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Tom Simonts +32 2 429 37 22 [email protected] HOLDING & INVESTMENT COMPANIES OVERVIEW July 30th 2010

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Page 1: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

Tom Simonts +32 2 429 37 [email protected]

HOLDING &INVESTMENT COMPANIES

OVERVIEWJuly 30th 2010

Page 2: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 2

Table of contents

• The Albert Frère structure ............................................................................................................................

• Gimv ................................................................................................................................................................ 68

Valuation matrix & Recommendation overview .............................................................................................. 4

• Ackermans & van Haaren ............................................................................................................................. 84

• Quest for Growth ........................................................................................................................................... 74

• BIP Investment Partners ...............................................................................................................................94

• The Solvay structure ..................................................................................................................................... 32

• The UCB structure ......................................................................................................................................... 27- Tubize ...................................................................................................................................................... 28

- Auximines .............................................................................................................................................. 54

Average holding discount ..................................................................................................................................... 7

Valuation graphs ..................................................................................................................................................... 6

• Bois Sauvage .................................................................................................................................................

99

Cascade structured holdings

- Solvac ....................................................................................................................................................... 33

- GBL .......................................................................................................................................................... 12

- Pargesa ................................................................................................................................................... 22

- NPM/CNP ............................................................................................................................................... 17

• The KBC structure ......................................................................................................................................... 37- KBC Ancora ............................................................................................................................................ 38

• The Boël structure ......................................................................................................................................... 42- Henex ...................................................................................................................................................... 43- Sofina ...................................................................................................................................................... 48

• The Brederode structure .............................................................................................................................. 53

- Brederode .............................................................................................................................................. 58

Private Equity & Privak companies

• RHJ International ...........................................................................................................................................123

Financial calendars ................................................................................................................................................. 3

Diversified holding companies

• HAL Trust..........................................................................................................................................................

116

89

• Texaf ................................................................................................................................................................

• KBC Biotech ................................................................................................................................................... 80

Dividend data ........................................................................................................................................................... 5

Track record .............................................................................................................................................................. 9

103• Luxempart .......................................................................................................................................................

- Heineken Holding ................................................................................................................................. 64

• The Heineken structure ................................................................................................................................ 63

113• Reinet Investments .......................................................................................................................................

Sector performance ................................................................................................................................................ 8

Favourite list .............................................................................................................................................................. 10

11

108• Punch International .........................................................................................................................................

Page 3: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 3

Financial calendars

Recent news flowFinancial calendarDate Company Event

28-Jul-10 Gimv Trading update 1Q30-Jul-10 GBL Results 1H3-Aug-10 NPM/CNP Results 1H6-Aug-10 Quest For Grow th NAV update7-Aug-10 BIP NAV update10-Aug-10 Henex Results 1H19-Aug-10 RHJ International Trading update 1Q25-Aug-10 Ackermans Results 1H25-Aug-10 Ackermans Analyst Meeting27-Aug-10 Brederode Results 1H27-Aug-10 Punch International Results 1H27-Aug-10 Sofina Results 1H30-Aug-10 Luxempart Results 1H31-Aug-10 Auximines Results 1H31-Aug-10 Auximines Results 1H31-Aug-10 Bois Sauvage Results 1H31-Aug-10 Hal Trust Results 1H31-Aug-10 KBC Biotech Results 1H31-Aug-10 Solvac Results 1H1-Sep-10 KBC Ancora Results FY3-Sep-10 Quest For Grow th NAV update8-Sep-10 BIP NAV update9-Sep-10 Sofina Trading update 3Q16-Sep-10 RHJ International Div: 0 (FY)21-Sep-10 RHJ International General Assembly23-Sep-10 Ackermans Roadshow25-Sep-10 Henex Trading update 3Q1-Oct-10 Quest For Grow th NAV update9-Oct-10 BIP NAV update16-Oct-10 BIP Trading update 3Q25-Oct-10 KBC Ancora General Assembly28-Oct-10 Quest For Grow th Results 3Q28-Oct-10 Solvac Div: 2.81 (IN)29-Oct-10 Quest For Grow th Analyst Meeting31-Oct-10 Solvac Div: 2.81 (IN)1-Nov-10 KBC Ancora Div: 0 (FI)3-Nov-10 Quest For Grow th NAV update5-Nov-10 GBL Results 3Q8-Nov-10 BIP NAV update9-Nov-10 NPM/CNP Results 3Q10-Nov-10 Solvac Trading update 3Q15-Nov-10 Ackermans Trading update 3Q16-Nov-10 Hal Trust Trading update 3Q18-Nov-10 Gimv Results 1H30-Nov-10 KBC Biotech Results 3Q30-Nov-10 RHJ International Results 1H3-Dec-10 Quest For Grow th NAV update8-Dec-10 BIP NAV update5-Jan-11 Quest For Grow th NAV update24-Jan-11 Hal Trust NAV update27-Jan-11 Quest For Grow th Results FY28-Jan-11 Quest For Grow th Analyst Meeting17-Mar-11 Quest For Grow th General Assembly24-Mar-11 Hal Trust Results FY12-Apr-11 GBL General Assembly25-Apr-11 Tubize General Assembly18-May-11 Hal Trust Trading update 1Q18-May-11 Hal Trust General Assembly

