16,774 16,774 16,774 Market capitalisation (000€) 93,670 109,195 133,858 109,033 98,968 Stock market volume in shares (000) 1,540 2,512 2,775 2,876 2,701 Results Return NAV (2) -2.44% -14.7% 21.9% 12.5% 14.0% Net return on dividend (3) 0% 0% 12.5% 0% 0% Total dividend (000€) 0 0 19,046 0 0 Dividend preference shares (000€) 0 0 1,971 0 0 Dividend ordinary shares (000€) 0 0 17,075 0 0 Net proﬁt/loss (000€) -3,524 -24,829 33,141 17,084 16,741 Pay-out ratio 0% 0% 57.5% 0% 0% (1) calculated based on the average number of shares for the ﬁnancial year (2) NAV return after proﬁt distribution, taking into account capital increases (time weighted rate of return) (3) 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 exposure 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. 8 | ANNUAL REPORT 2023 Digital includes investments in sectors such as software, hardware and semiconductors. There is fo- cus on sub-areas within Digital that still have strong growth prospects. Examples include digital solutions for the healthcare sector (“Digital Healthcare”), the management of large quantities of data (“Big Data”), the internet of things, e-commerce and cloud software. Cleantech covers innovative products or services for cleaner or more eﬃcient use of the earth’s natural resources such as energy, water, air and raw materials. Clean- tech can be regarded as a particu- larly attractive area of investment in the coming years and decades because it oﬀers solutions that en- able further economic growth on a planet with limited natural resourc- es. This investment theme can in- clude investments in companies involved in energy eﬃciency, re- newable energy, advanced mate- rials, sustainable 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 biopharmaceutical and pharma- ceutical medicines and medical equipment, devices and services. Examples of ﬁrms we are on the look out for include products and technologies oﬀering solutions for major clinical needs or that con- tribute to keeping a check on ris- ing costs on the healthcare sector.

ANNUAL REPORT 2023 | 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 prospects, market position, management and governance 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). The investment managers believe 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 Part- ners, 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 co-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 investments in 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 2023 Participations Sector Change since 31/12/2022 Currency Valuation in base currency Valuation in EUR in % of net asset value DMC Cleantech USD 1,719,999 1,556,560 1.11% ECLECTICIQ Digital EUR 2,649,133 2,649,133 1.88% FINQUEST Digital USD 606,555 548,919 0.39% FRUITCORE ROBOTICS Digital EUR 2,000,327 2,000,327 1.42% NGDATA Digital EUR 106,000 EUR 1,101,847 1,101,847 0.78% QPINCH Cleantech EUR 1,899,998 1,899,998 1.35% REIN4CED Cleantech EUR 520,057 EUR 799,238 799,238 0.57% SENSOLUS Digital EUR 2,420,125 2,420,125 1.72% 12,976,146 9.22% Debt Sector Change since 31/12/2022 Currency Valuation in base currency Valuation in EUR in % of net asset value FINQUEST Digital USD 300,000 USD 300,000 271,493 0.19% NGDATA Digital EUR 41,119 EUR 41,119 41,119 0.03% 312,613 0.22% Equity Sector / Market Number of shares Change in number since 31/12/2022 Currency Share price Valuation in EUR in % of net asset value Cleantech 20,048,963 ABO WIND Deutsche Börse (Xetra) 40,306 -20,481 EUR 41.10 1,656,577 1.18% FRX INNOVATION TSXV (Canada) 493,842 CAD 0.02 6,640 0.00% JENSEN GROUP Euronext Brussels 135,876 -17,000 EUR 33.20 4,511,083 3.21% KINGSPAN Euronext Dublin 35,000 35,000 EUR 78.40 2,744,000 1.95% KERRY GROUP Euronext Dublin 53,250 11,750 EUR 78.66 4,188,645 2.98% MAYR-MELNHOF KARTON Deutsche Börse (Xetra) 22,500 EUR 126.60 2,848,500 2.02% THERMADOR Euronext Paris 48,444 13,000 EUR 84.50 4,093,518 2.91% Digital 43,327,309 B&C SPEAKERS Borsa Italiana 165,004 EUR 18.35 3,027,823 2.15% CEWE STIFTUNG Deutsche Börse (Xetra) 55,309 -9,986 EUR 101.20 5,597,271 3.98% DATRON Deutsche Börse (Xetra) 119,000 EUR 10.20 1,213,800 0.86% EVS Euronext Brussels 195,327 61,702 EUR 28.85 5,635,184 4.00% LEM HOLDING SWX Swiss Exchange 1,446 CHF 2,075.00 3,240,227 2.30% MELEXIS Euronext Brussels 62,789 11,500 EUR 91.25 5,729,496 4.07% NEDAP Euronext Amsterdam 78,148 -15,000 EUR 64.00 5,001,472 3.55% SII Euronext Paris 70,746 70,746 EUR 69.80 4,938,071 3.51% TKH GROUP Euronext Amsterdam 133,570 EUR 39.50 5,276,015 3.75% WOLTERS KLUWER Euronext Amsterdam 28,500 -21,500 EUR 128.70 3,667,950 2.61% Health 20,926,195 EQUASENS Euronext Paris 84,330 17,000 EUR 61.10 5,152,563 3.66% NEXUS Deutsche Börse (Xetra) 62,919 3,518 EUR 58.20 3,661,886 2.60% ROCHE SWX Swiss Exchange 18,000 1,500 CHF 244.50 4,752,700 3.38% STRATEC Deutsche Börse (Xetra) 41,003 11,000 EUR 45.55 1,867,687 1.33% TUBIZE Euronext Brussels 76,588 12,000 EUR 71.70 5,491,360 3.90% 84,302,467 59.90% QUOTED EQUITIES VENTURE & GROWTH CAPITAL 5. INVESTMENT REPORT

ANNUAL REPORT 2023 | 13 Capricorn Partners Sector Last valuation date Change since 31/12/2022 Currency Valuation in base currency Valuation in EUR in % of net asset value CAPRICORN CLEANTECH FUND Cleantech 31/12/2023 EUR -837,500 EUR 19,781 19,781 0.01% CAPRICORN DIGITAL GROWTH FUND Digital 31/12/2023 EUR 6,349,051 6,349,051 4.51% CAPRICORN FUSION CHINA FUND Diversiﬁed 31/12/2023 EUR 476,665 EUR 2,707,705 2,707,705 1.92% CAPRICORN HEALTH-TECH FUND Health 31/12/2023 EUR 9,861,433 9,861,433 7.01% CAPRICORN ICT ARKIV Digital 31/12/2023 EUR 345,000 EUR 5,159,556 5,159,556 3.67% CAPRICORN SUSTAINABLE CHEMISTRY FUND Cleantech 31/12/2023 EUR 1,600,000 EUR 10,823,813 10,823,813 7.69% Other funds CARLYLE EUROPE TECHNOLOGY PARTNERS II Diversiﬁed 30/09/2023 EUR -98.113 EUR 7,707 7,707 0.01% LIFE SCIENCES PARTNERS III Health 30/09/2023 EUR 144,000 144,000 0.10% LIFE SCIENCES PARTNERS IV Health 30/09/2023 EUR 453,000 453,000 0.32% 35,526,047 25.24% VENTURE & GROWTH FUNDS PORTFOLIO OVERVIEW 5. INVESTMENT REPORT Currency Valuation in EUR in % of net asset value Quoted equities EUR 84,302,467 59.90% Venture & growth capital EUR 13,288,759 9.44% Venture & growth funds EUR 35,526,047 25.24% Change in valuation venture & growth capital EUR 0 0.00% Financial assets EUR 133,117,272 94.58% Cash EUR 6,801,926 4.83% Other net assets & liabilities EUR 825,494 0.59% Net asset value EUR 140,744,692 100.00% Net asset value per share EUR 7.51 Share price EUR 5.00 Discount % 33.45% Cleantech 26% Health 24% Digital 48% Diversiﬁed 2% Venture & growth funds 25% Cash & other net assets & liabilities 5% Quoted equities 60% Venture & growth capital 10%

14 | ANNUAL REPORT 2023 PORTFOLIO SPREAD The percentage of listed stocks in the portfolio was 59.9% and re- mained more or less stable compared to the situation at the end of 2022 (57.4%). 9.4% of the net asset value (NAV) consisted of invest- ments in non-listed companies, compared with 9.8% in 2022. Over 25.2% of the net asset value was invested in venture capital funds (compared with 27.4% on 31 December 2022). The sum of direct and indirect investments in non-listed companies was 34.7%, well above the statutory minimum of 25% (compared with 37.2% on 31 December 2022). The balance of approximately 5.4% of the portfolio, or over €7.6 million, consisted of cash and other net assets (compared with 5.4% on 31 December 2022). 71.3% 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 statutory minimum percentage is 70%. . NET ASSET VALUE AND SHARE PRICE The net asset value per share at 31 December 2023 was €7.51 com- pared with €7.93 at 31 December 2022. Quest for Growth’s total net asset value at year-end was €140.7 million, compared with over €144.3 million at year-end 2022. The share price fell by 16.7% over 2023. The discount of the price in relation to the net asset value rose to 33.4% at the end of 2022, up from 24.3% on 31 December 2022. Quest for Growth’s market capitalisation was approximately €93.7 million at year-end. 5. INVESTMENT REPORT GENERAL 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 5.50 6.00 6.50 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 Jan May Oct Volume (LHS axis) Share price (RHS axis) STOCK PRICE & VOLUME

ANNUAL REPORT 2023 | 17 5. INVESTMENT REPORT 1. Market environment An ‘Allegro con brio’ start to the year after a disappointing 2022 After a disappointing 2022 for global stock markets, all eyes were on how they would perform in 2023. Stock markets bounced back immediately after year-end, with excellent monthly returns over January. The STOXX 600 recorded the low point of the year on the tables as early as the ﬁrst trading day, and achieved a return of almost 7% by the end of January and almost 13% at year-end. At the risk of repeating ourselves, the old stock market adage ‘as January goes, so goes the year’ proved once again to be true. The tide started to turn on the American stock markets halfway through February. The sudden collapse of the Silicon Valley Bank (SVB) brought to the fore one of the potential consequences of sudden interest rate hikes. In the wake of SVB, other regional banks in the States were also confronted with ﬁnancial headaches. In March, major banking institution Credit Switzerland faltered. Rapid and targeted interventions in the banking system warded oﬀ more serious ramiﬁcations. AI and the ‘Magniﬁcent 7’ propel the stock markets in the States during the summer; Europe consolidates Once the short-lived disturbance from stress in the banking sector had been weathered, the stock markets in the States settled back into the upward trend, thanks to a breakthrough in the ﬁeld of ar- tiﬁcial intelligence. Chipmaker Nvidia proﬁted to the max after a signiﬁcantly more positive outlook, pushing the entire technology sector to new heights. By the end of May, the S&P500’s annu- al rise was ostensibly borne almost entirely by its seven largest stocks: Apple, Microsoft, Amazon, Nvidia, Alphabet, Meta and Tes- la, which is demonstrated in the graph below. The monetary policy remained tight throughout the period, which steadily brought inﬂation down, even though operating proﬁts remained surprisingly strong compared with expectations. The European stock markets continued with their upward momentum, although the rise was less pronounced than it was in the States. The STOXX Europe 600 peaked temporarily after July. Another dent in conﬁdence Despite the good news, the mood started to turn from the end of August onwards. The expectations for inﬂation, interest rates and operating proﬁts continued to have a major inﬂuence on the ﬁnancial markets. Malaise on the stock markets lasted a good two months until the end of October. Geopolitical tensions in the Middle East fuelled anxiety. That said, the economic impact of the conﬂict remained limited. 2023 threatened to be a lost year for European investors. Stock exchanges in the States had to surren- der territory, but once again the damages suﬀered on the other side of the pond remained limited. ‘Sell in May, but don’t forget to come back in November’ The darkest hour is just before dawn, and the same applies to Europe’s stock markets in 2023. Investors who did in fact sell in May and stuck meticulously to the old stock market wisdom can look back on a successful operation. Stock markets all over the world bounced back during a strong November. Inﬂations rates in the States and the Eurozone conﬁrmed that in- ﬂation had indeed peaked and the worst was behind us. The ﬁnancial markets gradually started to take into account a fast- er-than-expected easing of the monetary policy. At the same time, the economy continued to perform better than had been feared. The ideal scenario of a soft landing in combination with a gradual drop in the policy interest rate was clearly evident. A widely supported year-end rally was the cherry on top. The European stock markets ended the year with a total return of nearly 16% for the large caps (STOXX Europe 600 Net Return) and 12% for the STOXX Europe Small 200 Net Return. The stock markets in the States did even better and posted a rise of over 20% for the S&P500 and even more than 50% for the Nasdaq, both denominated in euro. A widely supported year-end rally as the ﬁnal agreement While the stock market recovery was evidently driven by a hand- ful of mega caps in the ﬁrst few months of the year, this changed towards the end of the year. In Europe, all sectors ostensibly ended on a positive note. Only the food and beverages sector and commodity shares struggled. All other sectors ended the year in positive territory. The distri- bution sector (Inditex and H&M) recovered completely from the diﬃcult period during lockdowns. The more cyclical operations, such as the industrial, construction and the automotive sectors, posted solid returns for investors. Percentage Point Diﬀerence between S&P 500 and Equal-Weighted S&P 500 Annual Price Moves II. QUOTED EQUITIES

18 | ANNUAL REPORT 2023 Digital: After a diﬃcult 2022, semiconductor producers could breathe again. Supply chains recovered from an exception- ally stressful period. Underlying demand normalised and growth prospects seem to be intact. The STOXX 600 Technology Net Return index recovered by more than 32% and was among the best-performing sectors of the year. Dutch machine building and engineering companies BESI and ASMI saw their share prices more than double. Share prices of software companies also recovered from a diﬃcult year on the stock markets in 2022. Cleantech: Shares in clean technology or ‘cleantech’ are spread across a range of sectors. Reliable indicators of the global cleantech sector, such as The Cleantech Index (total return of just under 4% in USD, converted to EUR quasi status quo) performed weaker compared with the stock market in general. Various companies suﬀered from high interest rates, which threatened to render new renewable energy projects less proﬁtable. High interest rates also had their impact on the valuation multiples in the entire sector. The Scandinavian poster boys of the European cleantech sector, such as Orsted (-41%), Tomra (-25%) and Nibe (-27%), saw their share prices in local currency fall sharply, despite a year-end recovery. The outlook for cleantech is still favourable in the long term. Health: STOXX 600 Health Care’s performance in 2023 was mediocre and, apart from the obesity hype, there was no dis- tinct trend. Novo Nordisk performed well and expanded to become the biggest listed company in Europe in terms of market capitalisation. German company Gerresheimer also saw its share price rise. Based in Dusseldorf, the company produces packaging for Novo Nordisk’s popular diabetes drug. Sartorius Stedim and Lonza share prices came under pressure on the back of a sharp drop in demand for corona vaccines. 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.

ANNUAL REPORT 2023 | 19 3. Portfolio return The estimated return in the portfolio of listed equities in 2023 was about 5% (excluding cash and before expenses). The listed portfolio realised a return that relatively speaking lagged behind the European stock market indices because of a number of un- derperforming stocks in the portfolio (see chart below). Performance of individual companies in the portfolio Among the outperformers are B&C Speakers, EVS Broadcast Equipment and the Jensen Group. These companies went through an extremely diﬃcult period during the 2020 and 2021 lockdowns. That said, they were able to rely on a rock-solid balance sheet du- ring this exceptional period, as well as market leadership in a very speciﬁc niche and management with a strategic vision that looks beyond the next round of results reporting. It is these ingredients that form the basis for the strong results noted by these three com- panies over 2023. In addition to this, one of the stable large caps in the portfolio, Wolters Kluwer, performed extremely well on the stock market. SII (Société pour l’Informatique Industrielle), the French specialist in IT and R&D outsourcing, also performed well. In December, the family of founder Bernard Huvé, together with management and private equity investor Blackstone announced their intentions to privatise the company for EUR 70 per share; a premium of more than 30% on the last share price before the oﬀer. The company posting the biggest fall was the German Stratec, a manufacturer of medical diagnostics equipment. Stratec bore the brunt of the sharp drop in demand for Covid tests. Another German company, ABO Wind, developer of renewable energy projects, also saw its share price drop sharply after surging in recent years. -50 -40 -30 -20 -10 0 10 20 30 40 50 60 70 B&C SPEAKERS SPA EVS BROADCAST EQUIPMENT S.A. SOCIETE POUR L'INFORMATIQUE* WOLTERS KLUWER JENSEN-GROUP NV NEDAP N.V. KINGSPAN GROUP PLC* LEM HOLDING SA-REG MELEXIS NV CEWE STIFTUNG & CO KGAA STOXX Europe 600 NR STOXX Europe Small 200 NR TKH GROUP NV-DUTCH CERT NEXUS AG QfG quoted (e) FINANCIERE DE TUBIZE THERMADOR GROUPE DATRON AG KERRY GROUP PLC-A ROCHE HOLDING AG-GENUSSCHEIN MAYR-MELNHOF KARTON AG EQUASENS ABO WIND AG STRATEC SE % Performance of the individual companies in the portfolio * since the day of the ﬁrst purchase in Quest for Growth: 2/2/23 for SII, 7/11/23 for Kingspan Source: Bloomberg, Capricorn Partners QfG Quoted (e): estimation hors coûts et cash

20 | ANNUAL REPORT 2023 Portfolio: investments and divestments In February, Quest for Growth bought shares in French company SII, a specialist providing technology support and IT consultancy services to companies from various sectors. SII was in a position to present a good growth trajectory. Its valuation was attractive and the company had built up a considerable net cash position. At the beginning of December came the above-mentioned takeover bid for the French IT player, which sent the share price upwards. Quest for Growth said goodbye to four companies all in all: SAP, Gurit, Steico and Umicore. The Swiss company Gurit, a supplier in the wind power sector, saw its proﬁtability decline signiﬁcantly over the past two years. After more than ten years in the portfolio, SAP was replaced by a smaller IT company, SII. Umicore witnessed a further drop in the price of precious metals, while investment pres- sure for its battery division is set to remain high for the foreseeable future. Finally, after a few good years, Steico saw growth and proﬁ- tability decline in the wake of increased competition for wood ﬁbre insulation in the domestic market in Germany. We took advantage of a temporary rebound in its share price when the Irish Kingspan took over a majority interest in Steico from its founder. Quest for Growth bought shares in Kingspan at the beginning of November. Kingspan operates globally as a producer of insulation material for buildings. The company is a crucial player in the quest for energy-neutral buildings. Below is an overview of purchases and sales (top and bottom rows) through 2023 in the listed portfolio, as well as new investments and entire divestments (middle two rows). 5. INVESTMENT REPORT SAP ABO Wind Gurit CEWE Steico Umicore Nedap Umicore Jensen CEWE ABO Wind SAP Wolters Kluwer Wolters Kluwer Nedap Wolters Kluwer TKH Wolters Kluwer Wolters Kluwer SII Kingspan EVS Kerry SII Stratec Umicore TKH ABO Wind SII Wolters Kluwer EVS Nexus Tubize SII Roche Thermad. ABO Wind Thermador EVS Equasens Melexis Melexis Equasens Kerry Stratec Equasens Kerry Tubize ACQUISITIONS INCREASE SALES REDUCTION JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC ACQUISITIONS AND SALES IN PORTFOLIO FOR FINANCIAL YEAR 2023 Proﬁles of all portfolio companies at 31 December 2023 are detailed in the annual report under the "Company Proﬁles" section.