Date Company Title

28 Jul Gimv Equity suprises in 1Q10/1127 Jul NPM/CNP Helping to keep CMA CGM afloat?23 Jul Quest for Grow th Profitable in 1H10 despite € 0.62m 2Q10 loss16 Jul Gimv Sale of Microtherm neutral to NAV15 Jul BIP 1H10 produces € 10.6m comprehensive profit08 Jul Ackermans Strengthens Sipef stake to 22.59%06 Jul Ackermans DEME secures € 100m w orth of contracts06 Jul HAL Trust Pearle Europe and Grandvision pair up05 Jul NPM/CNP Closing of Go Voyages disposal05 Jul Gimv Ex-dividend prompts TP adjustment05 Jul Quest for Grow th June NAV declines as markets recede

30 Jun HAL Trust ASPA's troubles squash HAL’s merger plan29 Jun RHJI FY09/10 results preview28 Jun Bois Sauvage Reacquires 13.2% stake in CBS Finance28 Jun Gimv DG Infra Yield expands Gimv's f ishing pond26 Jun HAL Trust Livit taps HAL’s successful retailing model22 Jun RHJI Kleinw ort buys KBC AM Dublin for € 23.7m22 Jun GBL Internal transfer reduces Lafarge voting rights18 Jun HAL Trust Payment of stock and cash dividend14 Jun HAL Trust 77.5% opt for stock dividend14 Jun GBL Bond placement closed early at € 350m09 Jun BIP May NAV update holds no surprises09 Jun Luxempart 1:10 stock split effective today08 Jun Quest for Grow th CoreOptics deal boost May NAV08 Jun BIP Iris takes DI's capital to € 18.3m07 Jun GBL Launches € 250m bond04 Jun RHJI Masco to convert Asahi Tec's C Stocks04 Jun NPM/CNP Sodiaal drafts Entremont deal03 Jun Pargesa Low ers Imerys stake to 25.61%31 May KBC Biotech 1Q10 trading update31 May Reinet FY09/10 results28 May Gimv Sale of ANP produces € 1m capital gain26 May Ackermans Feedback AGM: cautiously moving forw ard21 May Gimv Feedback analyst meeting21 May Quest for Grow th € 2.5m CoreOptics gain boost NAV20 May Gimv Positive equity and DPS surprise in FY09/1020 May Luxempart 1Q10 update unveils PNE Wind stake19 May HAL Trust 1Q10 trading update18 May NPM/CNP Go Voyages disposal add € 0.5 p.s to NAV18 May RHJI Closing of landmark KB deal; TP upped18 May Bois Sauvage 1Q10 trading update17 May Ackermans Upbeat 1Q10 trading update14 May Punch International 1Q10 trading update12 May Solvac 1Q10 trading update11 May Punch International Rating low ered due to sour PGX deal10 May Brederode Buoyant PE activity supports 1Q10 NAV10 May NPM/CNP PGX acquisition cancelled10 May Punch International Build-up of high-yield portfolio in 1Q1010 May Auximines 1Q10 trading update confirms valuation model07 May Ackermans TP & rating change ahead of 1Q10 report07 May Sofina Adjusting rating from Buy to Accumulate07 May NPM/CNP TP and rating upgrade ahead of 1Q10 report07 May Tubize 1Q10 trading update06 May Pargesa Profitable again in 1Q1006 May Quest for Grow th TP and rating increase & April NAV update05 May GBL 1Q10 results in line, boosts Pernod stake05 May Gimv Shouldering IC's SMS deal w ith € 11.3m 03 May KBC Ancora Publication of 3Q09/10 results