ANNUAL REPORT 2023 | 21 5. INVESTMENT REPORT B Automotive sensors 4.1% NL Live Broadcasting Equipment 4.0% D Photo and online printing services 4.0% B Biopharmaceuticals 3.9% NL Telecom, Building and Industrial Solutions 3.7% F Software & Pharmacies 3.7% NL Technological Solutions 3.6% F Outsourcing Services 3.5% CH Pharmaceuticals and Diagnstics 3.4% B Heavy Duty Laundry Systems 3.2% 4. Top 10 investments The following chart shows the 10 largest listed positions as a percentage of NAV in Quest for Growth on 31/12/2023. The three largest at that time are Melexis, EVS and CEWE. Seven of the 10 largest positions are small caps under the deﬁnition used by Quest for Growth, speciﬁcally stocks with a market capitalisation of less than €1.5 billion. Only Melexis, Tubize and Roche have a higher market capitalisation. 5. Outlook The STOXX 600 Europe index stands slightly higher at the end of 2023 compared to the end of 2022.From a historical point of view, valuation multiples for European shares were low, however. The price-earnings ratio, based on earnings estimates for the next 12 months, stood at 13.0x at the end of December. The STOXX Europe Small 200, which unites companies with rela- tively low market capitalisation, also posted a 13.2x P/E at the end of December. The traditional valuation premium that small caps have compared to large caps has evaporated completely over the last two years. The average price-to-future earnings per share ra- tio for the STOXX Europe Small 200 was 16.5x, whereas STOXX Europe 600’s ratio was more than 10% lower at 14.6x. The high- er growth prospects for small caps are set to remain intact in the long term. The average valuation of the listed stocks in Quest for Growth’s portfolio is also lower than the average in recent years. This creates opportunities to buy shares in the portfolio or to add shares to the portfolio. With the improved economic outlook combined with less fear of inﬂation, relatively low valuation multiples and the intrinsic qualities of our portfolio companies, we believe we can look forward posi- tively, albeit cautiously. P/E ratio’s Stoxx Europe Small 200 (black) and Stoxx Europe 600 (yellow)

22 | ANNUAL REPORT 2023 Project developer for wind and solar energy Founded in 1996 by Dr. Jochen Ahn and Matthias Bockholt, ABO WIND is an international project de- veloper for wind and solar energy projects, also com- bined with energy storage solutions and production of green hydrogen. The company additionally provides operational management, maintenance, inspection and repair services. It is headquartered in Wiesbaden, Germany. 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, fol- ders 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. Enabling innovation for safe and sustainable solutions FRX INNOVATIONS INC. manufactures ﬂame retar- dant ingredients. Its Noﬁa range of products oﬀers a safe and sustainable solution to industries such as ﬁbers & textiles, electrical & electronics, transportation and building & con- struction. FRX Innovations was formed as the holding compa- ny of FRX Polymers (U.S., Europe and China) in 2021 and went public on the TSX-V exchange in 2022. Country Canada Market cap €8 million Porfolio entry 2009 SDG 9 12 Country Germany Market cap €400 million Porfolio entry 2020 SDG 7 9 Country Belgium Market cap €330 million Porfolio entry 2016 SDG 6 7 9 5. INVESTMENT REPORT QUOTED EQUITIES – COMPANY PROFILES CLEANTECH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 23 5. INVESTMENT REPORT Taste and nutrition solutions for food & beverages KERRY GROUP PLC is a provider of food ingre- dients, based in Kildare, Ireland. The Company serves the food, beverage and pharmaceutical industries, and is a supplier of branded and customer branded foods to the Irish, the United Kingdom and selec- ted international markets. The Company operates through two segments: Taste & Nutrition and Dairy Ireland. The Taste & Nutrition segment manufactures and distributes application speciﬁc ingredients and ﬂavours spanning various technology platforms. The Dairy Ireland segment manufactures and supplies dairy solutions as well as ﬁnished dairy goods for sale directly into retail. Country Ireland Market cap €13 billion Porfolio entry 2020 SDG 2 3 12 SEE EXPLANATION SDG’S ON PAGE 59 High-performance insulation and building solutions KINGSPAN GROUP PLC is an Ire- land-based provider of low energy building solu- tions. It operates within ﬁve product groups: Insu- lated Panels, Insulation, Light, Air + Water, Rooﬁng + Waterprooﬁng and Data + Flooring. The Insula- ted Panels segment is engaged in manufacture of insulated panels, structural framing and metal facades. The Insulation segment is manufactur- ing of rigid insulation boards, pipe insulation and engineered timber systems. Its Light, Air + Water segment is providing water management, renew- able energy technologies, daylighting and ener- gy eﬃcient lighting, as well as natural ventilation and smoke management solutions. In the Rooﬁng + Waterprooﬁng segment, Kingspan provides ﬂat, rigid pitched and ﬂexible pitched rooﬁng systems. Its Data & Flooring segment is a supplier of raised access ﬂoors and data center airﬂow systems. Country Ireland Market cap €12.6 billion Porfolio entry 2023 SDG 7 9 11

24 | ANNUAL REPORT 2023 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 Board & Paper and MM Packaging. MM Board & Paper produces and markets carton board from recycled ﬁbers and virgin ﬁbers. It operates mills in several Eu- ropean countries. The MM Packaging division converts carton board into folding cartons, with the majority of the manufactured products being 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 2.3 billion Porfolio entry 2020 SDG 9 12 15 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 €700 million Porfolio entry 2021 SDG 6 7 9 CLEANTECH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 25 SEE EXPLANATION SDG’S ON PAGE 59 DIGITAL 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 prod- uct and brand. Under its WhiteWall operations, high-quality photo development and frames are of- fered, addressing professional photographers. Additionally, Cewe operates through the segments Commercial Online Printing and Retail. In the Commercial Online Printing segment, printed material for businesses is marketed through the sales platforms Saxoprint, Laserline and viaprinto. The Re- tail segment 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 €740 million 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 €174 million Porfolio entry 2019 SDG 3 8 9

26 | ANNUAL REPORT 2023 Equipment for high-speed milling of materials DATRON AG develops and manufactures CNC and CAD/CAM equipment and a wide range of specialised tools in the ﬁeld of high-speed milling of materi- als like aluminium, plastics and compounds. The company also oﬀers neighbour- ing 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 €40 million Porfolio entry 2017 SDG 9 5. INVESTMENT REPORT 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-VIA live production server. Other products include asset management (IPDi- rector), uniﬁed live production (X-One), software-deﬁned live production switchers (DYVI) and video assistance (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" oﬀer 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 €420 million Porfolio entry 2022 SDG 9 DIGITAL SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 27 5. INVESTMENT REPORT Electrical measurement solutions for energy and mobility LEM produces components for power electronics. Its core products are trans- ducers for measuring electrical parameters like current and voltage. LEM's trans- ducers are used in applications such as railway, motor drives, power supplies, AC/DC converters and wind and solar power generation. The products provide more control, more reliable energy and better energy eﬃciency. LEM reports two business segments: The Industry segment includes the businesses Drives, Re- newable energy, Traction and High precision. In the Automotive segment, it de- velops solutions for battery management and electrical motor controls for green and conventional cars. Liaisons Electroniques-Mecaniques LEM SA was founded in 1972 and is headquartered in Plan-Les-Ouates, Switzerland. Country Switzerland Market cap €2.3 billion Porfolio entry 2019 SDG 7 9 11 SEE EXPLANATION SDG’S ON PAGE 59 Sensors for fuel eﬃciency, safety and comfort in cars MELEXIS is a mixed signal semiconductor manufacturer. Its product range in- cludes hall eﬀect or magnetic 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 sup- ply ICs and sensors to consumer, medical and industrial markets. Melexis adopts a fabless model. It is headquartered in Ieper, Belgium and has other important fa- cilities in Tessenderlo (Belgium), Bulgaria and Germany. In October 1997 Melexis had its IPO on the EASDAQ Stock exchange. Country Belgium Market cap €3.5 billion Porfolio entry 2011 SDG 3 7 9

28 | ANNUAL REPORT 2023 Technologies to make people’s work more comfortable NEDAP oﬀers technological solutions that target to make people's work more comfortable and successful ("Technology for Life"). The company focuses on 4 core technologies: Connected devices, Communications technology, Software architecture and User eXperience. It operates in 7 business units addressing niche markets: Healthcare, Livestock Management Cows, Retail, Security Man- agement, Identiﬁcation Systems, Light Controls and Staﬃng Solutions. Nedap was established in 1929 and is stock listed since 1947. It is headquartered in Groenlo, the Netherlands. Country Netherlands Market cap €410 million Porfolio entry 2018 SDG 3 8 9 5. INVESTMENT REPORT Developing a digital world SII SA (Societe Pour l'Informatique Industrielle) is a technology con- sulting and IT services company. It addresses blue-chip clients in sectors such as Aerospace & Defence, Banking & Insurance, Telecom and Energy. The main activities are located in France and Poland. The company was founded by Bernard Huvé on February 21, 1979. Country France Market cap €1 billion Porfolio entry 2023 SDG 8 9 DIGITAL SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 29 5. INVESTMENT REPORT Smart vision, manufacturing and connectivity solutions TKH GROUP focuses on three Smart Technologies: Smart Vision Systems creates 2D and 3D Machine Vision and Security Vision Systems in combination with in-house deve- loped software. These are used in consumer electronics, factory automation, logistics, wood industry, infrastructures and buildings and medical and life sciences. Smart Manufac- turing Systems further capitalize on both Vision and Connectivity technologies and develop systems and machines for tyre production, factory automation and medicine distribution. Smart Connectivity Systems creates integrated solutions for on- and oﬀ-shore energy dis- tribution, Fibre Optic connectivity systems for data and communication networks and cable systems for industrial automation, 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 €1.6 billion Porfolio entry 2014 SDG 7 8 9 Information, software and services for professionals WOLTERS KLUWER provides information, software, and services for pro- fessionals such as clinicians, accountants, lawyers, and for tax, ﬁnance, audit, risk, compliance, and regulatory sectors. It operates through the following ﬁve divisions: Health, Tax & Accounting, Financial & Corporate Compliance, Legal & Regulatory and Corporate Performance & ESG. The company was founded by Jan-Berend Wolters and Æbele Everts Kluwer in 1836 and is headquartered in Alphen aan den Rijn, the Netherlands. Country Netherlands Market cap €31.5 billion Porfolio entry 2020 SDG 3 4 16 SEE EXPLANATION SDG’S ON PAGE 59

30 | ANNUAL REPORT 2023 Software for pharmacies and the healthcare industry EQUASENS develops software and devices for pharmacies and the health- care industry. It operates through the ﬁve divisions e-Connect (smart healthcare solutions), Medical Solutions (electronic patient records for practices and nursing homes), Pharmagest (technology solutions for pharmacies), Axigate Link (software for hospitals) and Fintech (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 software solutions to the health- care market. The oﬀering includes modular software solutions, from planning to equipment integration and documentation, for ar- eas such as diagnostics (DIS Product Suite), complete information systems for hospitals (KIS/HIS) and nursing homes. The Healthcare Services unit provides outsourcing and SAP integration services for the healthcare sector. The company is headquartered in Donau- eschingen, Germany. Country Germany Market cap €960 million Porfolio entry 2011 SDG 3 8 9 Country France Market cap €900 million Porfolio entry 2010 SDG 3 8 9 5. INVESTMENT REPORT HEALTH SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 31 5. INVESTMENT REPORT Innovative medicines and diagnostic test ROCHE HOLDING AG operates as a research healthcare company. It operates through the segments Pharmaceuticals and Diagnostics. The Pharmaceutical segment refers to development of medicines in the ﬁeld of oncology, immunology, ophthalmology, infectious dis- eases and neuroscience. The Diagnostic segment refers to diagnosis of diseases through an in-vitro diagnos- tics process. The company was founded by Fritz Hoﬀ- mann-La Roche on October 1st, 1896 and is headquar- tered in Basel, Switzerland. Country Switzerland Market cap €200 billion 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 €2.9 billion Porfolio entry 2010 SDG 3 9 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 scien- ces. 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. Country Germany Market cap €500 million Porfolio entry 2020 SDG 3 9 SEE EXPLANATION SDG’S ON PAGE 59

32 | ANNUAL REPORT 2023 5. INVESTMENT REPORT iii. Venture & growth capital 1. Market environment Further cooling down of the venture capital market From a macro-economic perspective, the venture capital market is following the general economic mood and stock market trends. However, valuations in venture capital take place more irregularly and are less predictable, they show more shocks and tend to lag slightly behind the stock market evolution. Operations in the industry are declining amid high inﬂation and interest rates, slowing econo- mic growth, tight ﬁnancing markets and uncertain geopolitical cir- cumstances. Fundraising in Europe remains low Fundraising in venture capital has remained in the doldrums in 2023 because capital is still expensive in a climate of aggressive interest rates. Investors have a wait-and-see approach to pledging new cap- ital because of nervousness in the venture capital market due to price declines in public markets. European exit activities reach the same level as in 2022 European PE exit values reached around the same level as 2022. Just as in the previous year, 2023 was characterised by a diﬃcult exit environment thanks in part to volatile public equity markets and a bleak macro-economic outlook. After a quiet period since the be- ginning of 2022, a few exits trickled back via public listings. Prepa- rations for exits will be an important item for consideration in the coming 12 months. ESG: an important diﬀerentiator Fund managers are anticipating fundraising to be weaker over the next 12 months, but are positive in the medium to long term. ESG will become a key diﬀerentiator with a great deal of focus on Article 8 and 9 funds under the EU Sustainable Finance Disclosure Reg- ulation (SFDR). Sustainability is a key point of concern for invest- ments. More activity in the ﬁeld of renewable energy is predicted, making this the most important target group, ahead of life sciences and healthcare. Persistent conservative stance in subsequent funding rounds A decline in investment volumes and a delay in closing new fund- ing rounds continued in 2023. The major price declines in listed securities have put pressure on the valuation of private innovative companies. It remains to be seen during the coming funding rounds whether the conservative approach and lower valuation multiples will persist. PE exit activity by quarter PE deal activity by quarter Source: https://www.investeurope.eu/news/newsroom/ private-equity-h1-2023-activity-weakens-as-industry- survey-shows-tentative-signs-of-optimism-and-exit- preparations/ Source: https://pitchbook.com/news/reports/q3-2023- european-pe-breakdown

ANNUAL REPORT 2023 | 33 First quarter The Liege-based company Miracor Medical, specialising in in- terventional cardiology, was unable to attract new investors. The company has halted the pre-marketing of its PiCSO device and let go some of its employees. The value of Miracor Medical was already fully written oﬀ at the end of the 2022 ﬁnancial year. Third quarter Prolupin GmbH, a German com- pany that produces vegetable pro- teins for lupin-based food, initiated insolvency proceedings and has since been declared bankrupt. Outlook for 2024 In 2024, the portfolio of investments in venture and growth capital and venture and growth capital funds is expected to further expand. The investment climate for venture and growth capital is expected to remain challenging, and this especially for those companies that need additional cash. Second quarter Following the acquisition of HalioDx in 2021, part of the escrow amount was received dur- ing the second quarter of 2023. The remain- ing part will be paid out later and is currently valued at a 10% discount. Fourth quarter Following the sale of OneWelcome to Thales in 2022, part of the escrow amount was received. The remaining part will be paid out later and is cur- rently valued at a 10% discount. Quest for Growth also made various follow-up investments in existing co-in- vestments. 5. INVESTMENT REPORT HIGHLIGHTS 2023

34 | ANNUAL REPORT 2023 5. INVESTMENT REPORT Bringing reproducibility and economics to fermentation DMC produces molecules for the food, feed, chemical intermediates and chemical speciality in- dustries. DMC opens up a wide range of high-margin products that are currently diﬃcult to manu- facture (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. Sector Industrial Biotechnology Country US Porfolio entry 2018 SDG 2 3 12 GROWTH & VENTURE CAPITAL – COMPANY PROFILES CLEANTECH Industrial energy from waste heat The Qpinch Heat Transformer uses a patented approach to overcome the hurdles 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 solutions to reducing emis- sions 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 conventional heat pumps, the closed- loop process minimises operational costs as well as electricity use. The technology is easily scalable and therefore able to process enormous levels of industrial waste heat, enabling a quantum leap in energy eﬃciency and in CO2 reduction. Sector Advanced Processes Country Belgium Porfolio entry 2021 SDG 7 12 13 SEE EXPLANATION SDG’S ON PAGE 59

36 | ANNUAL REPORT 2023 5. INVESTMENT REPORT Cyber threat intelligence ECLECTICIQ is the only European cybersecurity com- pany combining proven front-line expertise with an open and extendable platform that delivers threat-intelligence automation and collaboration, forensic depth endpoint visibility, and threat detection and response. Leveraging smart AI technologies, EclecticIQ translates raw threat intelligence data into actionable insights for cyber ana- lysts. EclecticIQ’s oﬀering allows organisations and gov- ernments to develop their digital activities in a secure environment. Connecting private equity funds and corporate buyers to private companies FINQUEST is a big data and AI company focused on identifying and connecting its clients with relevant oﬀ-market acquisition and investment opportunities across the globe. The company’s database of more than 200 million private companies is con- stantly updated and enhanced through a broad-spectrum implementation of crawlers and AI, providing targeted, curated, and actionable introductions in the private com- pany space. Sector Business 4.0 Country Netherlands Porfolio entry 2020 SDG 9 16 Sector Big Data and AI platform Country Singapore Porfolio entry 2022 SDG / DIGITAL SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 37 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59 Democratizing access to industrial automation fruitcore robotics empowers SMEs to introduce industrial robots in manufacturing and logistics. Their HORST robots (“Highly Optimised Robotic System Technology”) signiﬁcantly lower all adoption hurdles with low Capex requirement, fast implementation, intui- tive programming and high productivity. fruitcore robot- ics achieves these advantages through a unique com- bination of its own hardware, fully in-house developed software suite and robot connectivity. Sector Industrial Robotics & Automation Country Germany Porfolio entry 2022 SDG 3 4 8 9 12 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 technolo- gy covers the full trajectory from data to actionable insights, starting with data collection based on low-power devices with edge intelli- gence, 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 man- agement, it facilitates one-to-one, personalised marketing at every stage of the customer journey. NGDATA has been de- veloped using state-of-the-art big data technology. The plat- form 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 2022

38 | ANNUAL REPORT 2023 5. INVESTMENT REPORT IV. VENTURE & GROWTH FUNDS 1. Overview and history The fund invested in European and North American innovation companies in a wide range of cleantech areas. These companies are spe- cialised in reducing and optimising the use of natural resources, harnessing the beneﬁts of renewable materials and energy, and providing the next generation of sustainable automotive and semiconductor technologies. Capricorn Cleantech Fund Commited capital: €112,000,000 Weight in NAV QfG: 0.01% Uncalled capital QfG: €0 Advancing green chemistry, the circular economy and carbon-neutrality Since 2008 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-sec- tors such as bio-pharmaceuticals and pharmaceuticals, vaccines, medical devices, medical imaging, diagnostics, research equipment and nutraceuticals. Capricorn Health-tech Fund Commited capital: €42,052,000 Weight in NAV QfG: 7.01% Uncalled capital QfG: €1,050,000 Focusing on technologies that help prevent, diagnose and treat diseases Since 2010 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 ICT Arkiv Committed capital: €33,202,000 Weight in NAV QfG: 3.67% Uncalled capital QfG: €1,127,000 From data to actionable insights Since 2012

ANNUAL REPORT 2023 | 39 5. INVESTMENT REPORT The fund capitalises on the ever-increasing opportunities resulting from the urgent need for new technologies to reuse, recycle or reduce the consumption of natural resources. These technologies 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 includes food and feed ingredients, materials and chemical products manufactured from renewable resources and/or through sustainable processes. The Fund focuses on investment opportunities in Europe and North America but will also consider investments in other regions. Capricorn Sustainable Chemistry Fund Commited capital: €86,500,000 Weight in NAV QfG: 7.69% Uncalled capital QfG: €3,400,000 Advancing green chemistry, the circular economy and carbon-neutrality The fund focuses on investments in data-driven companies, concentrating 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 investment opportunities in Europe. The fund invests across the funding continuum from start-up to scale-up. Capricorn Digital Growth Fund Committed capital: €84,500,000 Weight in NAV QfG: 4.51% Uncalled capital QfG: €12,000,000 From data to actionable insights Since 2019 The fund focuses on investing in companies that link the European and Chinese markets. On the one hand, the fund is looking for innova- tive European companies which see a clear role for the Chinese market in their development (in sourcing, supply, production or commer- cialization). On the other hand, the fund will also invest in Chinese companies looking to step into the European market. Capricorn Fusion China Fund Committed capital: €36,300,000 Weight in NAV QfG: 1.92% Uncalled capital QfG: €5,519,587 Building investment bridges betweIn EURope and China Since 2021 Since 2018

40 | ANNUAL REPORT 2023 5. INVESTMENT REPORT HIGHLIGHTS 2023 Capricorn Cleantech Fund Avantium N.V. announced in June that it had entered into a joint development agreement with Bangkok-based SCG Chemicals. The intention is to develop the production of gly- colic acid monomer and PLGA polyesters using its Volta tech- nology and scale it up to a pilot plant. Despite positive report- ing in the news, the share price was unable to hold on to its short-lived rise. Shares in Avantium N.V. were sold in 2023. Capricorn Healthtech Fund Besides entering into a licensing contract with Eli Lilly, Confo Therapeutics also announced a collaboration with the major Japanese pharma company Daiichi Sankyo for the development of medicines to combat neurological illnesses. Confo Therapeu- tics will be given an advance payment and milestone payments for both contracts. Following the 2017 sale of Ogeda to Astellas Pharma in the Capricorn Health Tech Fund, a potential milestone payment is still outstanding. Astellas Pharma announced that the US FDA had approved its application for a new drug, fezolinetant. As a result, the total amount of the second milestone payment was released and placed in a blocked account by Astellas Pharma. This mile- stone payment will normally be released and paid out to Ogeda's former shareholders in the summer of 2024. Achievements Licensing agreement totalling up to $630M with Receives CPT III reimbursement code within USA Is reimbursed via Dutch health insurance company VGZ Neotiv’ collaboration with in full action in Germany Finishes its ﬁrst in-human study Clinical impact Proved to increase OR throughput by 25% with their digital twin 80% reduced risk of device related thrombus in LAA procedures 42% of patients being medication free showed in three-year results 77% of patients having >50% back pain reduction showed in three-year results 25% reduction in misinterpretation of urinary tract function when using Minze’s homeﬂow Capricorn ICT Arkiv Following the sale of OneWelcome to Thales in 2022, part of the escrow amount was received. The remaining part will be paid out later and is cur- rently valued at a 10% discount. The fund also made some follow-on investments in existing portfolio companies.

ANNUAL REPORT 2023 | 41 5. INVESTMENT REPORT Capricorn Sustainable Chemistry Fund Prolupin GmbH, a German company that produces vegetable proteins for lu- pin-based food, initiated insolvency pro- ceedings and has since been declared bankrupt. The fund also made some follow-on invest- ments in existing portfolio companies. Achievements selected as By , Chemicals & Engineering news Achieves groundbreaking results with antiviral drug against bovine viral diarrhea virus Licensing agreement withto develop and grow CO 2 based polyurethanes in USA Industrial Achievements DMC opens new 9,500 Square Foot R&D Facility 150 Ton/a in-house industrial pilot unit for mesoporizing zeolites Capricorn Digital Growth Fund During the second quarter of 2023, Capricorn Digital Growth Fund in- vested in the Belgian company VoxelSensors. The company is de- veloping a revolutionary 3D perception system for fusing physical and digital worlds. Their Switching Pixels™ system is a revolutionary sensor architecture designed for 3D perception based on laser beam scanning, and oﬀers low latency at low power consumption, as is required for fu- ture extended reality applications. The funding will be used to further develop the VoxelSensors roadmap, to hire key staﬀ and strengthen business engagement with customers in the States and Asia. In addi- tion, VoxelSensors will continue to work on raising funds to support its ambitious growth plans. The fund also made some follow-on investments in existing portfolio companies. Achievements Won the 2023 Plug&Play Global Innovation Award Entered the German market Launched AI-drive Power Mode to revolutionize content marketing management Onboarded several new large customers, such as Selected in consortium by European Commission to enhance Europe’s cyber capabilities Entered the US market with its NB-IoT based solution Received approval from their partner NCR to complete the onboarding of 450+ banks in the US New investment Impact ‘s beneﬁts include a reduction of up to: 15% in heat loss 10% in CO2 emissions 5% in full costs

42 | ANNUAL REPORT 2023 5. INVESTMENT REPORT HIGHLIGHTS 2023 What kind of business do you run? VoxelSensors: VoxelSensors focuses on developing an inno- vative ultra-low power and ultra-low latency 3D perception technology for Spatial Computing in Extended Reality (XR). from semiconductor to software. The company was founded in response to the energy ineﬃciency and noticeable delays in existing XR technologies. VoxelSensors aims to enable "the sense of presence" and "superpowers" in XR by oﬀering Spa- tial Computing building blocks operating at unmatched power eﬃciency and low latency. Their solution holds great promise for creating sleek and immersive augmented reality (AR) and mixed reality (MR) devices. What challenges were you facing, and what motivated you to solve them? What was at stake? VoxelSensors: VoxelSensors' founders, with over 50 years of collective experience in the technology domain, identiﬁed the limitations and challenges in XR. Their mission is to address these challenges and make Spatial Computing accessible to a global consumer audience. Low power and low latency are some of the toughest challenges to resolve to enable mass market adoption. The COVID-19 pandemic presented its own set of challenges, as the company was created the evening be- fore the ﬁrst lockdown and had to build a team entirely remote- ly. Developing semiconductors is a complex task, requiring deep technical knowledge, signiﬁcant funding, and patience to realize revenue generation. However, the founders were deter- mined to overcome these challenges. How and where did you meet? VoxelSensors: The core team has known each other since 2008, and their journey in the technology domain began dur- ing their university studies. They founded the VUB 3D sensing spinoﬀ (Optrima) and later merged it with the Brussels software company SoftKinetic in 2010. The team played essential roles in the acquisition of SoftKinetic by Sony in 2015. After leaving Sony and having wandered oﬀ in diﬀerent areas, in early 2020, the founders embarked on a new venture, armed with novel technology for making Spatial Computing mainstream. You spoke with several potential investors. Why did you choose for a consortium led by Capricorn Partners and Qbic? VoxelSensors: Capricorn Partners and Qbic, both leading Bel- gian venture capital ﬁrms, share a strong interest in VoxelSen- sors' story. They understand the dynamics of the semiconduc- tor and hardware development industry, which is known for its need for time and capital investment. These funds are ambi- tious and patient, aligning well with VoxelSensors' vision. How do you see to grow your cooperation in the future? How do you see your company making a diﬀerence in the future? VoxelSensors: VoxelSensors is committed to addressing power consumption and latency challenges in Spatial Computing. Their technology is applicable across various domains, including AR and MR devices, smartphones, industrial automation, drones, and automotive applications. VoxelSensors plans to foster deep- er collaboration with their network, maximizing their combined expertise and resources. Their goal is to lead the market by nurturing an innovative culture, driving sustainable growth, and reshaping industry standards. They envision a future marked by novel solutions and unparalleled market leadership, enabling advancements in areas such as industrial automation, robotics, education, healthcare, and autonomous vehicles. What was the motivation to invest in VoxelSensors? Marc Lambrechts, Investment Director at Capricorn Partners: We appreciate the broad experience in the team, the ﬂexibili- ty of the 3D perception solution towards diﬀerent applications and the solid intellectual property base, essential for the suc- cess of a deep tech start-up. The team has a proven track re- cord to build a scalable business model within a Europe-based semiconductor value chain. We also highly value the support of the Brussels region via Innoviris.” Extended Reality has rapidly gained traction in recent years, with diverse applications across sectors such as gaming, education, healthcare, manufacturing, and more. With our Switching Pixels® Active Event Sensor technology we are poised to deliver unparalleled opportunities for groundbreaking user experiences Johannes Peeters, CEO Voxelsensors

ANNUAL REPORT 2023 | 45 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 mosquitos. Moreover, if these heaps catch ﬁre, they produce enormous of amounts of soot. Black Bear Carbon saves approx. 10 tonnes of CO2 per ton of recovered carbon black. Carbon black is widely used in the manufacture of tyres, plastics, paints and many other products. The traditional production process is energy and CO2 intensive (new carbon 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 (Alabama, USA) that has developed an eco- nomical and sustainable process to produce acrylonitrile from renewable resources. Trillium pro- vides a green drop-in, cost-eﬀective alternative to chemicals that are currently produced from fossil fuel-derived propylene. Trillium’s bio-based chemicals are identical and therefore deliver equal performance after conversion into the desired materials. Furthermore, Trillium’s technolo- gy 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 8 9 Sector Industrial Processes Technologies Country Unites States Porfolio entry 2021 SDG 9 12 SEE EXPLANATION SDG’S ON PAGE 59

46 | ANNUAL REPORT 2023 Controlling diseases in livestock VIROVET develops disruptive and innovative technologies for the control of 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 ap- proach enables the next generation of thermostable, low-dose and broadly applicable vaccine formulations. This, together with its dedicated small molecule approach, means the company is earmarked to be a disruptor in the animal health sector. Its prod- ucts will help protect sensitive food supply chains and guarantee 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 poly- mer ﬁlms (used for bags, foils, etc.) while oﬀering improvements in their proper- ties, such as enabling further stretch- ing. The eﬀect is a 25% lower polymer use. The technology also eliminates the use of titanium dioxide, making the ﬁlm 100% recyclable. VOID allows for signiﬁ- cant carbon footprint reductions through more eﬃcient resource use and its in- creased recyclability of multilayer poly- mer 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 2023 | 47 Revolutionizing zeolite catalyst performance ZEOPORE, a spin-out from the University of Leuven, has developed a toolbox which is able to tune the amount, size and interconnectivity of mesopores in zeo- lites (catalysts for conversion processes), ensuring optimal settings for speciﬁc zeo- lite, feedstock and application combinations. Zeopore’s technology results in highly accessible mesoporous zeolites, with a direct increase in stability and selectivity in zeolite applications, such as plastics recycling and the production and conversion of bio-renewables. As resources are more eﬃciently used in these processes, resulting in a reduced environmental footprint. 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 mate- rial. 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

50 | ANNUAL REPORT 2023 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 medical staﬀ and the immense pressure on hospital reim- bursement. To do so, DEO has developed an innovative OR Eﬃciency 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 optimising 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 com- plexity (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 SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 51 Reinvention of factory logistics Zozio, created in 2019, has made its name in the industry with the only AI-powered platform for predictive logistics and aims to become the logis- tics 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 assisted 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 marketing platform from Ghent, Belgium. A user-friendly environment that helps agencies and marketing teams manage their content life cycle in one place from brieﬁng, multi-channel optimization, planning, review, pub- lishing and analytics. Sector Business 4.0 Country Belgium Porfolio entry 2022 SDG / AI-driven strategic intelligence TRENSITION developed an AI-driven strategic intelligence SaaS platform, Trendtracker, that supports organisations in taking more informed strategic decisions, continuously. Trendtracker provides companies with a 100% custom and data-based, trans- parent, and objective view of trends that are coming today, tomorrow 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

52 | ANNUAL REPORT 2023 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 Health 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 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 Health Country Belgium Porfolio entry 2022 SDG 3 health at home 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59

54 | ANNUAL REPORT 2023 CAPRICORN HEALTH-TECH FUND 5. INVESTMENT REPORT Stabilize, target, discover and transform CONFO THERAPEUTICS is a leader in the disco- very of GPCR (G protein-coupled receptors) modulating therapies. The company has been building a technology platform and develops internal discovery programs ad- dressing otherwise unmet medical needs of patients with severe illnesses that currently lack disease-modifying treat- ments. Our investment in Confo Therapeutics is a prime ex- ample 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 patients suﬀering from eye diseases by developing innovative minimally invasive ophthalmic implants made from STAR® Bio- material. 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 compliance. Funding innovations that reduce the therapy burden 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 Pharma & Biotech 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 2012 SDG 3 SEE EXPLANATION SDG’S ON PAGE 59

ANNUAL REPORT 2023 | 55 5. INVESTMENT REPORT SEE EXPLANATION SDG’S ON PAGE 59 CAPRICORN FUSION CHINA FUND Meet the next generation of sensing SPECTRICITY is a fabless company headquar- tered in Belgium. They develop and manufacture spectral sensing solutions using CMOS technolo- gies. These solutions are designed for high volume production and use in consumer and mobile devices. China has been one of the leading cell phone manu- facturing countries in the world and may continue to develop steadily in the near future. In addition, Chi- na’s domestic mobile phone market has become one of the largest 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 automo- tive 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 col- lapsible aluminium tubes for packaging pharmaceuticals and cosmetics. Xi’an Thiebaut’s aim is to continuously improve the quality of pharmaceutical 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

56 | ANNUAL REPORT 2023 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 Agnostics Country United States Porfolio entry 2007 Sector Life Sciences Country Netherlands Porfolio entry 2006

58 | ANNUAL REPORT 2023 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 ESG impact among our portfolio companies and this way we meet the expectations of our shareholders. We know that this responsible method of investing is the only right way. If we wish to address the climate crisis, we must focus on green innovative technolo- gies. Consequently, as a fund, we have been committed for years to promoting low-carbon technologies 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 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 hu- man 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, la- bour, 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 asso- ciation and eﬀective recognition of the right to collective negotiation. The principles also require companies to elim- inate all forms of forced labour or mandatory labour, to ef- fectively discontinue child labour and to combat every form of discrimination in the ﬁelds of labour and occupations. Respect for the environment is a key element of this United Nations pact. Companies must take precautions in address- ing environmental challenges and must take initiatives to promote greater environmental awareness. They must also stimulate the development and circulation of environmen- tally friendly technologies. 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 has not identiﬁed any violations of the UN Global Compact principles at its portfolio companies over the past two years. HUMAN RIGHTS LABOUR ENVIRONMENT ANTI-CORRUPTION THE PRINCIPLES WE RELY ON

The UN Principles of Responsible Investment (PRI) Capricorn Partners has also endorsed the UN's 6 Principles 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 fac- tors in our portfolio companies. We also promote the acceptance and implementation of the PRI within the investment sector and participate in conferences, net- works and information platforms in order to share infor- mation. Capricorn Partners has been a member of UN PRI network for a number of years because we believe in the power of this network and the initiatives associ- ated with it. Finally, we report on our activities and progress relating to the implementation of these principles. Last year's in- ternal research showed that Capricorn Partners scored high on the investment policy for both listed equities and private equities, while the score for the use of vot- ing rights in listed companies was slightly above the median. During the year, we thoroughly addressed this voting rights issue and subsequently updated the ESG policy (published on our website). In addition, we explain the use of voting rights in the ESG chapter of the annual report (page 68). The UN Sustainable Development Goals (SDGs) Our ESG strategy is based on the UN Sustainable De- velopment Goals. The 17 goals aim to eliminate poverty, protect the planet and bring peace and welfare for every- one 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 2023 | 59 6. ESG REPORT

60 | ANNUAL REPORT 2023 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 sustain- able activities and companies to the maximum extent possible. Transparency is the key word here. Quest for Growth fully agrees with this. In implementation of the Sustainable Finance Action Plan, Europe has therefore enacted new legislation containing guidelines on cor- porate sustainability and mandatory reporting, both for ﬁnancial mar- ket players and non-ﬁnancial companies: the Sustainable Finance Disclosure Regulation (SFDR) and the Corporate Sustainability Reporting Directive (CSRD). As the underlying initiative, the EU Sustainable Finance Taxonomy provides the common language, unambiguously deﬁning what constitutes a sustainable activity. Corporate Sustainability Reporting Directive (CSRD). Quest for Growth (QfG) falls under category 3 of Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) No 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, in relation to corporate sustainability reporting ("CSRD") as (i) QfG is listed on a stock exchange and (ii) at least two of the three pre-set criteria for qualiﬁcation as an SME have been exceeded. This means that the ﬁrst CSRD reporting is not due until 2027, in respect of the ﬁnancial year starting on 1 January 2026 (see Article 5(2)(c)(i) of the CSRD). SFDR legislation Investment funds will be required to communicate transparently how they integrate sustainability risks and opportunities into their in- vestment 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'. We integrate ESG factors and risks into our investment strategy, from selection to monitoring, and 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 impact 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 companies. The EU taxonomy 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. Financial institutions and companies must state whether their investments 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. Since venture capital investments are mainly in technologies that indirectly generate impact, investment activities do not currently align with the EU taxonomy framework. The framework is not yet fully aligned with such investment types. In addition, we note that the information available this year remains insuﬃcient to demon- strate a reliable ﬁgure of eligibility for the listed portfolio. The legislation 6. ESG REPORT

62 | ANNUAL REPORT 2023 Technology with a purpose - investing where technology impacts most With Capricorn’s venture funds, investing in Healtcare, Cleantech and Digital solutions, our mission is to invest in companies that are dedicated to building applications or enabling technologies that contribute to creating a better society. Our leading principles guide our team through our investment cycle, from pre-investment to exit: • We put the human interaction ﬁrst in our collaboration with portfolio companies. We partner with entrepreneurs and speak their language. How far do the ambitions of the founders go and can we achieve an excellent return on investment and va- lue through strong mutual trust? We communicate transparent- ly and respond to the needs arising from this dialogue. • As an investor, we look under the hood of innovative techno- logies. Besides, we are keen to discuss go-to-market strate- gy upfront before we engage in a long-term partnership with the owners of the company. In the early stage of the invest- ment process, we validate the product market ﬁt with potential customers in our network. • We believe that purpose-driven companies have a stronger economic performance. We have experienced this since the early beginnings of Capricorn Partners. That is why we set up funds with healthcare, cleantech and digital business as invest- ment focus. Our focus lies beyond immediate returns, as we are long-term investors supported by a robust investor commu- nity. Above all, we prioritize sustainable ﬁnancial outcomes as we strive for lasting success. Leading by example at Capricorn Partners To guide our team through the practice of sustainability, we have a strong ESG policy in which we set out formal guidelines, rules, exclusions and our monitoring processes. At Capricorn Partners, we know our ESG strengths, weaknesses and opportunities. Our aim is to reﬂect these values when engag- ing with our portfolio companies. This is translated into a strong focus on good governance, a clear vision on a well-managed and inclusive workplace and the measurement and gradual improve- ment of relevant environmental objectives. A clear focus on innovative technologies in Digital Business, Health and Cleantech Technology can contribute with digital solutions in a broad range of sectors: Capricorn Digital focuses on investment oppor- tunities emerging from turning data into actionable insights using AI, Digital Twin, IoT and data science technologies. The focus is on software, but we are also open to hardware enabled software solutions and selective deeptech opportunities. We target the dig- ital optimization of all business functions across industry sectors covering Industry 4.0, proptech and the digital enterprise. This includes, for example, solutions for smart manufacturing, logistics, energy management, sales & marketing or cybersecurity. Technology can contribute to overcome health challenges: Capricorn Health encourages the development of novel medical technologies in healthtech, including digital health and medtech solutions, which solves the complex medical challenges in front us. Possible technologies ranges from AI, digital twin, new materi- als, robotics and more. All the targeted investments are linked to personalized care, which promotes value-based healthcare. Clean technology represents new sustainable technologies that reduce or eliminate negative ecological impact and that improve the productive and responsible use of natural resources: Capricorn Cleantech invests in chemistry related innovation targeting energy transition, materials transition, and food system transition towards net-zero emissions. Each of the transitions will come with its own set of questions and challenges, but chemicals and materials constitute the core of all three. They are omnipresent in our daily lives, from the packaging of the food we eat, to the clothes we wear, to the solar panels we generate green electricity with. 6. ESG REPORT Venture and growth capital

ANNUAL REPORT 2023 | 63 6. ESG REPORT The Extra Mile Level 3 Fund Level Level 1 Plan Expected Impact Link to SDGs Deﬁne investment focus Company Level Level 2 Deal Flow & Due Diligence Investment Decision Portfolio 1. Product KPIs 2. Potential Negative Impacts 3. Organizational KPIs 1. Screening for: Product Impact 2. Screening for: ESG risks Active Support Continuous Improvement Active Engagement Knowledge sharing Mitigation Steps The ﬁgure below shows an overview of our responsible investment framework: Our Responsible Investment Framework in Digital, Health and Cleantech We believe that our responsible investment framework leads to better exit opportunities. It revolves around advancing sustainable business practices and aligning them with the ESG expectations of potential buyers. This framework is developed by the Digital, Health and Cleantech investment team at Capricorn Partners. The respective teams are responsible for applying this framework and will report progress in the form of a yearly responsible investment report towards the shareholders of the Capricorn Digital, the Capricorn Health and the Capricorn Cleantech funds. The framework will undergo continuous review, taking into account regulatory changes and feedback from our investors and portfolio companies.