Page 4: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 4

Valuation overview

Valuation Matrix

Recommendation overview

* The current discount is the discount of the current stock price versus the adjusted equity value.* The target equity value corrects the adjusted equity value with KBCS target prices to better reflect the portfolio’s underlying potential.* The target discount is the discount of the current stock price versus the target equity value.* The upside potential is the difference between the current stock price and the target price.* The implied discount is the difference between the target price and the target equity value.

Solvac

Sofina

RHJI

Quest for Growth

Punch International

Pargesa

NPM/CNP

Luxempart

KBC Biotech

Henex

Heineken Holding

HAL Trust

Gimv

GBL BrederodeBois Sauvage

BIP Invest Partners

Auximines

Ackermans

Texaf

Tubize

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

0% 10% 20% 30% 40% 50% 60%

Current discount

Ups

ide

pote

ntia

l

Company Last price Adjusted equity value

Current discount

Target equity value

Target discount

Target price Upside potential

Rating

Ackermans 52.68 70.11 24.9% 70.28 25.0% 60.00 13.9% BUYKBC Ancora 16.29 29.02 43.9% 29.02 43.9% -Auximines 499.99 511.57 2.3% 606.51 17.6% 475.00 -5.0% HOLDBIP Invest Partners 50.00 77.49 35.5% 78.58 36.4% 57.00 14.0% BUYBois Sauvage 176.85 280.66 37.0% 298.34 37.0% 205.00 15.9% ACCUMULATEBrederode 15.87 25.61 38.0% 25.90 38.7% 18.75 18.1% ACCUMULATEGBL 59.72 81.23 26.5% 85.92 30.5% 71.00 18.9% ACCUMULATEGimv 38.10 42.91 11.2% 44.15 11.2% 39.50 3.7% ACCUMULATEHAL Trust 83.28 99.55 16.3% 105.11 20.8% 85.00 2.1% ACCUMULATEHeineken Holding 30.36 34.98 13.2% 42.00 27.7% 35.50 16.9% ACCUMULATEHenex 43.25 55.28 21.8% 58.18 21.8% 43.50 0.6% ACCUMULATEKBC Biotech 3.24 3.81 14.9% 3.81 14.9% -Luxempart 22.06 34.81 36.6% 35.00 37.0% 25.00 13.3% ACCUMULATENPM/CNP 36.80 48.14 23.5% 48.94 23.5% 40.00 8.7% ACCUMULATEPargesa 72.20 99.33 27.3% 103.53 30.3% 92.00 27.4% ACCUMULATEPunch International 2.87 3.16 9.2% 3.16 9.2% 2.50 -12.9% SELLQuest for Growth 4.20 7.56 44.5% 7.56 44.5% 5.50 31.0% BUYReinet Investments 11.91 13.22 9.9% 13.22 9.9% -RHJI 6.49 10.19 36.3% 10.19 36.3% 8.10 24.8% BUYSofina 66.41 98.58 32.6% 102.79 35.4% 72.50 9.2% ACCUMULATESolvac 90.01 122.16 26.3% 137.50 34.5% 90.00 0.0% ACCUMULATETexaf 172.00 231.80 25.8% 231.80 25.8% 160.00 -7.0% ACCUMULATETubize 20.50 29.30 30.0% 41.75 50.9% 33.50 63.4% BUY

Average 25.5% 28.8% - Average (mono holdings) 21.4% 30.9% - Average (excl. mono holdings) 26.2% 27.1%