64 | ANNUAL REPORT 2023 The framework is applied on three levels: 1. At the fund level, we formulate an objective for the fund, with a corresponding investment focus, expected impact and SDG alignment. 2. At the company level, a company’s impact is evaluated both pre-investment, during the deal ﬂow and due diligence phase, as well as post-investment, when it becomes part of the portfolio. 2.1. During the deal ﬂow and due diligence phase, the impact of a company’s product or technology as well as the com- pany’s ESG risks are evaluated. If a company's product has a negative impact on society or if the company exhibits signiﬁcant structural ESG risks, it will receive a negative investment decision. 2.2. To monitor the impact of our portfolio companies, we use measurable and actionable impact indicators. We focus on product KPIs, potential negative impact indicators and or- ganizational KPIs. • The product KPIs are company speciﬁc and used to measure the expected impact resulting from a compa- ny’s products or services, and are linked to the relevant UN Sustainable Development Goals (SDGs). A respon- sible AI evaluation is performed if relevant. • Potential negative impacts are identiﬁed and mitigation steps are formulated and monitored. • The organizational KPIs are not company-speciﬁc but provide a comprehensive perspective on how a com- pany is governed with regard to ESG aspects. 3. At Capricorn Partners, we aim to go the extra mile when it comes to responsible investment. We serve as a sparring part- ner for portfolio companies, oﬀering guidance in implementing best practices, establishing product KPIs and developing miti- gation strategies to address ESG risks. 1. Fund level Capricorn Digital, Health and Cleantech have an investment scope with an expected impact that guides the sourcing of deals and ac- tive management of portfolio companies. Based on the established investment and impact focus, a combination of SDGs are identiﬁed for which we expect portfolios companies to contribute to. For Capricorn Digital, we expect portfolio companies to address one or more of the following SDGs: • SDG 8: decent work and economic growth • SDG 9: industry, innovation and infrastructure • SDG 11: sustainable cities and communities • SDG 12: responsible consumption and production For Capricorn Health, we expect portfolio companies to address one or more of the following SDGs: • SDG 3: good health and well-being • SDG 4: quality and education • SDG 8: decent work and economic growth • SDG 10: reduced inequalities • SDG 12: responsible consumption & production For Capricorn Cleantech, we expect portfolio companies to ad- dress one or more of the following SDGs: • SDG 9: industry, innovation, and infrastructure • SDG 12: responsible consumption and production We do not exclude a positive contribution to other SDGs, on the contrary. 6. ESG REPORT 6. ESG REPORT

ANNUAL REPORT 2023 | 65 2. Company level We have introduced responsible investing across all stages of our investment processes, starting from establishing the fund thesis to sourcing deals and active management of our portfolio companies. At a company level, impact is measured and monitored during the diﬀerent stages of an investment. In the deal ﬂow sourcing and due diligence stage we perform a positive and negative screening before we conclude to invest. • The positive screening includes an assessment of potential in- vestments by explicit mapping to the fund’s expected impact and the relevant SDGs. • The negative screening consists of excluding investments in problem areas and identifying potential ESG risks and possible mitigation steps. After having invested, we perform the following steps for each company on a yearly basis: • Measure impact of the company’s products using Product KPIs, as a combination of Volume & Value KPIs, and conduct a Res- ponsible AI Evaluation where relevant. • Monitor Potential Negative Impacts and identify a correspon- ding mitigation strategy. • Use Organizational KPIs to measure ESG practices at company level in quantitative and qualitative way. 2.1 Product KPIs The product KPIs are the keys to success of the business and will be subject of regular discussion at Board and Management level of the portfolio company. Product KPIs are split into: Volume KPIs, that measure the reach of the impact of a company’s solution. Examples include: • Number of customers, active users, patients, or hospitals that use the solution • Number of buildings connected to a smart building platform • Number of manufacturing sites supported Value KPIs, that can be multiplied with the Volume KPIs, in order to calculate total impact. For example: • Reduction in time to diagnosis per patient • Health economics data related to a patient or a hospital • Tons CO2 saved thanks to connecting a building to the smart building platform • Tons CO2 saved thanks to supporting a manufacturing site Ahead of the legislation we also aim to conduct a Responsible AI Test for our portfolio companies utilizing AI, that quantiﬁes the de- gree to which a company employs AI in a responsible manner. 6. ESG REPORT 6. ESG REPORT Organizational KPIs Standardized Product KPIs Company-specific M Potential Negative Impacts Company-specific Product KPIs: Volume KPIs (to measure reach) # customers / patients # devices in the field Value KPIs (to measure effect)' # quality life years Amount of carbon emissions avoided Responsible AI Test (where relevant Example: Risks High compute requirements Include status of mitigation Choice for green data center Goal: Quantitatively measure the impact of the products/software of portfolio companies in a company specific way Goal: Identify organizational/ product specific risks that might imply negative impacts Goal: measure ESG impact in a standardized way Work with a custom-made questionnaire in anticipation of an industry accepted standardized questionnaire The ﬁgure below illustrates our post-investment approach in more detail:

66 | ANNUAL REPORT 2023 6. ESG REPORT The evaluation will involve a series of questions aimed at assess- ing the extent to which a company's use of AI aligns with respon- sible AI principles derived from existing drafts of AI regulations. 1. Human agency and oversight 2. Technical robustness and safety 3. Privacy and Data governance 4. Transparency 5. Diversity, non-discrimination and fairness 6. Societal and environmental well-being 7. Accountability Using the provided answers, a quantitative score will be derived, enabling benchmarking of the various portfolio companies. Addi- tionally, it will provide recommendations for areas for improvement. 2.2 Potential Negative Impacts When evaluating our portfolio companies, we also assess the Po- tential Negative Impacts (PNIs) that their products and/or services may have. If any PNIs are identiﬁed, we actively identify and mon- itor mitigation eﬀorts. Throughout this process, we consider the entire value chain of the company. In the case of Capricorn Digital, an important PNI that we encoun- ter is for example the high compute requirement and associated energy consumption of digital solutions. Options to mitigate this PNI include: • Increase eﬀorts to get insights into compute related energy consumption • Transition towards a (dark) green data center • Keep compute requirements in mind throughout the develop- ment cycle • Similarly, for Capricorn Health, a PNI could arise from the lack of security of data resulting in data breaches. To address this concern, a corresponding mitigation action could be: • Become GDPR & ISO 27001 compliant In the case of Capricorn cleantech, an important PNI that we could encounter is for example wastewater discharge and Health, Safety and Environment (HSE) matters. Options to mitigate this PNI include: • Increase eﬀorts to a more eﬃcient process, reduce process chemicals used and minimize waste water production • Implement waste water treatment • Monitor HSE matters and develop a solid HSE strategy During the investment phase, we aim to monitor the PNIs by quan- tifying them whenever feasible. 2.3 Organizational KPIs In addition to measuring the impact generated by the products of our portfolio companies, we also evaluate the impact that stems from the way these companies are governed. To assess this im- pact, we utilize Organizational KPIs that are not speciﬁc to indi- vidual companies. Instead, we adopt an industry-recognized En- vironmental, Social, and Governance (ESG) framework to prevent placing excessive reporting burden on our portfolio companies. We expect best eﬀort of the portfolio companies to provide feedback on a yearly basis, and to allow us to have an ongoing dialogue on ESG matters throughout the year. By employing the ESG framework, we gather annual data on the following aspects: • Environmental factors, including carbon emissions, initiatives for sustainable travel, and waste recycling policies, for instance. • Social factors, such as workplace diversity, inclusiveness, and staﬀ well-being, among other relevant indicators. • Governance factors, such as board oversight, data governan- ce, cyber security, and corporate policies, amongst others. 2.4 Monitoring results The ESG risks and opportunities of our investments are monitored and published in the annual reports of the various funds. These annual sustainability reports subject each investment to an ESG ex- ercise and list action points for next year. The main adverse eﬀects of each investment are also explained in detail. In the next paragraph we give you insight into the story of Gradient and how they monitor ESG results. Last point, in 2023 we cast our vote at 10 shareholder meetings of non-quoted companies.

ANNUAL REPORT 2023 | 67 6. ESG REPORT Saving energy is more important than ever. District heating systems lose between 20 and 30% of energy during distribution. Our Digital Twin solution helps customers all across Europe reduce these losses.. Hervé Huisman, CEO Gradyent 2.5 Portfolio companies in the spotlight Gradyent, a Rotterdam-based technology scale-up has developed a software platform to enable network managers to operate heat- ing networks in a smarter, data-driven way. With the help of phys- ics-based models and AI, data from IoT sensors in the network, digital meters in buildings and weather data are combined to make a digital copy of the physical heating system. This digital copy (dig- ital twin) is then used to visualize and optimize the network perfor- mance. Capricorn Partners has invested in Gradyent’s growth since 2020 via their Capricorn Digital Growth Fund. What are heating networks? Instead of relying on individual gas boilers to heat our water and buildings, it is much more environ- mentally friendly to use heat from centrally available sustainable heat sources and distribute it through a heating network of insulat- ed pipes to hundreds of residential, oﬃce or other buildings. Hot water or steam is the medium through which the heat is transport- ed. To minimize heat loss during transportation, it is better to con- sume the heat in surrounding buildings (as an energy community). Sustainable heat sources are diverse: geothermal heat, waste heat from data centers, co-generated heat from (renewable) electricity production or rest heat captured from industrial processes, such as chemical plants (rather than releasing it into the atmosphere). In short, heating networks are a key driver of sustainable heating, as they unlock more sustainable heating sources. Heating networks are growing in complexity Heating networks are complex systems to manage, as the water temperature and pressure in the pipes need to be monitored and optimized to min- imize heat losses and provide predictable conditions in the build- ings. Generally, 20% to 30% of the heat is lost in heating networks as the hot water or steam ﬂow through the pipes, mainly due to poorly insulated pipes, and poorly conﬁgured temperature and pressure set points. Through lack of visibility and understanding of how the network responds, network operators often set the temperature too high, to ensure the water is suﬃciently hot upon arrival in the buildings. This is an ineﬃcient use of the provided heat (which is increasingly more painful in the context of high en- ergy prices). Recently, we have witnessed district heating networks growing ex- ponentially across the globe, in number, size as well as in complex- ity. While adding more and diﬀerent types of heat sources is eco- nomically and environmentally beneﬁcial, it makes it more complex to operate the network eﬃciently, due to the diﬀerent character- istics and limitations of the diﬀerent heat sources. Furthermore, it has become more important to carefully balance the consumption by buildings in order to shave the peaks in demand (called dynam- ic load balancing). All these factors are making it overly complex for network engineers to manage in a purely manual way. Gradyent leverages the power of a real-time Digital Twin to ad- dress this growing complexity Deploying the Gradyent platform enables heating network managers to achieve signiﬁcant beneﬁts such as reducing heat loss by up to 15%, cutting CO2 emissions by 10%, lowering fuel costs by 5%, and reducing CAPEX by 20%, all while enhancing the security of end-user heat supply. Current- ly, Gradyent is active in 7 countries and around 20 cities, such as Vienna, Helsinki, and Rotterdam. For example, in Helsinki (Fin- land), Gradyent helps Helen, the utility company supplying 90% of the city’s buildings with space and water heating, to optimize and decarbonize their heating grid by predicting network behavior and providing insights into future circumstances, for example to support phasing out the coal-powered plants. As Gradyent is on a quest to help 1,000 heating networks to accelerate the energy transition to this more sustainable way to heat our buildings, the company recently raised €10 million in funding from the venture funds Eneco Ventures, Capricorn Partners, Helen Ventures and En- ergiiq. Capricorn Partners is a proud investor in Gradyent, a great example of how to leverage smart software to facilitate the energy transition.

68 | ANNUAL REPORT 2023 Voting and commitment among listed companies At the listed portfolio, Capricorn Partners takes to heart its role as manager of Quest for Growth when it comes to promoting good governance, diversity and sustainability. First and foremost, a dialogue is set up to make our concerns about a speciﬁc subject known to the company in question. Among other things, we set up a dialogue with the representatives of the companies in the portfolio for the following topics. If the opportunity presents itself, we also vote on proposals during the general meetings of shareholders that the companies in our port- folio convene. - Capital Changes Capricorn in general only supports or approves changes in the in- vestments’ capital structure, if they are not detrimental to the fund and their shareholders. For quoted equities, Capricorn in general objects and will consider to vote against violations of the one share one vote principle or poison pill schemes. - Corporate governance In the following cases, Capricorn will engage and consider to vote for changes in the governing bodies of the portfolio companies: • weak or sharp decline of performance, including non-ﬁnancial performance measures (such as environmental indicators re- lated to decarbonisation, water use, biodiversity, pollution and waste) • signiﬁcant doubts about the competences of (members of) the governing bodies • substantial legal compliance failure or other severe miscon- duct, including undesirable behaviour related to the areas of human and labour rights, biodiversity, pollution and other en- vironmental issues • insuﬃcient board diversity, especially focused on gender di- versity and board independence - Remuneration Capricorn encourages balanced, fair and transparent remuneration policies and will vote against excessive management remuneration proposals and inadequate remuneration reports. - Mergers and Acquisitions Capricorn will look at mergers and acquisitions on a case-by-case basis. Only if suﬃcient information is available to the stakeholders of the portfolio company and the process is in line with the inter- ests of the fund, Capricorn will support or vote for a merger or a takeover. - Reporting If there is a lack of validity of the legally required reports, Capricorn will abstain or vote against the particular agenda items. If the ﬁnan- cial statements are not compliant with standard accounting rules, Capricorn will vote against the approval of the annual ﬁnancial statements. Our eﬀorts concerning dialogue, interaction and engagement focused on three companies in particular. We discussed the lack of diversity at the level of the management board twice, and we addressed the issue of changes to the company structure once. The annual re-election of the entire management board is on the agenda each year at the Swiss technology company LEM Holding. In the wake of the general meeting, we raised our concerns with the management about the lack of diversity in the board of di- rectors. LEM responded to our question with an overview of the diversity throughout the company. This response revealed that LEM believes that diversity is important and that gender diversity at the group is balanced. Women hold various key management positions at the company. In addition, LEM undertook to increase diversity, including at management board level. Nexus, a provider of software for hospitals, also submitted a proposal for the reappointment of its entire six-member board of directors. Nexus put forward a proposal for the reappointment of the same six directors, of which only one was a female candidate. Quoted equities & venture and growth capital 6. ESG REPORT

ANNUAL REPORT 2023 | 69 In this case, too, we decided to enter into dialogue with Nexus. In the absence of a convincing response, we decided not to support the reappointment. Finally, we discussed a proposal put forward by ABO Wind with its management. The proposal called for a change to the structure of the company. One advantage of the proposed new structure is that it will facilitate the ﬁnancing of future growth, while at the same time strengthening the position of family shareholders compared to the current structure. Over 2023 as a whole, Capricorn Partners cast its vote in a total of 18 meetings held by listed companies. Voting and Interaction with private companies 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

70 | ANNUAL REPORT 2023 ESG criteria Overall the quoted portfolio scores well on ESG. Elements we look at include aligned interests of management through participation 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. The wage ratio is lower than the indices, partly because to a large extent investments are made in smaller companies than the median of the indices. QfG portfolio companies STOXX Europe 600 Index STOXX Europe Small 200 Environnemental CO 2 Intensity (Scope 1 + 2) 14,76 13,45 8,30 Social Diversity - % Women board of directors 36,4% 38,5% 37,5% Wage ratio 27,1 43,0 32,4 Gouvernance % Independent Directors 66,7% 66,7% 63,6% Role CEO and chairman BoD seperated 95,2% 90,0% 91,5% Exclusion based on activities As far as factors for exclusion are concerned, none of the com- panies in the portfolio were directly exposed to exclusion based on activities that exceeded the tolerance thresholds. Several companies are indirectly involved in sectors and operations that expose them to ESG risks. However, the operations of companies that qualiﬁed for positive audit signiﬁcantly oﬀset indirect exposure to activities that pose a high ESG risk. Quest for Growth keeps in close contact with the companies in its portfolio. It uses these contacts to make its exclusion policies known and to monitor com- panies closely where necessary. Mayr-Melnhof is indirectly exposed as a supplier to the tobacco industry. However, the positive impact of its key recycling operations amply compensates for this indirect exposure. This activity is, how- ever, shrinking as a percentage of the turnover. Mayr-Melnhof has acquired various companies since the end of 2020, representing more than EUR 1 billion of extra revenue from activities that have a positive impact. We estimate Mayr-Melnhof’s indirect exposure to the tobacco industry to be between 10-15%, which is below our 25% tolerance threshold for indirect exposure. We contacted the Mayr-Melnhof representative twice over the course of 2023. We foresee a further reduction in Mayr-Melnhof’s exposure to the to- bacco industry in the wake of declining global demand for tobacco products and an increase in other operations at Mayr-Melnhof itself. ESG performance in quoted companies

ANNUAL REPORT 2023 | 71 Portfolio companies in the spotlight Kingspan Kingspan, the most recent newcomer in the portfolio of listed companies, plays a crucial role in reducing carbon emissions in buildings. Based in Ireland, Kingspan is one of the leading European companies in the production of insulation materials for all kinds of buildings. Kingspan broadened its strategy to include the entire building envelope based on its strong position as an insulation specialist. All over the world, buildings – and everything it requires to build, maintain and renovate them – account for 40% of global carbon emissions. And there is still a great deal of construction going on: 6.1 billion square metres of new struc- tures worldwide, which is the equivalent of approximately ten times the size of New York City every year. The reduction of enormous volumes of carbon dioxide is due to the use of Kingspan’s insulation products. Apart from the natural demand prompted by this increase in buildings, Kingspan is tapping into new markets through its own product developments. It is a global market leader in the production of insulated facade panels, it produces insulated piping and is currently working on launching the industrial production of insulated solar panels, which will be integrated directly into the roof cladding of buildings. Through acqui- sitions, Kingspan is creating an entire rooﬁng and insulation platform and it recently strengthened its presence in the market for natural insulation materials. Kingspan has also taken steps internally to reduce its own carbon footprint. It has set speciﬁc targets aimed at reducing harmful emissions by using renewable energy, promoting the circular economy for raw material supply and harvesting rainwater. Eugene Murtagh founded Kingspan in 1965. At ﬁrst, the company focused on producing steel structures for buildings. From the 70s onwards, the company started shifting the emphasis to producing insulation. Eugene stepped aside in 2005, clearing the way for his son, Gene Murtagh, to succeed him. Gene heads up the company as CEO to this day. The Murtagh family is still Kingspan’s major shareholder and, as a force for stability in the company, it safeguards the company’s vision in the long term. EVS The Belgian company EVS Broadcasting Equipment is a global icon in the world of live coverage for sports events such as the Olympics, the World Cup and the American Super Bowl. EVS developed various high-tech products for this, such as hard- ware, servers and software. Thematically, it would be logical to classify EVS as ‘digital’. EVS’s eﬀorts in terms of ESG therefore focus on reducing its own environmental footprint, on social aspects of the company and on good governance. Globally, the IT sector represents around 4% of greenhouse gas emissions; its energy consumption grows by around 9% annually. EVS had its own carbon emissions calculated, and the results showed that more than half of the emission was caused by the product range that it puts on the market. It is especially the servers that it sells to its customer that consume a lot of energy over the entire service life of the products. As a member of the Institute for Sustainable IT, EVS is examin- ing how it can reduce the energy consumption of its products by virtualising certain products in the cloud so that they only consume energy when they are actually used. EVS also con- siders how it can lower energy consumption when developing hardware. When all is said and done, a lot depends on how customers use the product and whether they use renewable energy. EVS itself invests signiﬁcantly in renewable energy. Around 10% of the energy that the head oﬃce consumes annually comes from solar power that they themselves have generated. In addition to this, EVS has been busy installing charging points to support the electriﬁcation of its ﬂeet. EVS’s ‘Caring Employee’ strategy plays an important role when it comes to social aspects. EVS has recruited many new mem- bers of staﬀ in recent years. It employed nearly 100 new mem- bers of staﬀ in 2022 alone. Since this often involves people with very speciﬁc technical proﬁles, a sound human resources policy is needed to ﬁnd and retain all those workers. EVS was awarded 'Top Employer' this year for its detailed and thorough human resources policy, which focuses on a good balance between the professional level and the personal level. 6. ESG REPORT 6. ESG REPORT