Page 5: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 5

Dividend table

Dividend data

2.2%

2.5%

5.2%

2.7%

3.4%3.2%

2.8%

2.5%

3.1%

2.1%

3.6%

3.0%3.1%

3.3%3.4%

3.6%3.8%

2.1%

2.6%

3.0%

2.7%2.9%

3.5%

4.4%

4.6%

5.4%

5.8%

2.9%3.1%

3.8%

4.1%

4.4%

2.7%

2.4%2.2%

2.4%

3.1%

3.8%

4.3%4.5%

3.8%

3.4%

3.7%

4.2%

4.7%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

6.5%

98(A) 99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E) 11(E) 12(E) 13(E) 14(E)

Average regular dvd yield (sector) Belgium BEL-20 Euronext 100

11.3%

24.4%

12.2%

-2.7%

5.6%

19.6%

13.9%

17.8%

21.9%

-0.4%

5.4% 5.1% 5.2% 5.3% 5.3% 5.3%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

98(A) 99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E) 11(E) 12(E) 13(E) 14(E)

Regular dividend growth

6.5%

4.9%

4.4%

4.0%

3.9%

3.6%

3.5%

3.2%

3.1%

2.9%

2.8%

1.2%

2.4%

2.0%

2.5%

2.4%

2.5%

0% 1% 2% 3% 4% 5% 6% 7%

Gimv

Solvac

Gbl

Pargesa Holding

Bois Sauvage

Brederode

Hal Trust

BIP Inv. Partners

Luxempart

Ackermans

Sofina

Auximines

Heineken Holding

NPM/CNP

Tubize Financiere

Henex

Texaf

Gross dividend yieldFY09(E)

9.1%

6.7%

6.2%

5.8%

5.7%

4.5%

4.4%

3.4%

3.4%

3.1%

3.1%

2.3%

1.2%

0.0%

-1.6%

-3.4%

-8.3%

-10.6%

-26.8%

-30% -25% -20% -15% -10% -5% 0% 5% 10% 15%

Texaf

Luxempart

Gbl

NPM/CNP

Sofina

Henex

Heineken Holding

Brederode

Auximines

Pargesa Holding

Ackermans

Solvac

Tubize Financiere

KBC Biotech

Hal Trust

Bois Sauvage

Gimv

BIP Inv. Partners

KBC Ancora

CAGR gross dividend FY07 - FY12 (incl. interim dividends)

Overview

Ackermans Total dividendyield (%)

Auximines Total dividendyield (%)

BIP Inv. Partners Total dividendyield (%)

Bois Sauvage Total dividendyield (%)

Brederode Total dividendyield (%)

Gbl Total dividendyield (%)

Gimv Total dividendyield (%)

Hal Trust Total dividendyield (%)

Heineken Holding Total dividendyield (%)

Henex Total dividendyield (%)

KBC Ancora Total dividendyield (%)

KBC Biotech Total dividendyield (%)

Luxempart Total dividendyield (%)

NPM/CNP Total dividendyield (%)

Pargesa Holding Total dividendyield (%)

Punch Total dividendyield (%)

Quest For Growth Total dividendyield (%)

Reinet Investments Total dividendyield (%)

RHJI Total dividendyield (%)

Sofina Total dividendyield (%)

Solvac Total dividendyield (%)

Texaf Total dividendyield (%)

Tubize Financiere Total dividendyield (%)

Average yield

99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E) 11(E) 12(E)0.37 0.44 0.51 0.51 0.54 0.65 0.90 1.15 1.39 1.39 1.44 1.51 1.59 1.671.3% 1.4% 1.7% 2.9% 3.1% 2.5% 2.0% 1.8% 2.1% 3.8% 2.8% 2.9% 3.0% 3.2%6.67 8.00 8.80 9.20 9.48 9.76 10.27 10.80 11.48 11.65 12.10 12.71 13.34 14.010.8% 1.4% 1.8% 2.8% 2.5% 2.0% 1.6% 1.2% 1.3% 3.2% 2.4% 2.5% 2.7% 2.8%0.00 0.50 0.75 0.00 1.00 1.25 2.00 3.00 3.40 1.50 1.50 1.58 1.65 1.74

0.7% 1.4% 2.9% 2.5% 3.0% 3.7% 3.5% 2.9% 3.3% 3.2% 3.3% 3.5%6.53 6.99 7.45 7.45 7.65 7.84 8.40 8.80 9.40 6.40 6.60 6.93 7.28 7.644.4% 4.9% 5.3% 5.8% 5.8% 4.1% 3.4% 2.7% 2.5% 4.2% 3.9% 3.9% 4.1% 4.3%0.61 0.68 0.75 0.40 0.42 0.44 0.47 0.49 0.52 0.53 0.55 0.58 0.61 0.641.7% 2.7% 4.0% 3.2% 2.7% 2.2% 1.9% 1.7% 1.8% 4.2% 3.2% 3.6% 3.8% 4.0%1.11 1.20 1.32 1.42 1.49 1.60 1.72 1.90 2.09 2.30 2.42 2.60 2.80 3.012.8% 2.4% 2.3% 3.7% 3.3% 2.7% 2.1% 2.1% 2.4% 4.0% 3.7% 4.4% 4.7% 5.0%1.26 1.34 1.40 0.70 1.48 1.65 3.53 4.18 4.36 2.36 2.40 2.46 2.52 2.581.8% 2.8% 4.4% 3.7% 5.6% 4.4% 7.9% 8.7% 9.1% 7.6% 6.6% 6.5% 6.6% 6.8%1.30 1.40 1.40 1.25 1.45 1.80 3.00 3.15 3.25 2.00 2.85 2.95 2.95 2.956.6% 6.5% 6.1% 6.1% 6.1% 6.0% 6.0% 4.6% 3.9% 3.9% 4.0% 3.5% 3.5% 3.5%0.27 0.28 0.32 0.32 0.35 0.40 0.40 0.68 0.74 0.59 0.66 0.75 0.90 0.961.2% 1.0% 1.3% 1.4% 1.6% 1.8% 1.6% 2.2% 1.9% 2.9% 2.3% 2.5% 3.0% 3.2%0.15 0.17 0.00 0.00 0.00 0.00 0.05 0.09 0.25 0.00 0.00 0.00 0.00 0.00

1.5% 1.9% 1.4% 1.3% 1.0% 0.9% 1.5% 2.5% 2.1% 2.0% 2.1% 2.2%0.00 0.73 0.87 0.91 1.01 1.66 2.26 3.05 3.40 0.00 0.00 0.00 0.50 0.53

4.1% 4.9% 5.6% 4.2% 4.2% 4.4% 0.0% 0.0% 0.0% 3.1% 3.2%0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.31 0.34 0.34 0.34 0.36 0.40 0.45 0.50 0.56 0.70 0.62 0.68 0.75 0.831.4% 1.3% 2.3% 4.3% 3.6% 2.6% 2.5% 2.7% 2.3% 3.5% 2.9% 3.1% 3.4% 3.7%0.47 0.49 0.52 0.54 0.57 0.60 0.64 0.68 0.73 0.78 0.84 0.89 0.96 1.023.0% 2.8% 2.6% 3.1% 3.2% 2.3% 1.6% 1.4% 1.5% 2.2% 2.2% 2.4% 2.6% 2.8%1.48 1.50 1.60 1.72 1.84 2.00 2.15 2.37 2.62 2.62 2.72 2.86 3.00 3.152.8% 2.4% 2.4% 3.4% 2.8% 2.5% 1.9% 1.7% 2.1% 3.7% 3.0% 4.0% 4.2% 4.4%0.01 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.000.4% 1.1%1.15 13.80 0.69 1.94 0.058.4% 54.8% 8.0% 21.2% 0.6%

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

0.99 1.04 1.09 1.13 1.19 1.25 1.33 1.43 1.53 1.64 1.75 1.87 2.00 2.142.4% 2.6% 2.5% 3.3% 3.1% 2.3% 1.9% 1.7% 1.9% 3.4% 2.6% 2.8% 3.0% 3.2%3.17 3.40 3.53 3.53 3.73 3.73 3.65 4.04 4.12 4.32 4.32 4.41 4.55 4.733.8% 5.6% 5.3% 5.7% 4.9% 3.9% 3.1% 2.9% 3.5% 6.5% 5.3% 4.9% 5.1% 5.3%0.00 0.00 0.00 0.00 0.00 0.00 1.00 1.10 1.32 1.59 1.92 2.02 2.12 2.22