72 | ANNUAL REPORT 2023 a. Corporate Governance Code Introduction Quest for Growth has adopted the Belgische Corporate Governance Code for quoted companies (version 2020) (www.corporategovern- ancecommittee.be) as its reference code and will hereafter 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). Following the March 2023 capital operation, the Charter was up- dated by the secretary and approved at the board meeting of 25 July 2023. The main changes relate to: • the changed capital structure, in particular the reduction of the number of preference shares by 500, the elimination of the two classes of preference shares and the increase in the number of ordinary shares by 535,249; • the reduced and renewed composition of the board of direc- tors, in particular that there are now a maximum of eight in- stead of ten directors, of which two (instead of four) directors are nominated by the preference shareholders; • the amended remuneration of the directors, in particular a ﬁxed remuneration in line with the market per director (who is not nominated by the preferred shareholders) instead of a ﬁxed remuneration plus attendance fees; • the reappointment of the audit committee to the audit and risk committee; • the company's power of representation which now lies with two directors instead of three; • the inclusion of Belﬁus Insurance as the only signiﬁcant sha- reholder; • the changed dividend policy, in particular that the preference dividend is paid only on the part of the dividend exceeding the amount necessary to pay out to the shareholders overall a re- muneration equal to an amount of nominal 6% on an annual basis, cumulatively recoverable for previous ﬁnancial years (as from 1 January 2023) in which (and to the extent of which) there have been no dividend distributions for a corresponding %, cal- culated on the equity as expressed on the balance sheet after deduction of the dividend paid out in the course of the ﬁnancial year. In which case the additional distribution will be distributed as follows: 90% goes to all shares and 10% is distributed to preference shares. • adding the Whistleblower Policy and other updated versions of the Management Company's Policies. The Corporate Governance Charter (excluding its Notess) was also translated into Dutch. An English and Dutch text were posted on the company's website. . 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 2023, ex- cept for provisions 7.6, 7.7, 7.8, 7.9 and 7.12 of the Code. Corporate Governance Code Quest for Growth received a letter of congratulations from the Cor- porate Governance Committee on 13 December 2023! The mon- itoring review of the 2022 annual reports showed that Quest for Growth complies with all provisions of the 2020 Code. This means that either the provisions are being followed or are being interpret- ed qualitatively. The following provisions of the Corporate Governance Code were not applied in 2023: 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 Quest for Growth does not grant share options to non-executive directors. 7. CORPORATE GOVERNANCE 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2023 | 73 7. CORPORATE GOVERNANCE The non-compliance of this provision was also mentioned in the reports of the past ﬁnancial years and the board of directors does not wish to make any changes to this in the next ﬁnancial year. The board continues to believe that (i) remuneration through shares could undermine the independence of non-executive di- rectors, even though the variable remuneration is aimed at the medium term, (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 has shown that a large majority of quot- ed companies do not follow this principle (according to the Study Report of December 2023, only 15% follow this recommendation, among which not one small quoted company). 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 remuneration package of the executive directors is linked to the overall perfor- mance of the company and the individual performances. 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. These provisions can be treated together as they all relate to as- pects of executive management remuneration. The remuneration policy of QfG is in fact limited to a policy out- lined for the non-executive directors and the provision that Cap- ricorn Partners receives a ﬁxed remuneration of 1% of the share capital of QfG for its role as management company. The remunera- tion 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 requirements set out in the Code of Companies and Associa- tions, the AIFM-Law of 19 April 2014 and the AIFM-Directive. Capri- corn Partners is not a listed company and therefore the Corporate Governance Code does not apply to it. The board of directors of QfG is however aware that its responsibil- ity for compliance with the Code is not thereby terminated and that the board should therefore ensure that the management company applies the aforementioned provisions 7.7, 7.8 and 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 management of QfG. In 2022, the board of directors instructed the nomination and re- muneration committee to examine the above-mentioned provi- sions 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 issue at the end of 2022 and considered that the simpliﬁcation and reduction of cer- tain preferential rights belonging to Class A and B shares is an important prior step to move towards a new variable remuneration policy. These steps were taken in 2023 and half of the preference shares were cancelled via split into ordinary shares. The nomination and remuneration committee further considered the compliance with the principles of Corporate Governance Code. Capricorn Partners has already provided the following clariﬁcations 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 pro- mote teamwork. However, all employees are granted an identical proﬁt bonus linked to Capricorn Partners’ overall ﬁnancial perfor- mance and to fulﬁlling the action points of the ESG Action Plan. The variable remuneration relating to the Quest for Growth fund un- der management consists of granting a number of options on the preference shares, which in ﬁnancially favourable years give the right to an extra dividend. This remuneration is exclusively linked to the distributed proﬁt of Quest for Growth, which is approved by the general meeting on the basis of annual ﬁgures veriﬁed by the auditor. Thus there is an alignment between the sharehold- ers, the company and the employees of the management compa- ny. The granting and distribution of these options depend on the time spent by the employees concerned in managing QfG. These shares can also be redeemed by the management company at any time. Preference shares have been subject to a realignment in 2023, as a result of which only persons who still have an active role in the management of QfG are allocated preference shares. The rights of the preference shares were also changed in that the

74 | ANNUAL REPORT 2023 preference dividend right is only granted later. Capricorn Partners has a full remuneration committee that evaluates annually the re- muneration of the board members of the management company 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). The board of directors considers this explanation suﬃcient and asks to set up a joint meeting between the two remuneration com- mittees to agree on these principles but does not wish to intervene more actively in the management company's remuneration policy. 5. Provision 7.9 The board sets a minimum threshold of shares to be held by members of the executive management In 2021, the board determined that executive management should hold 0.5% of QfG's shares. This percentage is no longer feasible now that Mr Jos Peeters has withdrawn from the executive com- mittee of Capricorn Partners and thus from the executive manage- ment of Quest for Growth. The board of directors deliberated on this provision and decided not to impose this obligation anymore. The reason for this is that this rule is obtained in an alternative way, namely via the allocation of the preference shares that can now be acquired (and purchased) exclusively by persons who contribute day in day out to the success of Quest for Growth and a fortiori therefore to members of the executive management. The afore- mentioned Study Report prepared by Guberna and the Corporate Governance Code Commission also shows that only 19% of BEL Small companies apply this recommendation. b. Capital structure i. Share capital The share capital of the company amounts to €148,298,945.16 and is, following the split of 500 preference shares into ordinary shares, represented by 18,733,961 shares, with no nominal value. The shares are divided into two classes, namely 18,733,461 ordi- nary shares and 500 preference shares. All shares granted by simple subscription on a subsequent capital increase 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 preference shares are and will remain registered, are not trad- ed on a regulated market, and are reserved for the founders and individuals who contribute to the company's success. The holders of preference shares will enjoy a preference dividend as stipulated in article 43 of the articles of association "The holders of preference shares enjoy a preference dividend. This preference dividend is paid on the part of the dividend ex- ceeding the amount necessary to pay out broadly to the share- holders a payment equal to a compensation of nominal 6% on an annual basis, cumulatively recoverable for previous ﬁnancial years in which (and to the extent of which) there have been no dividend payments for a corresponding %, calculated on the eq- uity as expressed on the balance sheet after deduction of the div- idend paid during the ﬁnancial year. Of the excess amount, ten per cent (10%) is distributed to the holders of preference shares as a preference dividend. The remaining ninety per cent (90%) is distributed equally to all shareholders. In the event of a capital in- crease / or capital decrease during the year, the newly contributed / distributed capital is taken into account on a pro rata temporis basis for calculation purposes." The ordinary shares are freely transferable; transfers of prefer- ence shares are subject to restrictions as set out in the articles of association. Since these shares are also not tradeable on a regu- lated 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). ii. Authorised capital The articles of association expressly authorise the board of direc- tors to increase the capital on one or more occasions by a maxi- mum 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 when a shareholder exceeds the 5% voting rights threshold. 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2023 | 75 At 31 December 2023 one shareholder notiﬁed holding more than 5% of the voting rights: iv. Subscription rights There are no outstanding subscripiton rights to shares of the com- pany. v. Purchase own shares The articles of association contain no special provisions on author- ities of the board of directors regarding the possibility of purchas- ing own shares. € 109.7 ml n € 109.7 ml n € 109.7 ml n € 135.1 ml n € 135.1 ml n € 146.5 ml n € 146.5 ml n € 146.5 ml n € 138.6 ml n € 147.1 ml n € 147.1 ml n € 0.1 mln € 7.9 mln € 21.9 mln € 0 mln € 20 mln € 40 mln € 60 mln € 80 mln € 100 mln € 120 mln € 140 mln € 160 mln € 180 mln 31/12/2013 31/12/2014 31/12/2015 31/12/2016 31/12/2017 31/12/2018 31/12/2019 31/12/2020 31/12/2021 31/12/2022 31/12/2023 Share capital Available reserves Unavailable reserves EVOLUTION SHARE CAPITAL AND RESERVES SHARE CAPITAL – AVAILABLE RESERVES – UNAVAILABLE RESERVES Name and address % Number of shares Last date threshold crossed Federal Holding and Invest- ment Company (SFPI-FPIM) via Belﬁus Insurance Belgium NV Karel Rogierplein 11 1210 Brussels Belgium 12.17% 2.278.994(*) 20/10/2011 (*) Situation at 31 December 2023 vi. 10y evolution share capital and reserves 7. CORPORATE GOVERNANCE

76 | ANNUAL REPORT 2023 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 assigned to the general meeting by law and the responsibilities that are contracted out to the management company. The board of directors has delegated the portfolio management, risk management, administration, human resources policy, mar- keting and day-to-day management of the company to Capricorn Partners, a management company of alternative institutions for col- lective investment that is licensed by the FSMA. 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 Governance Charter and the Corporate Governance Code • appointing, dismissing and supervising the management com- pany 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 com- pany, 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. 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2023 | 77 ii. Composition Since 30 March 2023 the board of directors has a maximum of eight members, appointed by the general meeting or a maximum term of four years, which may or may not be shareholders; at least two of them must represent holders of preference shares. At least three members must be independent. With four women directors, there is parity and the gender quota of 30% is far exceeded. Diversity in executive management falls under the management company's human resources policy. Capri- corn Partners' executive committee is also parity-based: since the summer of 2023, it has four members, of whom two are women and two are men. Among Capricorn Partners' 28 employees as of 31 December 2023, we count 32% women, four nationalities and a wide age curve . 2023 was a year in which all mandates except Ms de Vet-Veithen's expired. Two new directors were appointed, the remaining man- dates were renewed. Below is an overview of the members of the board of directors and the start of their mandate: Start of ﬁrst term of oﬃce End of mandate: 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 Brigitte de Vet-Veithen (1) 30 March 2022 27 March 2025 Ordinary Director – executive oﬃcer Philippe de Vicq de Cumptich 9 August 2011 26 March 2026 Ordinary Director Prof. Regine Slagmulder 9 August 2011 27 March 2025 Ordinary Director Jos B. Peeters 9 June 1998 26 March 2026 Preference Director Jos Clijsters (1) 25 March 2021 26 March 2026 Ordinary Director Paul Van Dun (1) 28 March 2019 25 March 2027 Ordinary Director – executive oﬃcer Sabine Vermassen 30 March 2023 25 March 2027 Preference Director Véronique Léonard (1) 30 March 2023 25 March 2027 Ordinary (1) Independent director 7. CORPORATE GOVERNANCE

78 | ANNUAL REPORT 2023 Jos B. Peeters DIRECTOR Jos B. Peeters is founder and chairman of the board of directors 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 Capri- corn 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 Paul Van Dun INDEPENDENT DIRECTOR AND CHAIRMAN OF THE RISK & AUDIT COMMITTEE 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 regional development. He is also managing director of the Gemma Frisius investment fund, di- rector 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 Brightlands Chemelot Campus (Nl). He is also advisor to several investment companies, and director or chairman at several high-tech and life science companies. Brigitte de Vet-Veithen CHAIRMAN AND INDEPENDENT DIRECTOR Brigitte de Vet-Veithen is CEO of Materialise. She has 30 years of experience in the technology sector, and especially in healthcare and life sciences. Before joining Materialise, she was CEO of the Acertys group. She started her career in consulting and held man- agement 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, MBA (Vlerick Business School) and Bac. Philosophy. He was an investment manager at Investco for 10 years and then spent 15 years at Gevaert, where he was pro- moted to managing director. From 2005 to 2010, he was manag- ing director at KBC Private Equity. He is currently an independent director at a number of industrial and ﬁnancial companies, includ- ing Uitgeverij Lannoo, Boston Millennia Partners, Belgian Growth Fund, Pensioenfonds Metaal and Cibo. René Avonts DIRECTOR (until 30 March 2023) 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 (until 30 March 2023) 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.

ANNUAL REPORT 2023 | 79 Jos Clijsters INDEPENDENT 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 Sabine Vermassen DIRECTOR AND EXECUTIVE OFFICER 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. Sabine holds both a master’s degree in law and an MBA from Vlerick Business School. Véronique Leonard INDEPENDENT DIRECTOR Véronique Léonard is CEO of Van Breda Car Finance, CFO and di- rector at Bank J. Van Breda & C°, where she is also Chief Credit Oﬃcer and Head of Data & Business Insights. She is also a member of the board of directors and audit committee of several companies. Before joining Bank of Breda, Ms Léonard worked at BNParibas For- tis and Accenture, among others. She holds a master's degree in applied economics from UCL and a master's degree in ﬁnance from Tilburg University (TIAS-Netherlands). Antoon De Proft CHAIRMAN AND INDEPENDENT DIRECTOR (until 30 March 2023) 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. Liesbet Peeters DIRECTOR (until 30 March 2023) 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. Regine Slagmulder DIRECTOR Regine Slagmulder is full professor accounting & control at Vlerick Business School and visiting professor at INSEAD. 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.

80 | ANNUAL REPORT 2023 7. CORPORATE GOVERNANCE iii. Functioning 1. Activities 24 January 2023 at 15h00 This special meeting deliberated in the absence of directors Jos Peeters, René Avonts and Michel Akkermans due to conﬂicts of interest as they held preference shares that would be the subject of the Operation decided by the extraordinary general meeting on 30 March 2023. This Operation consisted in particular of (i) the uniﬁcation of the preference shares, (ii) the division of 50% of the preference shares into ordinary shares for which an exchange rate had to be determined and (iii) an amendment of the rights of the re- maining preference shares and of the dividend rights of all shares. We refer to paragraph iv on conﬂicts of interest. At this meeting, the non-conﬂicted directors decided to follow the proposed valuation of the independent valuation expert and apply a division ratio of 1,070.5 ordinary shares for 1 preference share. A request was made to the auditor to prepare a report and the Special Report in application of Section 7:155 of the Companies and Associations Code (modiﬁcation of shareholders' rights) was approved. Finally, the management company was directed to con- vene an extraordinary general meeting for approval of the Opera- tion and amendment of the Articles of Association. 24 January 2023 at 15h20 The three conﬂicted directors joined the board of directors to de- liberate on the secretary's report on compliance with the Corporate Governance Code, hear the report of the nomination and remuner- ation committee, approve the valuations, ﬁnancial statements and allocation of proﬁt, as well as discuss the draft Annual Report. The agenda of the ordinary general meeting was discussed, and ap- proval was given for the press release on the annual results and an investment in the Capricorn Health-tech Fund II. 16 February 2023 at 15h00 This additional meeting deﬁnitively approved the Annual Report for the 2022 ﬁnancial year and the nomination and remuneration committee's proposal regarding the change of management and new remuneration of directors was adopted. The agenda for the general meeting was deﬁnitively established. 25 April 2023 at 15h00 Each meeting following the quarter traditionally approves the valu- ations, determines the quarterly ﬁgures and hears the report of the management company, as well as any comments from the eﬀective leaders and from the chairman of the audit and risk committee on the activities carried out during the past quarter . During this ﬁrst meeting with the new directors, the Trading Code for non-exec- utive directors was presented for signature, the previous annual meeting and extraordinary general meeting were evaluated and the strategic agreements with Michel Akkermans and Belﬁus were terminated as both no longer hold preference shares. A closed session with only the non-executive directors assessed positive- ly the interaction with the executive management in accordance with provision 3.11 of the Corporate Governance Code and the mar- ket-based management fee for the implementation of the Manage- ment Agreement with the management company. 21 July 2023 at 10h00 An additional meeting was scheduled to fully dedicate itself to the company's strategy, to the possibilities to increase the share of pri- vate investments and to increase the attractiveness of QfG in the market. In the afternoon, the internal functioning of the board of directors was evaluated. 25 July 2023 at 15h00 In addition to the traditional quarterly approvals, the semi-annual report and the abbreviated ﬁnancial information for the ﬁrst half of the year were established. The amended Corporate Governance Charter was approved and it was decided to make a small addi- tional investment in the Capricorn Fusion China Fund now that one shareholder wished to oﬀer his shares at a discount. 24 October 2023 at 15h00 The last board of directors considered third-quarter valuations and results, the ﬁnancial calendar and press releases, and discussed a number of co-investments with venture and growth funds of Cap- ricorn Partners. The management contract with the Management Company was slightly amended following the new co-investment provisions approved at the 21 July board meeting.

ANNUAL REPORT 2023 | 81 7. CORPORATE GOVERNANCE 2. Attendance Present Percentage Antoon De Proft 3/3 100% Brigitte de Vet-Veithen 7/7 100% Philippe de Vicq de Cumptich 7/7 100% René Avonts 2/2 100% Jos B. Peeters 6/6 100% Regine Slagmulder 7/7 100% Michel Akkermans 2/2 100% Paul Van Dun 7/7 100% Jos Clijsters 5/7 71% Liesbet Peeters 0/3 0% Sabine Vermassen 4/4 100% Véronique Léonard 4/4 100% 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. In 2023 all the directors received an anonymous questionnaire as part of a thorough evaluation of the functioning of the board of directors, of the interaction between the board of directors and the Management Company, and of the interaction with the chairman, the audit and risk committee and the executive oﬃcers. This eval- uation exercise was discussed during an additional board meeting in July 2023 and will take place the next time in 2025. iv. Conﬂicts of interest Article 7:96 ﬀ. Belgian Companies and Associations Code – Article 11§1 of the Royal Decree of 10 July 2016 During the expired ﬁnancial year, the procedure of conﬂicts of in- terest and related parties was followed in one meeting, speciﬁcally in the meeting held on 24 January 15h. The directors concerned did not take part in the vote. The relevant minutes are reproduced in full below:

82 | ANNUAL REPORT 2023 7. CORPORATE GOVERNANCE 1. Prior notice regarding conﬂicts of interest Given that the subject of this board of directors concerns the pri- or adoption for submission to the shareholders of a proposal re- garding (i) the standardization of the preference shares, (ii) the division of part of the preference shares into ordinary shares for which a terms of trade must be are determined and (iii) a change in the rights of the remaining preference shares (hereinafter jointly referred to as the “Operation”), and a number of directors, in particular Jos Peeters, (the partnership of) René Avonts and Michel Akkermans, are holders of preference shares, they have a pecuniary interest in the prior decision of the board of direc- tors regarding the Operation that conﬂicts with the interest of the company, because the Operation means, among other things, that the preference shares owned by the aforementioned direc- tors will be divided into a number of ordinary shares on the ba- sis of a rate of exchange that must be determined by the board of directors in the interest of the company, while this rate of ex- change has an inﬂuence on the personal assets of the conﬂicting directors involved. In addition, the dividend rights of all shares will be changed so that this will also aﬀect the personal assets of the directors. The preferential dividend right will be abolished for 500 shares, including all shares owned by the (partnership of) Mr Avonts and Mr Akkermans and part of the shares owned by Mr Peeters. However, the board of directors believes that this Opera- tion is to the advantage of the Company because all shareholders will be able to beneﬁt from larger and more regular dividends and the preferred dividend will be reduced and reserved exclusively for those people who make an important contribution to the suc- cess of the Company. Simulations of these changes in property law are shown in the attached Report. In light of this, Messrs. Jos Peeters, René Avonts and Michel Akker- mans report prior to any presentation or discussion that they are Agenda 1. Prior notice of conﬂicts of interest For information 2. Valuation report 8Advisory For information 3. Taking note of the draft of the auditor’s report in application of Article 7:155 of the CAC For information 4. Modiﬁcation of the rights of the preference shares For information Special report pursuant to Article 7:155 of the CAC 5. Convening of extraordinary general meeting & agenda For information 6. Power of attorney for ﬁnalising the special report For information Attendees 1. Mr Antoon De Proft, Chairman 2. Mr Philippe de Vicq de Cumptich, director and eﬀective leader 3. Mr René Avonts, director 4. Dr Jos B. Peeters, director 5. Ms Brigitte de Vet, director 6. Prof. Dr. Regine Slagmulder, director 7. Mr Michel Akkermans, director 8. Mr Paul Van Dun, director Excused 9. Mr Jos Clijsters, director 10. Ms Liesbet Peeters, director Invited Ms Sabine Vermassen, secretary and eﬀective leader The Chairman opens the meeting at 3 p.m. The Chairman determines that the convening and quorum requirements have been met: the board can therefore validly meet and decide. MINUTES

ANNUAL REPORT 2023 | 83 7. CORPORATE GOVERNANCE holders of preference A and/or B shares in their personal name and that they therefore, for the aforementioned reason, have a di- rect ﬁnancial interest. upon the decision of the board of directors to submit the Operation to the shareholders under the conditions determined by the board of directors, which may be contrary to the interests of the company within the meaning of Article 7:96 of the Companies Code and Associations (WVV). The three aforementioned directors do not participate in the de- liberations or decision-making in this board of directors. The other ﬁve directors declare that they do not own any preference shares nor ordinary shares in the company and therefore that they are not in conﬂict within the meaning of Article 7:96 CCA. The minutes of the meeting will be communicated to the auditor. In his annual report for the 2023 ﬁnancial year, the auditor will assess, in a separate section, the ﬁnancial consequences for the company. The board of directors points out that the Operation must ulti- mately be approved by the shareholders, after which the govern- ing body can proceed with the implementation of the sharehold- ers' decision. 2. Valuation report 8Advisory The board of directors takes note of the valuation report of 8Ad- visory that is added to appendix 1 and unanimously decides to follow this advice. It will therefore be proposed to the general meeting to use a division ratio of 1,070.5 ordinary shares for 1 preference share with regard to the 500 preference shares that will be divided into ordinary shares in the Operation, thereby los- ing their preference rights. 3. Taking note of the draft of the auditor’s report in application of Article 7:155 of the CAC Since the Operation involves a change in the rights attached to the types of shares and uses ﬁnancial and accounting data as at the end of 2022, the board of directors hereby asks the auditor to assess that the ﬁnancial and accounting data contained in the attached Report are included, are faithful in all material respects and suﬃcient to inform the general meeting that is to vote on the proposal. To this end, the board of directors has already submit- ted its draft special report in accordance with article 7:155 CCA with regard to the operation to the auditor. The statutory auditor has indicated that he agrees with the information included in the Special Report and on this basis has already submitted a draft of his report to the board of directors in application of Article 7:155 of the CAC. 4. Modiﬁcation of the rights of the preference shares Special Report pursuant to Article 7:155 of the Companies and Associations Code The board of directors unanimously approves the Report at- tached as Annex 1 in accordance with Article 7:155 of the Com- panies and Associations Code. [All directors sign this Report] The board of directors instructs the Management Company to notify the FSMA and seek their approval of the Operation. Should the FSMA have any comments that would require a substantive sub- stantial amendment to the attached Report, a further board meet- ing will be held by conference call to approve these amendments. If the amendments are not substantial, power of attorney will be granted (see agenda item 6 above). 5. Convening of extraordinary general meeting & agenda Subject to approval by the FSMA, the board of directors decides to submit the proposal for the Operation to the shareholders. The Operation implies a change in the rights attached to types of shares and in the articles of association. The invitation to this extraordinary meeting is approved and is attached as Annex 2. Capricorn Partners and each eﬀective leader are given power of attorney to complete all formalities for the convening of the extraordinary general meeting and to make amendments to the attached invitation following any comments made by the FSMA. 6. Power of attorney to ﬁnalise the special report The board of directors grants power of attorney to Capricorn Part- ners and to each eﬀective leader to ﬁnalise the Special Report pursuant to comments made by the FSMA and, in general, to fulﬁl all formalities necessary or desirable to give eﬀect to the deci- sions taken by this board of directors. The chairman closed the meeting at 15h20. Once approved, these minutes are signed by the chairman and the secretary. Directors who wish to do so may also sign. Annexes : 1. The Report of the board of directors in accordance with Article 7:155 of the CRC 2. Invitation to the Extraordinary General Meeting. Both annexes can be found on the company's website. Apart from this transaction, there are no other disclosures to make regarding conﬂicts of interest or related party transactions made during the expired ﬁnancial year.

84 | ANNUAL REPORT 2023 7. CORPORATE GOVERNANCE 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, which is included as an annex to Quest for Growth’s Corporate Governance Charter. 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 (“NRC”) in prepa- ration of a major change of directors in 2023. ii. Composition The nomination and remuneration committee consists since April 2023 of three independent directors: Mr Jos Clijsters (also chair- man), Ms Brigitte de Vet-Veithen and Mr Paul Van Dun. Mr Jos B. Peeters may be invited as a representative of the management committee to provide information. The members of the committee have experience and expertise in the speciﬁc areas of a nomina- tion and remuneration committee. iii. Functioning 1. Activities The NRC ensures the objective and professional conduct of the appointment process. To this end, the nomination committee reg- ularly evaluates the size, composition and succession planning of the board of directors, adjusts the procedure for the appointment of directors where necessary and nominates or recommends can- didates for appointment or reappointment, taking into account the nomination rights allocated to the various types of shares in the articles of association. The NRC leads the (re)appointment process of the directors. The NRC also ensures that suﬃcient and regular attention is paid to the succession of executive management members. The NRC makes recommendations to the board of directors for this purpose. Decisions on the appointment of the eﬀective leaders and delega- tion of executive management are taken by the board of directors, taking into account the committee's recommendations. The NRC then makes proposals to the board on the remuneration policy and the individual remuneration of the members of the board of directors. The NRC informs the board about the annual evalua- tion of executive management performance and the achievement of the corporate strategy based on agreed performance measures and targets. The committee also prepares the three-yearly evalua- tion of the board's functioning. The chairman of the committee reports to the board on the recom- mendations for the board. 2. Meetings & attendance The committee held formal and informal meetings to guide the change of directors. For this purpose, two formal meetings took place in January and February 2023. A third meeting was held in December 2023 where the variable remuneration of the executive management and a new board change were discussed.

ANNUAL REPORT 2023 | 85 7. CORPORATE GOVERNANCE 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 accounting 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 du- ties by overseeing: • the quality and integrity of the audit, bookkeeping and ﬁnancial 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 com- missioner, 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 commu- nicate 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 (since April 2023) Paul Van Dun, Chairman Regine Slagmulder Véronique Léonard Since April 2023, the audit and risk committee consists of Mr Paul Van Dun, Ms Regine Slagmulder and Ms Véronique Léonard. Ms Slagmulder, due to having been a director for more than 12 years, is no longer considered independent but Mr Van Dun and Ms Léonard are. All members of the committee have expertise and experience in audit and risk committee powers. iii. Functioning 1. Activities During the past ﬁnancial year, the audit and risk committee met ﬁve times. Four meetings were convened following the quarterly up- date and the fund's quarterly results. There was also an additional joint meeting with the audit committee of the management com- pany in the presence of the management company's internal au- ditor to discuss the internal control processes at the management company and at QfG and to listen to the internal auditor's annual report. In accordance with principle 4.14 of the Corporate Govern- ance Code, the audit and risk committee has considered 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 ref- erence of the internal audit function of the management company. 2. Attendance Present Percentage Regine Slagmulder 4/5 80% René Avonts 1/1 100% Paul Van Dun 5/5 100% Véronique Léonard 4/4 100%

86 | ANNUAL REPORT 2023 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 of QfG. ii. Composition The executive oﬃcers are Mr Philippe de Vicq de Cumptich (also director of Quest for Growth) and Ms Sabine Vermassen (member of the executive committee of Capricorn Partners and director of QfG). 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 delega- ted 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 2023 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 with its activities for Quest for Growth in accordance with the management agreement. 2. Meetings & attendance At least two meetings take place every quarter: the eﬀective lea- ders attend the general valuation meetings 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. 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2023 | 87 7. CORPORATE GOVERNANCE 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. 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 compa- ny 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 Gov- ernance 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 has to give the nihil obstat 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 Katrin Geyskens – Digital & Health Katrin brings twenty years of investment experience to the Capri- corn Digital team. Before falling in love with venture capital, she had a short career in banking and management consulting followed 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 working for Capri- corn, Katrin is a council member of VARIO (the Flemish Council for Innovation and Entrepreneurship) and a member of the superviso- ry board of EIT Digital. In 2020, she was named one of Belgium’s ‘Inspiring Fifty’, an award celebrating inspiring female leaders in technology. Katrin joined the executive committee in 2022. 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. In 2022 he joined the executive committee of Capricorn Partners. 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. Yves has been a mem- ber of the executive committee of Capricorn Partners since 2022. 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. Sabine has been a member of the executive committee since 2017.

88 | ANNUAL REPORT 2023 iii. Funds under management Capricorn Partners, in addition to being the manager of Quest for Growth, is also the management company and managing direc- tor of the Capricorn Cleantech Fund, the Capricorn Health-tech Fund, the Capricorn ICT ARKIV, the Capricorn Sustainable Chem- istry Fund, the Capricorn Digital Growth Fund, the Capricorn Fu- sion China Fund, the Capricorn Industrial Biotech Fund (based in The Netherlands), the FC Investment Partners 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 compartments (sub-funds) of Quest Man- agement Sicav and manages the Funds for Good-Cleantech II port- folio. These variable capital funds invest only in quoted equities and are based in Luxembourg. Capricorn Partners' total assets under management on 31/12/2023 amounted to €511,8 million. 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, Karel Rogierplein 11, 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 2023 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 7. CORPORATE GOVERNANCE

ANNUAL REPORT 2023 | 89 7. CORPORATE GOVERNANCE 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 Given that Quest for Growth largely outsources its day-to-day man- agement to Capricorn Partners, there is no need for an internal audit function within the company. Capricorn Partners has an internal auditor, BDO Advisory BV, rep- resented by Mr Steven Cauwenberghs, who reviews all processes 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. Capricorn Partners' external audi- tor, KPMG, analyses and evaluates the adequacy of the manage- ment company's internal control. 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 as from 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 130 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: NAV per 31/12/2022 5 January 2023 Annual results 2022 and announcement of amendment of articles of association 26 January 2023 NAV per 31/01/2023 2 February 2023 New board of directors with as many women as men 24 February 2023 NAV per 28/02/2023 2 March 2023 NAV per 31/03/2023 6 April 2023 Business update 31 March 2023 27 April 2023 NAV per 30/04/2023 4 May 2023 Transparency legislation 26 April 2023 NAV per 31/05/2023 8 June 2023 NAV per 30/06/2023 6 July 2023 Semi-annual report 30 June 2023 23 July 2023 NAV per 31/07/2023 3 August 2023 NAV per 31/08/2023 7 September 022 NAV per 30/09/2023 5 October 2023 Business update 30 September 2023 25 October 2023 NAV per 31/10/2023 9 November 2023 NAV per 30/11/2023 7 December 2023

90 | ANNUAL REPORT 2023 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 var- ious 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 value creation. The board of directors, supported in this by the nomination and remuneration committee, ensures that the remu- neration policy is consistent with the company's general remuner- ation framework as set out in the Corporate Governance Charter and in accordance with the Corporate Governance Code. The remuneration report for ﬁnancial year 2022 and a new re- muneration policy were submitted to the general meeting on 30 March 2023. Both were approved unanimously. The changes to the Remuneration Policy mainly concern the remuneration of non-executive directors and the reduction of the maximum num- ber of directors from ten to eight members, with a maximum of two members nominated by preferred shareholders. Following a benchmark conducted among similar small listed companies, it was decided to move away from the system of attendance fees and to make the ﬁxed remuneration market-comform. The new Remuneration policy 1. The executive management The executive management is delegated exclusively to Capricorn Partners and is remunerated on the basis of a ﬁxed percentage, i.e. 1% of the capital of the company. The determination of a manage- ment fee based on a percentage of the capital rather than on the basis of the assets under management has the advantage 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 atten- tion being given to risky behaviour that could jeopardise long-term value creation. QfG has entered into an agreement with the man- agement company a management agreement regarding the tasks, conditions and modalities of the management assignment and the remuneration that Capricorn Partners 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 variable remuneration of the executive management is ob- tained through the subordinated preference dividend paid to the preference shareholders after all shareholders have received a compensation of 6% cumulative and recoverable for the previ- ous years in which no or insuﬃcient dividend payments have tak- en place (and this starting from 1 January 2023). This preference dividend right amounts to 10% of the total excess dividend and is distributed pro rata among the 500 preference shares. These preference shares are granted to people who help bring about the success of QfG. The management company decides on their al- location and can also redistribute the options on the preference shares among the beneﬁciaries. This preferred dividend right en- sures alignment of the interests of all shareholders and is also ap- proved for distribution by the general meeting The members of the executive management do not receive contri- butions for pensions or similar allowances from the management company. They are responsible for this themselves. 2. The non-executive directors The non-executive directors receive a ﬁxed annual remuneration of €15,000. The chairman receives €30,000 and the director who fulﬁls the role of executive oﬃcer receives a ﬁxed remuneration of €35,000. The ﬁxed remuneration paid to the chairman and the director-executive oﬃcer reﬂects the additional time their respon- sibilities require them to dedicate. For example, the executive of- ﬁcers regularly meets with representatives of the management company to ensure optimal execution of the role in supervising the management company's fulﬁlment of its mandate. The chairman is responsible for the agenda, organisation and evaluation of the board of directors. The chairman of the audit and risk committee and of the nomination and remuneration committee receive an additional fee of €7,500 per year and a member of the advising committee receives addition- ally €5,000. The directors who hold positions with the management company are paid by the management company and receive no ad- ditional remuneration for performing their duties at QfG. The normal and justiﬁed expenses incurred by the directors in the performance of their duties are reimbursed and recognised under general costs. However, in 2023 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, variable remuneration or bene- ﬁts in kind that are directly related to the results of the company. There is no provision for (partial) remuneration in the form of shares for the non-executive directors because (i) QfG does not hold its own shares, (ii) this could undermine the independence of the non-executive directors and (iii) few listed companies do so (cf. the Report on Corporate Governance). There are no contributions for pensions or similar compensation for directors, and no director or executive oﬃcer in that capacity is entitled 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. 8. REMUNERATION REPORT 8. REMUNERATION REPORT

ANNUAL REPORT 2023 | 91 b. Remuneration paid to directors and executive oﬃcers in 2023 Mr Antoon De Proft (chairman Q1 2023): €6,750 Ms Brigitte de Vet-Veithen (chairman as of Q2 2023) €29,125 Mr Philippe de Vicq de Cumptich: €33,000 Prof. Regine Slagmulder: €19,000 Mr René Avonts (Q1 2023): €4,000 Mr Michel Akkermans (Q1 2023): €2,875 Mr Paul Van Dun: €24,625 Ms Liesbet Peeters (Q1 2023): €1,875 Mr Jos Clijsters: €19,750 Ms Véronique Léonard (as of Q2 2023) €15,000 Total renumeration paid to the directors in the past ﬁnancial year in- cluding VAT amounted to €177,551 (in 2022: €161,281) The director Jos Peeters and the director/executive oﬃcer Sabine Vermassen are only remunerated by the management company Cap- ricorn Partners. For the ﬁnancial year 2023, no expenses were reimbursed to the di- rectors and managing directors, nor any form of beneﬁts in kind or variable remuneration, except the attendance fees linked to the ef- fective presence of the directors on the boards of directors during the ﬁrst quarter of 2023. In accordance with the remuneration policy, no amounts were paid for pension accrual, insurances or pension plans. c. Remuneration depositary bank and external auditor The remuneration paid to Belﬁus Bank for its services as deposito- ry bank amounted to €37,140 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 €40,810 (excl. VAT). An additional fee of €11,800 (excluding VAT) was paid in 2023 for the preparation of the report under section 7:155 and ESEF requirements (XHTML format). 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 point 19 of the Explanation to the Financial Information). This calculation basis has been appli- cable since 2017. For the 2023 ﬁnancial year, €1,482,989 was thus paid to the management company. The ﬁve members of the executive committee of Capricorn Part- ners (and as of September the four members plus Jos Peeters as chairman of the board of directors of Capricorn Partners and director at QfG) jointly received a payment of €309,442 for their services to the company during the past ﬁnancial year. This cal- culation 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 (Jos Peeters until Au- gust 2023) is €43,211, for the four other members of the executive committee together €266,230. 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. No dividend payment was made to the preference shareholders. 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 €5,897,405 to all its employees including variable remu- neration of €259,345 (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 €384,170. 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: 4.5x. e. Changes to the remuneration policy In 2023 the remuneration policy was adjusted. We refer to the ﬁrst paragraph of this chapter for this. The company does not anticipate substantial changes to its remu- neration policy over the next two years. f. Evolution of the remuneration and performance of the company The remunerations of the executive management were neither in- creased nor decreased in the past ﬁnancial year. Fees paid to non-executive directors and members of advisory committees were increased to bring them in line with the market. Thus, the ﬁxed remuneration of a director was increased from €7,500 to €15,000 but, on the other hand, the sitting fees (amount- ing to €500 per session) were abolished. We also refer here to the ﬁrst paragraph of the Remuneration Report. This evolution is in line with the company's remuneration policy, which gives preference to ﬁxed remuneration and only variable remuneration that is linked to the dividend yield of all sharehold- ers, thus trying to align the interests of shareholders and executive management as much as possible. 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

92 | ANNUAL REPORT 2023 STATUTORY DISCLOSURES REQUIRED BY ARTICLE 3:6 OF THE CODE OF COMPANIES AND ASSOCIATIONS Disclosures as referred to in §1 of Article 3:6 of the Companies Code 1° True and fair view of the development and the results as well as a description of the main risks and uncertainties of the company See point 6 of the Notes to the Financial Information regarding the description of the main risks and uncertainties of the company; the true and fair view of the developments and results is included throughout the annual report. 2° Information concerning important events after the end of the ﬁnancial year The board of directors has no knowledge of any other important events occurring after the balance sheet date that have inﬂuenced the company's equity, economic or ﬁnancial position and/or result. 3° Information on circumstances that may signiﬁcantly aﬀect the development of the company, to the extent that this information is not of such a nature that it would cause serious disadvantage to the company. There are no circumstances that could signiﬁcantly aﬀect the de- velopment of the company other than the risks referred to below under 'Financial Information' and under 'Notes'. 4° Information on research and development work Quest for Growth is an investment fund and does not itself develop any technology, service or product. It does, of course, explore ways to increase the assets it manages. In doing so, it contributes to long-term success and value creation among shareholders. 5° Information on the existence of branches of the company The company has no branches. 6° Loss carried or loss carried forward for two ﬁnancial years If a loss carried forward is shown in the company's balance sheet or income statement for two consecutive ﬁnancial years (which is the case here), the board of directors should account for the appli- cation of the valuation rules 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. We refer to the board of directors' report accompanying the ﬁnancial statements. 7° All information to be included therein pursuant to other provisions of the WVV, as listed in 7° of article 3:6 WVV and applicable to public limited companies The conﬂict of interest procedure provided for in Article 7:96 of the CC was initiated and followed during the 2023 ﬁnancial year at the ﬁrst board of directors meeting (dd. 24 January 2023 at 15h). Three directors were conﬂicted and did not participate in the de- liberations or decision-making of this board of directors. The re- maining ﬁve directors were not conﬂicted and approved the trans- action. Article 7:96, §1, second paragraph of the Companies Code provides that the part of the minutes in which the board of directors accounts for the transaction and its proprietary consequences for the company shall be included in its entirety in the annual report or in a document ﬁled together with the annual accounts. We refer to the relevant section in this annual report.

ANNUAL REPORT 2023 | 93 8° Use of ﬁnancial instruments in so far as they inﬂuence the assessment of the assets, liabilities, ﬁnancial position and result of the company Quest for Growth NV does not use ﬁnancial instruments that aﬀect the assessment of the assets, liabilities and ﬁnancial position of the result of the company. 9° Accounting for the independence and expertise of an audit committee member We refer to the description of the directors who are members of the audit committee included in the Corporate Governance Statement. Disclosures as referred to in §2 and §3 of Article 3:6 of the Com- panies Code 1° Corporate Governance Statement which forms a speciﬁc part of the annual report and contains at least the information speciﬁed in §2, 1° to 8° of Article 3:6 of the Companies Code We refer to the chapter on Corporate Governance, which integrates the statements imposed by Article 3:6 §2, 1° to 8° of the Code. 2° The Remuneration report which forms a speciﬁc part of the Statement on Corporate Governance and which provides a comprehensive and complete overview of remuneration and contains all information as required by §3 of Article 3:6 of the CRD We refer to the chapter on Corporate Governance and speciﬁcally to the Remuneration Report, in which the disclosures required by Article 3:6 §3 of the CRD were included in full.

94 | ANNUAL REPORT 2023 9. FINANCIAL INFORMATION 2023 9. FINANCIAL INFORMATION 2023 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 2023 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 5 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 2023, 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 accounting policies and other explanatory information, and which is characterised by a balance sheet total of EUR 140,784,807 and an income statement showing a loss for the year of EUR 3,524,260. 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 2023, 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 2023 (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 84,295,827 at 31 December 2023. 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. The most important as- sumptions for the investments valued based on a scenario analysis are the assessment of Key Performance Indicators per investment and the probability-weighting of the diﬀerent possible future sce- narios. The total of the Level 3 ﬁnancial assets recognised at fair value in the balance sheet at 31 December 2023 amounts to EUR 48,821,446 (note 7.d.).

ANNUAL REPORT 2023 | 95 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 2023 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 2023 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 discounts 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 Per- formance Indicators of the enterprises in which the Company holds an investment and with respect to the probability-weight- ing of the diﬀerent possible future scenarios, when using sce- nario analysis as valuation method; • assessment of the reasonableness of the assumptions used to determine the valuation by verifying them against underlying elements; • review of the information disclosed in note 7 ‘Fair value of ﬁ- nancial instruments’ to the ﬁnancial statements as required un- der 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 determine is necessary to enable the preparation of annual ac- counts 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 material missta- tement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissi- ons, misrepresentations, or the override of internal control; • Obtain an understanding of internal control relevant to the au- dit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eﬀectiveness of the Company’s internal control; • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related dis- closures made by the board of directors; • 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 signiﬁcant doubt on the Company’s ability to continue as a going concern. If we 9. FINANCIAL INFORMATION 2023

96 | ANNUAL REPORT 2023 9. FINANCIAL INFORMATION 2023 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 conclusions are based on the audit evidence obtained up to the date of our statuto- ry 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 determine those matters that were of most signiﬁcance in the au- dit of the annual accounts of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report 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 ac- quired 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 provide ser- vices which are incompatible with the statutory audit of the an- nual accounts and our registered audit ﬁrm remained indepen- dent 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 disclo- sed 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. 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 2023 comply in all material respects with the ESEF require- ments under the Delegated Regulation.