1.4% 0.8% 1.1% 2.1% 1.5% 1.2% 1.2% 1.3%0.19 0.25 0.31 0.38 0.41 0.44 0.45 0.46 0.47 0.48 0.48 0.49 0.50 0.510.6% 0.9% 0.9% 1.7% 1.7% 1.3% 1.1% 0.9% 1.5% 3.7% 2.0% 2.4% 2.4% 2.5%

2.5% 5.8% 2.7% 3.5% 3.4% 2.8% 2.9% 3.5% 2.5% 3.6% 3.0% 3.1% 3.5% 3.6%

Page 6: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

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37.0%

36.6%

36.3%

35.5%

32.6%

30.0%

27.3%

26.5%

26.3%

25.8%

24.9%

21.8%

14.9%

13.2%

11.2%

9.9%

9.2%

2.3%

16.3%

23.5%

43.9%

38.0%

0% 10% 20% 30% 40% 50%

KBC Ancora

Brederode

Bois Sauvage

Luxempart

RHJI

BIP Invest Partners

Sofina

Tubize

Pargesa

GBL

Solvac

Texaf

Ackermans

NPM/CNP

Henex

HAL Trust

KBC Biotech

Heineken Holding

Gimv

Reinet Investments

Punch International

Auximines Current discount

Valuation graphs

63.4%

31.0%

27.4%

24.8%

18.9%

18.1%

16.9%

15.9%

14.0%

13.9%

13.3%

9.2%

8.7%

3.7%

2.1%

0.6%

0.0%

-5.0%

-7.0%

-20% -10% 0% 10% 20% 30% 40% 50% 60% 70%

Tubize

Quest for Growth

Pargesa

RHJI

GBL

Brederode

Heineken Holding

Bois Sauvage

BIP Invest Partners

Ackermans

Luxempart

Sofina

NPM/CNP

Gimv

HAL Trust

Henex

Solvac

Auximines

Texaf Upside potential

34.55%

31.29%

30.98%

29.47%

28.57%

27.60%

27.46%

27.27%

25.23%

21.68%

20.89%

20.53%

19.77%

19.13%

18.26%

17.36%

15.48%

14.63%

11.14%

0% 5% 10% 15% 20% 25% 30% 35% 40%

Solvac

Bois Sauvage

Texaf

Sofina

Luxempart

Brederode

BIP Invest Partners

Quest for Growth

Henex

Auximines

Punch International

RHJI

Tubize

HAL Trust

NPM/CNP

GBL

Heineken Holding

Ackermans

Pargesa Implied discount in KBCS TP

37.0%

36.4%

36.3%

35.4%

34.5%

30.5%

14.9%

11.2%

9.9%

9.2%

17.6%

20.8%

21.8%

37.0%

38.7%

43.9%

44.5%

30.3%

27.7%

25.8%

25.0%

23.5%

0% 10% 20% 30% 40% 50%

Quest for Growth

KBC Ancora

Brederode

Bois Sauvage

Luxempart

BIP Invest Partners

RHJI

Sofina

Solvac

GBL

Pargesa

Heineken Holding

Texaf

Ackermans

NPM/CNP

Henex

HAL Trust

Auximines

KBC Biotech

Gimv

Reinet Investments

Punch International Target discount

Page 7: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 7

The holding discount is calculated as the average of all individual discounts of the companies that are covered in this overview,excluding mono-holdings. Market capitalisation and/or free float percentages do not affect the outcome, as all discounts areequally weighted. Unlike our method for determining our target prices (where we use target prices of companies that are coveredby KBC Securities analysts instead of stock market prices), the holding discount is calculated by using the discount to theadjusted (marked-to-market) equity value of the company in question. The historic discount series since 2001 is constructedentirely from our own calculations.