ANNUAL REPORT 2023 | 97 MANAGEMENT RESPONSIBILITY STATEMENT The ﬁnancial statements for the period ended 31 December 2023 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 13 February 2024. 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 2023; and b. The ﬁnancial statements include a fair review of important events that have occurred during the twelve month period ended 31 December 2023, 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, 13 February 2024 Paul Van Dun Philippe de Vicq de Cumptich Sabine Vermassen Director – Chairman of the audit committee Director – Executive oﬃcer Director - Executive oﬃcer Other statements • Without prejudice to formal aspects of minor importance, 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 association or the Com- panies’ and Associations’ Code that we have to report to you. • We have evaluated the property eﬀects resulting from the deci- sion of the board of directors dated 24 January 2023 as descri- bed in section ‘7c. iv. Conﬂicts of interest’ of the annual report, concerning the change in rights of preferred shares, and we have no remarks to make in this respect. • This report is consistent with the additional report to the au- dit committee referred to in article 11 of the Regulation (EU) N° 537/2014. Diegem, 26 February 2024 The statutory auditor PwC Reviseurs d’Entreprises SRL / PwC Bedrijfsrevisoren BV represented by Gregory Joos* Réviseur d’Entreprises / Bedrijfsrevisor *Acting on behalf of Gregory Joos BVBrussel, 26 februari 2024 9. FINANCIAL INFORMATION 2023

98 | ANNUAL REPORT 2023 In EUR Assets Situation at Notes 31 December 2023 31 December 2022 31 December 2021 Cash and cash equivalents 7.g 6,800,567 6,177,462 9,313,614 Trade and other receivables 15 474,757 1,050,834 910,459 Dividends receivable 7.f 385,020 563,083 450,277 Financial assets Financial assets at FVTPL - equity securities 14 132,804,660 136,042,102 168,509,906 Financial assets at FVTPL – debt securities 14 312,613 468,595 549,016 Other current assets 7,191 7,210 7,210 Total assets 140,784,807 144,309,287 179,740,483 Equity and liabilities Share capital 17 147,072,900 147,072,900 138,629,636 Reserves 18 0 21,918,727 7,929,733 Accumulated result -2,803,948 106,290 Net result for the year -3,524,260 -24,828,966 33,140,999 Total equity attributable to shareholders 140,744,692 144,268,952 179,700,367 Current tax payable 12 0 219 3 Other liabilities 40,115 40,115 40,112 Total liabilities 40,115 40,335 40,115 Total equity and liabilities 140,784,807 144,309,287 179,740,483 In EUR For the ﬁnancial year ended Note 31 December 2023 31 December 2022 31 December 2021 Net realised gains / (losses) on ﬁnancial assets 8/10 -6,191,828 6,764,147 18,841,630 Net unrealised gains / (losses) on ﬁnancial assets 8/10 2,484,133 -31,245,241 15,198,088 Dividends income 1,824,290 1,984,901 1,549,620 Interest income 11 78,021 -7,018 -14,121 Net realised foreign exchange gain / (loss) -2,536 8,637 -128,103 Net unrealised foreign exchange gain / (loss) 5,603 4,114 -11,340 Total revenues -1,802,318 -22,490,460 35,435,774 Other operating income / (loss) 860,320 101,156 29,066 Total operating revenues -941,997 -22,389,304 35,464,840 Fee management company 19 -1,482,989 -1,456,988 -1,416,608 Custodian fees -37,140 -45,688 -49,599 Director’s fees -177,551 -161,281 -170,330 Levy on investment funds 21.5 -133,449 -166,557 -141,774 Other operating expenses -405,978 -272,972 -286,996 Total operating expenses -2,237,107 -2,103,791 -2,065,307 Proﬁt / (Loss) from operating activities -3,179,105 -24,492,791 33,399,533 Net ﬁnance expense -1,501 -2,651 -5,658 Proﬁt / (Loss) before income taxes -3,180,605 -24,495,442 33,393,875 Withholding tax expenses 12 -316,085 -333,304 -252,870 Other incomes taxes 12 -27,570 -219 -5 Proﬁt / (Loss) for the period -3,524,260 -24,828,966 33,140,999 Proﬁt / (Loss) per share Basic & diluted average number of shares outstanding 9 18,603,570 17,765,860 16,774,226 Basic & diluted proﬁt/loss per share for ordinary shares 9 -0.19 -1.40 1.98 Basic & diluted proﬁt/loss per share for preference shares 9 -0.19 / / Basic & diluted proﬁt/loss per share for A and B shares 9 / -1.40 1.98 BALANCE SHEET INCOME STATEMENT 9. FINANCIAL INFORMATION 2023 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 2023 | 99 In EUR Note Share capital Reserves Retained earnings/loss Total equity Balance at 1 January 2023 17 147,072,900 21,918,727 -24,722,675 144,268,952 Retained earnings 18 -21,918,727 21,918,727 0 Proft/(loss) for the year -3,524,260 -3,524,260 Issue of ordinary shares, net of costs of capital increase 0 0 Dividends 18 0 0 Balance at 31 December 2023 17 147,072,900 0 -6,328,208 140,744,692 Balance at 1 January 2022 17 138,629,636 7,929,733 33,140,999 179,700,368 Retained earnings 18 13,988,994 -13,988,994 0 Proﬁt / (loss) for the year -24,828,966 -24,828,966 Issue of ordinary shares, net of costs of capital increase 17 8,443,264 8,443,264 Dividends 18 -19,045,714 -19,045,714 Balance at 31 December 2022 17 147,072,900 21,918,727 -24,722,675 144,268,952 In EUR For the ﬁnancial year ended Note 31 December 2023 31 December 2022 31 December 2021 Cash ﬂows from operating activities Proceeds from sale of Financial Assets - equity securities 19,245,292 30,215,236 72,551,900 Proceeds from sale of Financial Assets – debt securities 0 0 2,699,977 Acquisition of Financial Assets - equity securities -19,228,959 -21,234,761 -65,327,190 Acquisition of Financial Assets - debt securities -330,248 -888,571 -446,507 Net receipts / (payments) from derivative activities 0 0 -258,725 Monies received from claims further to divestments 1,437,755 29,768 95,744 Dividends received 1,696,689 1,515,962 1,178,857 Interest received 11 76,852 110 221 Interest paid 11 -190 -32,576 -14,342 Operating expenses paid -2,238,588 -2,103,487 -2,070,367 Income taxes paid -27,790 -3,01 -11 Cash ﬂow from operating activities 630,813 7,501,677 8,409,287 Proceeds from capital increase 0 8,443,264 0 Capital reduction 0 0 -6,709,687 Dividends paid to holders of preference shares 18 0 -1,936,239 0 Dividends paid to holders of ordinary shares 18 0 -16,774,228 -1,710 Paid withholding tax on dividends to shareholders 18 0 -335,247 0 Cash ﬂow from ﬁnancing activities 0 -10,602,450 -6,711,397 Net increase / (decrease) in cash and cash equivalents 630,813 -3,100,772 1,697,890 Cash and cash equivalents at the beginning of the year 6,177,462 -9,313,614 7,581,757 Eﬀect of exchange rate on cash and cash equivalents -7,709 -35,079 33,967 Cash and cash equivalents at the end of the period 6,800,567 6,177,462 9,313,614 STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS 9. FINANCIAL INFORMATION 2023

100 | ANNUAL REPORT 2023 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 13 February 2024. The ﬁnancial statements for the period ended on 31 December 2023 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 2023 31 December 2022 CAD 1.4642 1.444 CHF 0.9260 0.9847 GBP 0.86905 0.88693 USD 1.1050 1.0666 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 meas- ure 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 9. FINANCIAL INFORMATION 2023 NOTES TO THE FINANCIAL STATEMENTS

ANNUAL REPORT 2023 | 101 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 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. 9. FINANCIAL INFORMATION 2023

102 | ANNUAL REPORT 2023 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. 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, same page) 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 invested 2.1% of its NAV in time deposits at the end of 2023. These have a maturity of one month, making interest rate risk 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 2023 Quest for Growth held a currency risk of €10,376,539. The exposure per currency is illustrated in the tabel below: 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 2023 and 31 December 2022. 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. in euro 31 December 2023 31 December 2022 CAD 738 9,846 CHF 888,103 1,038,407 USD 264,108 387,524 B. Liquidity risk ‘Liquidity risk’ is the risk that the company will encounter diﬃculties in meeting the obligations associated with its ﬁnancial liabilities 9. FINANCIAL INFORMATION 2023 31 December 2023 In foreign currency in euro Quoted equities CAD 9,723 6,640 CHF 7,401,450 7,992,927 Venture & growth capital USD 2,626,554 2,376,972 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 USD 3,719,999 3,487,717

ANNUAL REPORT 2023 | 103 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 2023 and 31 December 2022. Curren- cy Commit- ment in € 31/12/2023 Commit- ment in € 31/12/2022 Capricorn Health-tech Fund EUR 1,050,000 1,050,000 Capricorn ICT ARKIV EUR 1,127,000 1,472,000 Capricorn Sustainable Chemistry Fund EUR 3,400,000 5,000,000 Capricorn Digital Growth Fund EUR 12,000,000 12,000,000 Capricorn Fusion China Fund EUR 5,519,587 5,898,750 Carlyle Europe Technology Partners II EUR 653,148 653,148 Total 23,749,735 26,073,898 9. FINANCIAL INFORMATION 2023 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 2023 Book value Total Less than 15 days 15 days to 1 year More than 1 year Non-derivative liabilities 0 0 0 0 0 Balances due to brokers 0 0 0 0 0 Dividends payable 0 0 0 0 0 Commitments 23,749,735 23,749,735 0 23,749,735 0 Total 23,749,735 23,749,735 0 23,749,735 0 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 0 0 0 0 0 Balances due to brokers 0 0 0 0 0 Dividends payable 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 The following are the contractual maturities of ﬁnancial liabilities at the reporting date.

104 | ANNUAL REPORT 2023 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 2023 31 December 2022 Total liquid assets 43,053,857 45,330,877 Liquid assets as % of total net assets 31% 31% 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 2023: Term: Immediate- ly available Maximum 7 days Max. 1 month Max. 1 year More than 1 year 13,61% 16,98% 24,37% 9,78% 35,26% 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 2023 or at 31 December 2022. No individual investment exceeded 5% of the net assets either at 31 December 2023 or at 31 December 2022. 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 2023. Short-term debt securities are term depos- its with a term of one month. Counterparty Cash Short term debt securities BELFIUS BANK 2.65% 0.00% KBC BANK 0.05% 2.13% 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 derivatives) 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 movement in fair value occurs subsequent to the close of trading at the end of the reporting date, valuation techniques will be applied 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 techniques. The Company may use internally developed models, which are based on valuation methods and techniques generally recognised as stand- ard 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 assumptions. Valuation techniques used include the use of comparable recent market-based transactions. They determine how much an informed independent third party would be willing to pay to purchase the investment being valued. They refer to other instruments that are substantially the same, premium pricing models and other valua- tion 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 valuation tech- niques employed may not fully reﬂect all factors relevant to the positions the Company holds. Valuations are therefore 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 2023

ANNUAL REPORT 2023 | 105 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 signif- icant 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 entirety requires judge- ment, 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 compa- ny 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 members of the executive committee of Capricorn Partners and all Capricorn investment managers overseeing active non-quoted in- 9. FINANCIAL INFORMATION 2023

106 | ANNUAL REPORT 2023 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 responsibil- ity for the approval of the valuations resides legally and contractu- ally 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 position. In 2023 no ﬁnancial instruments were transferred from level 2 to level 1. 9. FINANCIAL INFORMATION 2023 31 December 2023 Level 1 Level 2 Level 3 Total Financial assets at fair value through proﬁt or loss Quoted equities 84,295,827 0 6,640 84,302,467 Debt securities 0 0 312,613 312,613 Venture & growth capital 0 0 12,976,146 12,976,146 Venture & growth funds 0 0 35,526,047 35,526,047 Total 84,295,827 0 48,821,446 133,117,272 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 0 82,859,689 Debt securities 0 0 468,595 468,595 Venture & growth capital 0 0 13,701,867 13,701,867 Venture & growth funds 0 0 39,480,547 39,480,547 Total 82,771,077 88,611 53,651,008 136,510,697

Private equity investments Venture capital funds Total Balance at 1 January 2023 14,170,462 39,480,547 53,651,008 Purchases 991,532 2,421,665 3,413,197 Sales -3,616,759 -701,699 -4,318,458 Transfers into level 3 6,640 6,640 Transfers out of level 3 Total proﬁt (or loss) recognised in the income statement 1,743,524 -5,674,466 -3,930,942 Balance at 31 December 2023 13,295,399 35,526,047 48,821,446 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 ANNUAL REPORT 2023 | 107 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 2023: 9. FINANCIAL INFORMATION 2023 The following table shows a reconciliation from the opening balances to the closing balanc- es for the fair value measure- ment in level 3 of the fair value hierarchy. 31/12/2023 Multiples Scenario analysis Stock quotations Cash Other Valuations venture & growth capital as % of the NAV DMC 1.11% EclecticIQ 1.88% Finquest 0.58% Fruitcore Robotics 1.42% NGData 0.81% Qpinch 1.35% Rein4ced 0.57% Sensolus 1.72% Total 3.95% 5.49% Distribution of valuation methods Venture & growth capital and debt securities 41.87% 58.13% 0.00% 0.00% 0.00% Venture & growth capital funds (underlying instruments) 11.63% 76.17% 0.00% 7.55% 4.64%

108 | ANNUAL REPORT 2023 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 burdens, tax- es 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”). Since 30 June 2023, Bloomberg has been used as the source for this ﬁnancial data, previously Fact- set. The impact at 30 June 2023 of this change is +€336,773. The peer group is composed on the basis of criteria 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 studies. In valuing investments in venture and growth capital in the venture and growth funds managed by Capricorn, as at 31 December 2023 30 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 €2,706,172. For Quest for Growth's direct investments in venture and growth capital, valued under scenario analysis this would mean an increase (or decrease) of €772,534. If the peer group multiple were to increase (or decrease) by 1 for the individual participations in the venture and growth funds valued on the basis of multiples, this would result in an overall increase (or decrease) of €1,419,785/€1,539,416. 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/decrease of €549,586/€632,494. 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 0.81 over 2 years. The betas have been calculated with Bloomberg for the quoted share portfolio excluding cash against the STOXX Eu- rope 600 index as at 31 December 2023. Taking account of these betas, calculated on the basis of historical data for the portfolio, a rise or fall of 8.1% 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 mar- ket can give rise to ﬂuctuations beyond the above range. 9. FINANCIAL INFORMATION 2023

ANNUAL REPORT 2023 | 109 9. FINANCIAL INFORMATION 2023 The chart below provides an overview of the betas of the listed shares in the portfolio over 3 years: 0.58 0.28 0.85 0.43 0.91 0.57 0.54 0.61 0.77 1.88 1.10 1.01 1.42 0.46 0.67 0.54 0.92 0.97 0.51 1.35 0.44 Beta f) Financial instruments not measured at fair value The ﬁnancial instruments not measured at fair value through proﬁt or loss are short term ﬁnancial assets and liabilities 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, because of their short term nature and for the ﬁnancial assets for the high credit quality of counterparties. Con- sequently, no depreciation due to expect- ed credit losses was recognised for these receivables. During the year, the position in short-term debt securites was further reduced. 31 December 2023 Book value Level 1 Level 2 Level 3 Total Financial assets Short-term debt securities 0 0 0 0 0 Trade and other receivables 474,757 0 474,757 0 474,757 Dividend receivables 385,020 0 385,020 0 385,020 Financial liabilities Trade payables 0 0 0 0 0 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

110 | ANNUAL REPORT 2023 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. 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 Strategy 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 2023 31 December 2022 Investments in quoted equities 14 84,302,467 82,859,689 Investments in venture and growth capital 14 13,288,759 14,170,462 Investments in venture and growth funds 14 35,526,047 39,480,546 TOTAL 133,117,272 136,510,697 9. FINANCIAL INFORMATION 2023 g) Cash and cash equivalents Cash and cash equivalents are assets placed with ﬁnancial institutions and can be accessed immediately. For more info, see previous chapter 6 "Financial risk manage- ment", section B "Liquidity risk", under "Credit risk".

ANNUAL REPORT 2023 | 111 9. FINANCIAL INFORMATION 2023 STATEMENT OF PROFIT AND LOSS PER SEGMENT 31 December 2023 31 December 2022 Ordinary shares Preference shares Ordinary shares class A shares class B shares Average number of shares outstanding - basic and diluted 18,602,948 378* 17,765,860 750 250 Proﬁt / (Loss) -3,524,189 -72 -24,827,569 -1,048 -349 Proﬁt / (Loss) per share - basic and diluted -0.19 -0.19 -1.40 -1.40 -1.40 * The number of preference shares on 31/12/2023 is 500, issued on 30/03/2023 which means the average number of shares for the whole of 2023 is 378 (0*89/365 + 500*276/365). Using the same calculation, the average number of Class A and Class B shares for 2023 are 183 and 61, respectively, which also gives a (theoretical) loss of €0.19 per share. The holders of the diﬀerent share classes have diﬀerent rights to dividend payments and on liquidation of the company (see point 18 below) 9. Earnings per share In EUR For the period ended Notes 31 December 2023 31 December 2022 Net realised gains / (losses) on ﬁnancial assets 7/10 -2,884,842 573,633 Net unrealised gains / (losses) on ﬁnancial assets 7/10 6,436,104 -25,573,059 Dividends income 1,824,290 1,984,901 Segment revenue from investments in quoted equities 5,375,552 -23,014,525 Net realised gains /(losses) on ﬁnancial assets 7/10 -3,561,928 5,899,538 Net unrealised gains / (losses) on ﬁnancial assets 7/10 1,743,524 -5,769,784 Dividends income 0 0 Segment revenue from investments in venture and growth capital -1,818,405 129,754 Net realised gains / (losses) on ﬁnancial assets 7/10 254,943 290,977 Net unrealised gains / (losses) on ﬁnancial assets 7/10 -5,695,495 97,601 Dividends income 0 0 Segment revenue from investments in venture and growth funds -5,440,552 388,577 Net interest income / (charges) 11 78,021 -7,018 Net realised foreign exchange gain / (loss) -2,536 8,637 Net unrealised foreign exchange gain / (loss) 5,603 4,114 Total income from investments -1,802,318 -22,490,460 Other operating income / (loss) 860,320 101,156 Total operating income -941,997 -22,389,304 Total operating costs -2,237,107 -2,103,487 Proﬁt from operating activities -3,179,105 -24,492,791 Net ﬁnance expense -1,501 -2,651 Proﬁt / (Loss) before income taxes -3,180,605 -24,495,442 Withholding tax expenses 12 -316,085 -333,304 Other incomes taxes 12 -27,570 -219 Proﬁt / (Loss) for the period -3,524,260 -24,828,966

112 | ANNUAL REPORT 2023 10. Net gain from ﬁnancial instruments at fair value through proﬁt or loss 9. FINANCIAL INFORMATION 2023 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 report- ing 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 carrying amount of a ﬁnancial instrument at the beginning of the period, 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 2023 31 December 2022 Shares (including venture & growth funds) -3,232,067 -24,058,609 Debt securities -475,628 -422,486 Derivative ﬁnancial instruments 0 0 Net gain (loss) from ﬁnancial instruments designated as at fair value through proﬁt or loss 31 December 2023 31 December 2022 Realised -6,191,828 6,764,147 Unrealised 2,484,133 -31,245,241 11. Interest income (charges) Interest income / (charges) on ﬁnancial instruments not measured at fair value 31 December 2023 31 December 2022 Short term debt securities 0 0 Cash and cash equivalents 78,021 -7,018 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 distri- buted as dividends (Quest for Growth’s articles of association 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 2023 €195,593 (2022: €146,255) was withheld on dividends from Belgian companies. For the period to 31 December 2023, a sum of €234,444 of non-de- ductible withholding tax was retained at source on dividends from foreign corporations. In the period to 31 December 2022, reten- tions of this kind amounted to €192,028.

ANNUAL REPORT 2023 | 113 9. FINANCIAL INFORMATION 2023 13. Classiﬁcation of ﬁnancial assets and ﬁnancial liabilities The table below sets out the classiﬁcations of the carrying amounts of the company’s ﬁnancial a ssets and ﬁnancial liabilities into categories of ﬁnancial instruments. 31 December 2023 Designed at fair value Financial assets and liabilities at amortised cost Total Cash and cash equivalents 6,800,567 6,800,567 Short term debt securities 0 0 Trade receivables 474,757 474,757 Dividends receivable 385,020 385,020 Financial assets 0 0 Financial assets at FVTPL – equity securities 132,804,660 132,804,660 Financial assets at FVTPL – debt securities 312,613 312,613 Other current assets 7,191 7,191 Trade and other payables 0 0 Other liabilities -40,115 -40,115 Total 133,117,272 7,627,420 140,744,692 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

114 | ANNUAL REPORT 2023 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 2023 Financial assets at fair value through proﬁt or loss 31 December 2023 31 December 2022 Quoted equities 84,302,467 82,859,689 Venture and growth capital 12,976,146 13,701,862 Venture and growth funds 35,526,047 39,480,547 Debt securities 312,613 468,595 Total ﬁnancial assets through proﬁt or loss 133,117,272 136,510,697 15. Trade and other receivables Trade and other receivables included: 31 December 2023 31 December 2022 Claims pursuant to divestments (escrow-accounts) 473,399 1,050,834 Other 1,359 0 Total 474,757 1,050,834

ANNUAL REPORT 2023 | 115 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 €40,810 (excluding VAT). An additional fee of of €11,800 (excluding VAT) was paid for the preparation of the report un- der Article 7:155 and ESEF requirements (XHTML format) applicable to the digital ﬁnancial statements as of December 31, 2022. 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. No capital increase, capital reduction or optional dividend was ex- ecuted in 2023. The capital of Quest for Growth now amounts (after deducting the costs of the capital increase) to €147,072,900 and is represented by 18,733,461 ordinary shares and 500 preference shares. Each of these shares confers one voting right at the general meet- ing of the company. 9. FINANCIAL INFORMATION 2023 Authorised, issued and fully paid 31 December 2023 31 December 2022 Ordinary shares 18,733,461 18,198,212 Preference shares 500 0 Class A shares 0 750 Class B shares 0 250 Subscribed capital €148,298,945 €148,298,945 Cost of capital increase €1,226,045 €1,226,045 Share capital after deduction cost of capital increase (IFRS) €147,072,900 €147,072,900

116 | ANNUAL REPORT 2023 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. RESULT DISTRIBUTION UP TO AND INCLUDING FINANCIAL YEAR 2022 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 be- ing 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 For the 2022 ﬁnancial year, no dividend was paid to shareholders in 2023. DISTRIBUTION OF RESULTS AS FROM FINANICAL YEAR 2023 Following the decisions of the extraordinary general meeting held on 30 March 2023: • 500 of the 1,000 existing preference shares have been con- verted into 535,249 new ordinary shares with no change in capital. • The holders of preference shares enjoy a preference dividend. This preference dividend is paid on the part of the dividend that exceeds the amount necessary to globally distribute to the sha- reholders a remuneration equal to a compensation of nominal 6% on an annual basis, cumulatively recoverable for previous years in which (and to the extent of) there have been no divi- dend distributions for a corresponding percentage, calculated on the equity as expressed on the balance sheet after deduction of the dividend paid in the course of the ﬁnancial year and this to be calculated as from 1 January 2023. • The excess preferred dividend right is reduced from 20% to 10% so that the fraction of the excess dividend in favour of all shareholders is increased from 80% to 90%. For ﬁnancial year 2023, the amount needed to distribute to the shareholders a remuneration that is 6% cumulative and recovera- ble for previous years in nominal terms is €8,656,137. For ﬁnancial year 2024, (based on equity as at 31/12/2023) the amount needed to distribute to shareholders 6% cumulative and recoverable for previous years will be €17,100,819 (€8,656,137 + €8,444,682). Unavailable reserve 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. At 31 December 2022, the balance of ﬂuctuations in the fair value of assets was - €9,236,514. Consequently, the company has fully reversed the then existing unavailable reserve. No unavailable reserve is created under Article 35 & 2 2nd para- graph after the distribution of results for ﬁnancial year 2023 as the balance of ﬂuctuations in the fair value of assets on 31 December 2023 was - €6,667,174. 9. FINANCIAL INFORMATION 2023

ANNUAL REPORT 2023 | 117 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: ﬁ- nancial assets valued at fair value with changes in value being in- corporated 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 dead- lines 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. Financial assets measured at fair value with changes in value re- ﬂected 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 9. FINANCIAL INFORMATION 2023 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 2022 Capricorn Partners received €1,456,988 In 2023 Capricorn Partners received €1,482,989

118 | ANNUAL REPORT 2023 Financial assets measured at fair value through proﬁt or loss are measured at fair value; any changes including any interest or dividend 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 restrictions on sale such as a lock-up agreement: for investments in quo- ted 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 sha- re is not regularly traded (e.g. not daily), a liquidity discount may be applied. If a share’s negotiability is limited (it is not tra- ded 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 encompass a minimum of three and a maximum of around ten companies. The market source used for determining the multiples is Bloomberg. 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. 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 9. FINANCIAL INFORMATION 2023

ANNUAL REPORT 2023 | 119 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-weighted expected return method (PWERM - probability-weighted expected return method ). Valuations are determined by applying a correc- tion factor to the most recent transaction price based on key per- formance indicators (KPI). This correction factor is calculated by as- signing probability percentages to a number of diﬀerent possible 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 investment). 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 contingencies 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 com- pany, the bridge loan should be valued in isolation. If it is ex- pected 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, unless 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 included, 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 va- lued at the price at which the debt investment was made or the loan was issued. At subsequent valuation dates, any indicati- ons 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 im- pact 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 valuation of the investment: • Multiples method: the calculated equity of the company must be integrated into the waterfall to obtain the fair va- lue 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 ﬁnancial 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 pe- riod 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 de- ferred payment of part of a sales price linked to representati- ons & warranties), a standard discount of 10% is applied. • Any internal matters such as fraud, commercial disputes, litiga- tion, 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. 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. 9. FINANCIAL INFORMATION 2023

120 | ANNUAL REPORT 2023 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. 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 9. FINANCIAL INFORMATION 2023

ANNUAL REPORT 2023 | 121 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 that ﬁrst became eﬀective for the ﬁnancial year beginning 1 January 2023 that had a material impact on Quest for Growth's 2023 ac- counts. Regarding the amended IFRS standards applicable for the ﬁrst time since 1 January 2023, we report that they are not applicable to Quest for Growth, speciﬁcally: • IFRS 7 and IFRS 17: QfG has no insurance contracts with the exception of D&O insurance for its directors and this is not cap- tured by IFRS7 or IFRS 17. • IAS 8 and IAS 1: QfG has not changed its accounting policies and already discloses the accounting policies used. • IAS 12: QfG has no leases or decommissioning liabilities and has neither deferred tax liabilities nor deferred tax assets. • IFRS 16: QfG has no lease and sale-back operations. 9. FINANCIAL INFORMATION 2023

ANNUAL REPORT 2023 | 123 9. FINANCIAL INFORMATION 2023 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 multiplied 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 16.90%. 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 in- formation on transactions closed during the reporting period be published for investments in unquoted companies. Sometimes however it is not possible to release detailed information about these transactions because releasing them could jeopardise the ﬁnanical position of portfolio companies. See the section concern- ing 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. As at 31 December 2022, the balance of ﬂuctuations in the fair value of assets was - €9,236,514. Consequently, the company has completely withdrawn the unavailable reserves. No unavailable reserve is created under Article 35 & 2 2nd par- agraph after the result distribution for ﬁnancial year 2023, as the balance of ﬂuctuations in the fair value of assets on 31 December 2023 was - €6,667,174. 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, executive 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 Management Company or other persons falling within the immediately fo- regoing clause. Limitations exceeded (articles 23, 24 and 30 of the Royal Decree) On 31 December 2023 the company was in compliance with article 18§3 of the Royal Decree and the corresponding provisions of its articles of assocation. During the ﬁnancial year articles 23, 24 and 30 of the Royal Decree did not apply to the company.

124 | ANNUAL REPORT 2023 QUOTED EQUITIES ACQUISITION VALUE VALUATION ABO WIND 1,022,976 1,656,577 B&C SPEAKERS 2,141,445 3,027,823 CEWE STIFTUNG 5,277,496 5,597,271 DATRON 1,552,300 1,213,800 EQUASENS 6,017,193 5,152,563 EVS BROADCAST EQUIPMENT 4,188,745 5,635,184 FRX INNOVATION 2,056,495 6,640 JENSEN-GROUP NV 5,259,448 4,511,083 KERRY GROUP 5,245,848 4,188,645 KINGSPAN 2,319,556 2,744,000 LEM Holding 1,873,451 3,240,227 MAYR-MELNHOF Karton 3,597,689 2,848,500 MELEXIS 5,494,628 5,729,496 NEDAP 3,535,645 5,001,472 NEXUS AG 3,174,249 3,661,886 ROCHE HOLDING 6,355,884 4,752,700 SII 3,569,114 4,938,071 STRATEC 3,530,886 1,867,687 THERMADOR GROUPE 4,484,841 4,093,518 TKH GROUP 6,219,470 5,276,015 TUBIZE 5,219,005 5,491,360 WOLTERS KLUWER 2,959,815 3,667,950 VENTURE & GROWTH CAPITAL ACQUISITION VALUE VALUATION DMC 1,513,685 1,556,560 ECLECTICIQ 2,500,000 2,649,133 FINQUEST 1,906,033 548,919 FRUITCORE ROBOTICS 2,000,327 2,000,327 NGDATA 1,721,580 1,101,847 QPINCH 1,899,998 1,899,998 REIN4CED 2,942,442 799,238 SENSOLUS 755,828 2,420,125 LOAN NOTES FINQUEST LOAN 278,526 271,493 NGDATA LOAN 41,119 41,119 9. FINANCIAL INFORMATION 2023 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 2,063,178 19,781 CAPRICORN DIGITAL GROWTH FUND 8,000,000 6,349,051 CAPRICORN FUSION CHINA FUND 3,652,915 2,707,705 CAPRICORN HEALTH-TECH FUND 2,605,073 9,861,433 CAPRICORN ICT ARKIV 1,633,000 5,159,556 CAPRICORN SUSTAINABLE CHEMISTRY FUND 14,600,000 10,823,813 CARLYLE EUROPE TECHNOLOGY P ARTNERS II 6,548 7,707 LIFE SCIENCES PARTNERS III 11,467 144,000 LIFE SCIENCES PARTNERS IV 16,940 453,000 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 -837,500 CAPRICORN DIGITAL GROWTH FUND 0 CAPRICORN FUSION CHINA FUND 476,665 CAPRICORN HEALTH-TECH FUND 0 CAPRICORN ICT ARKIV 345,000 CAPRICORN SUSTAINABLE CHEMISTRY FUND 1,600,000 CARLYLE EUROPE TECHNOLOGY PARTNERS II -98,113 LIFE SCIENCES PARTNERS III 0 LIFE SCIENCES PARTNERS IV 0 VENTURE & GROWTH CAPITAL TRANSACTIONS DMC 0 ECLECTICIQ 0 FINQUEST 0 FRUITCORE ROBOTICS 0 NGDATA 0 QPINCH 0 REIN4CED 520,057 SENSOLUS 0 LOAN NOTES FINQUEST LOAN 278,526 NGDATA LOAN 41,119

ANNUAL REPORT 2023 | 125 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: 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 al- most all unquoted companies that constitute a co-investment with a venture capital fund of Capricorn Partners and of one direct investment of Quest for Growth. Representatives who exercise a governing mandate are re- quired 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 par- ties 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 gov- erning bodies. Other compulsory disclosures Other compulsory disclosures are spread throughout this re- port, where necessary with a reference to the relevant provi- sion 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 7.01% 13,950,000.00 1,050,000.00 7% 22/10/2010 18/12/2015 1 4 CAPRICORN SUSTAINABLE CHEMISTRY FUND 7.69% 16,600,000.00 3,400,000.00 17% 14/12/2018 14/12/2023 4 9 (*) see page 38 and further “investments in venture and growth funds” 9. FINANCIAL INFORMATION 2023 The company has no outstanding guarantees or securities

ANNUAL REPORT 2023 | 127 10. GENERAL INFORMATION 10. GENERAL INFORMATION Registered oﬃce Lei 19 box 3, 3000 Leuven, Belgium Company registration number 0463.541.422 Website www.questforgrowth.com Board of directors Ms Brigitte de Vet-Veithen, chairman and independent director, member of the nomination and remuneration committee, replaced by Ms Lieve Creten on 23/01/2024 Mr Jos Clijsters, independent director, chairman of the nomination and remuneration committee Mr Paul Van Dun, independent director, chairman of the audit and risk committee and member of the nomination and remuneration committee Ms Véronique Léonard, independent director, member of the audit and risk committee Mr Philippe de Vicq de Cumptich, director Prof. Regine Slagmulder, director, member of the audit and risk committee Dr. Jos B. Peeters, director Ms Sabine Vermassen, director Executive oﬃcers Mr Philippe de Vicq de Cumptich Ms Sabine Vermassen Management company Capricorn Partners NV, Lei 19 box 1, 3000 Leuven Statutory auditor PwC Bedrijfsrevisoren LTD, represented by Mr Gregory Joos, Culliganlaan 5, 1831 Diegem Depository bank Belﬁus Bank België, Karel Rogierplein 11, 1000 Brussels Supervisor Financial Services and Market Authority (FSMA), Congresstraat 12-14, 1000 Brussels Legislation Closed-end private equity fund, submitted to the Royal Decree of 10 July 2016 on alternative institutions for collective investment in unquoted and growth companies Incorporation 9 June 1998 Oﬃcial listing 23 September 1998 on Euronext Brussel Financial year from 1 January to 31 December Security number ISIN: BE0003730448 Stock price Bloomberg : QFG BB Equity Reuters : QUFG.BR Telekurs : 950524 Company reports quarterly Estimated net asset value published every ﬁrst Thursday of the month General meeting last Thursday of the month of March at 11am

128 | ANNUAL REPORT 2023 9. FINANCIAL INFORMATION 2023 TAX REGIME Tax regime of the public privak As a public privak, Quest for Growth NV is subject to the special corporate tax regime provided for in Article 185bis of the Income Tax Code 1992 (WIB92). This means that the taxable basis of the public privak is limited to (i) the abnormal and gratuitous beneﬁts received, (ii) the disallowed expenses (with the exception of depre- ciations and losses on shares and the ﬁnancing cost surplus not classiﬁed as a professional expense as referred to in Article 198 /1 WIB92). In addition, if necessary, the special contribution referred to in Article 219 WIB92 may be due. Taxability of Belgian private individuals Dividend distributions No withholding tax is due on the part of the dividend that comes from capital gains on shares realized by Quest for Growth NV. The remaining part of the dividend is subject to withholding tax (in prin- ciple at a rate of 30%) and is withheld at source. The (exemption from) withholding tax has a liberating eﬀect, which means that Bel- gian private individuals do not have to report this in their personal tax return. Capital gains on shares Private investors are generally not taxed on the capital gain they realize when selling their shares. There are two exceptions to this rule. Firstly, if the investment falls outside the investor's 'normal management of private assets', the capital gain is taxed as mis- cellaneous income at a rate of 33% plus municipal surcharges. Secondly, if the capital gain is considered as professional income, it is taxed at progressive rates plus municipal surcharges. It is im- portant to note that both the ﬁrst and second exceptions depend on the speciﬁc situation of each individual investor, although the second situation (professional income) is rather rare. Distributions resulting from a liquidation or purchase of own shares Since the public privak qualiﬁes as an investment company and it beneﬁts from a tax regime that deviates from common law (accord- ing to Article 185bis WIB92, cf. supra), the income has been realized as a result of the purchase of its own shares by the public privak and as a result of the entire or partial distribution of the equity of the public privak should not be regarded as movable income (Article 21, 2° WIB92) and are therefore not subject to withholding tax. An exception to this is the application of Article 19bis WIB92. Under this provision, a purchase of own shares or a liquidation of a public privak (or a transfer for valuable consideration of the shares of the public privak), for the beneﬁt of private investors, can lead to taxa- bility based on the interest component of the privak. Article 19bis WIB92 only applies under strict conditions and furthermore does not apply if the shares of the institution for collective investment qualify as so-called distribution shares within the meaning of Arti- cle 19bis, §1, paragraphs 2 and 3 WIB92. The Service for Advance Rulings in Tax Matters has conﬁrmed that Article 19bis WIB92 does not apply to Quest for Growth NV, which has committed itself in the advance ruling to: 1) To distribute annually an amount that is at least equal to the Belgian TIS (Taxable Income per Share), insofar as this is per- mitted by the applicable regulations; 2) To always adequately check that, as long as permitted by the regulations applicable to it, the amount of dividend paid on which withholding tax is withheld is greater than the amount of the Belgian TIS per share; 3) To explicitly include the aforementioned commitments in the (semi-annual and annual) reports of Quest for Growth NV. Returns of capital Repayments of capital are in principle tax-free, to the extent that the capital reduction arises from 'tax-paid capital' of Quest for Growth NV. There are certain rules whereby a capital reduction is partly requaliﬁed as a tax dividend, to the extent that reserves are present in the ﬁnancial year preceding the ﬁnancial year of the capital reduction. In this case, all distributions will in principle arise from capital gains on shares realized by the public privak, so that a capital reduction can never lead to tax in Belgium (even if the dis- tribution were partly qualiﬁed as a dividend, cf. 'dividends' above) . Taxability of Belgian investors subject to legal entity tax Dividend payments The same applies as for Belgian private individuals (in principle an exemption applies, cf. above).

ANNUAL REPORT 2023 | 129 Capital gains on shares realized by Belgian legal entities subject to legal entity tax Legal entities subject to legal entity tax are only taxed on income that is expressly included in the law. In the absence of speciﬁc mention in tax legislation, they are not taxed on capital gains aris- ing from the sale of shares. Liquidation and purchase bonuses The income is not considered movable income (as mentioned ear- lier), and therefore no withholding tax is due. The exception that applies to private individuals according to Article 19bis WIB92 does not apply to legal entities. Returns of capital The same applies as for private individuals (in principle an exemp- tion applies, cf. supra). Taxability of Belgian investors subject to corporate tax Dividend payments Withholding tax: No withholding tax is due on the part of the divi- dend that comes from capital gains on shares realized by the pub- lic privak. The remaining part of the dividend is subject to withhold- ing tax (rate of 30%) and is withheld at source. The withholding tax withheld is deductible (and refundable) against the corporate tax on the part of the investor company, so that the withholding tax does not constitute a ﬁnal cost. Corporate tax: The dividends received are eligible for deduction as Deﬁnitive Taxed Income (DBI), regardless of the participation threshold and the holding period of the participation in Quest for Growth NV. Moreover, the participation in the privak does not nec- essarily have to be booked as Financial Fixed Assets to qualify for DBI deduction. The dividends are only eligible for DDI deduction to the extent that they originate from dividends or capital gains on shares that are not excluded from DDI deduction on the basis of the “valuation condition” provided for in Article 203 WIB92. Dividend income that does not entitle you to a dividend deduction is subject to corporate tax at the general rate of 25% (or the re- duced rate of 20% if applicable). Capital gains on shares Capital gains realized following the disposal of shares of the public privak are exempt from corporate tax by the Belgian investor-com- pany to the same extent as the dividends received from the public privak (cf. above). Returns of capital The same applies as for private individuals (in principle an exemp- tion applies, cf. supra). 9. FINANCIAL INFORMATION 2023

130 | ANNUAL REPORT 2023 Shareholders’ meetings Annual General Meeting Thursday 28 March 2024 at 11h00 Annual General Meeting Thursday 27 March 2025 at 11h00 Public announcements Results FY 2023 Thursday 25 January 2024 at 17h40 Results Q1 Thursday 25 April 2024 at 17h40 Results H1 Thursday 25 July 2024 at 17h40 Results Q3 Thursday 24 October 2024 at 17h40 Results FY 2024 Thursday 30 January 2025 at 17h40 Analyst meetings & Press conferences Results FY 2023 Friday 26 January 2024 at 11h00 Results H1 Friday 26 July 2024 at 11h00 Results FY 2024 Friday 31 January 2025 at 11h00 9. FINANCIAL INFORMATION 2023 FINANCIAL CALENDAR Publication of the Net Asset Value at 17h40 2024 NAV 31 Jan 29 Feb 31 Mar 30 Apr 31 May 30 Jun 31 Jul 31 Aug 30 Sep 31 Oct 30 Nov 31 Dec QfG Website Thu 8 Feb Thu 7 Mar Thu 4 Apr Wed* 8 May Thu 6 June Thu 4 July Thu 8 Aug Thu 5 Sep Thu 3 Oct Thu 7 Nov Thu 5 Dec Thu 9 Jan *exceptionally on Wednesday because Thursday 9 May is a public holiday 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