The goal of the holding discount is to obtain a graphic depiction of investors’ willingness to invest in holdings and investmentcompanies, which is translated into a rising or declining average discount to adjusted equity value. The long-term average of thehistorical discount can then be used to position the current discount more accurately. Typically, overall discount levels tend toincrease in bear markets, while a decrease is expected in a bull market.

The companies from which we calculate our mono-holding discount are Tubize, Solvac, Auximines, Heineken Holding and KBCAncora. The ‘broad’ holding discount is based on data from Ackermans, BIP, Brederode, Bois Sauvage, GBL, Gimv, HAL Trust,NPM/CNP, Pargesa, Henex, Sofina, Reinet Investments, Quest, RHJ International, Punch International, Texaf, KBC Biotech andLuxempart.

We note that in the calculation of the mono-holding discount, we have excluded KBC Ancora as from 20 January 2009 as we aimto avoid producing a sharp distortion on the historic discount graph. In effect, including KBC Ancora’s exploded discount in thewake of KBC’s plunging stock price would render the whole series useless.

Average holding discount

Historical ‘holding discount’

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

Jul10

Jun10

May10

Apr10

Mar10

Feb10

Dec09

Nov09

Oct09

Sep09

Aug09

Jul09

Jun09

Apr09

Mar09

Feb09

Jan09

Dec08

Nov08

Oct08

Aug08

10%

12%

14%

16%

18%

20%

22%

24%

26%

28%

Mono-holding discount (-2YR) Average mono-holding discount

10%

13%

16%

19%

22%

25%

28%

31%

Jul02

Dec02

May03

Oct03

Mar04

Aug04

Jan05

Jun05

Nov05

Apr06

Sep06

Feb07

Jul07

Dec07

May08

Oct08

Mar09

Aug09

Jan10

Jun10

10%

13%

16%

19%

22%

25%

28%

31%

Mono-holding discount (-8YR) Average mono-holding discount

22%

25%

28%

31%

34%

37%

40%

43%

Jul10

Jun10

May10

Apr10

Mar10

Feb10

Dec09

Nov09

Oct09

Sep09

Aug09

Jul09

Jun09

Apr09

Mar09

Feb09

Jan09

Dec08

Nov08

Oct08

Aug08

22%

25%

28%

31%

34%

37%

40%

43%

Holding discount (-2YR) Average holding discount

10%

15%

20%

25%

30%

35%

40%

45%

50%

Jul02

Dec02

May03

Oct03

Mar04

Aug04

Jan05

Jun05

Nov05

Apr06

Sep06

Feb07

Jul07

Dec07

May08

Oct08

Mar09

Aug09

Jan10

Jun10

10%

15%

20%

25%

30%

35%

40%

45%

50%

Holding discount (-8YR) Average holding discount

Holding discount (-2YR) Mono-holding discount (-2YR)

Holding discount (-8YR) Mono-holding discount (-8YR)

Page 8: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 8

Sector performance

Stock price performance overview

Last price -1M -6M -1Y YTD -1M -6M -1Y YTD

Ackermans 52.68 3.8% 5.7% 8.1% 1.3% -1.7% 5.7% -3.7% 4.9%KBC Ancora 16.29 11.3% -4.7% 110.2% -0.3% 5.9% -4.8% 98.4% 3.3%Auximines 499.99 -0.3% -0.1% 21.6% 0.0% -5.8% -0.1% 9.8% 3.6%BIP Invest Partners 50.00 4.2% 9.9% 4.2% 8.7% -1.3% 9.8% -7.6% 12.3%Bois Sauvage 176.85 3.4% 0.4% 11.2% 4.7% -2.1% 0.4% -0.6% 8.2%Brederode 15.87 4.1% -7.0% 8.3% -6.8% -1.4% -7.1% -3.5% -3.2%GBL 59.72 4.5% -9.8% 7.4% -9.6% -1.0% -9.9% -4.4% -6.0%Gimv 38.10 2.7% 2.9% 8.7% 4.3% -2.8% 2.9% -3.1% 7.9%Henex 43.25 3.8% 11.0% 26.3% 11.2% -1.7% 10.9% 14.5% 14.8%KBC Biotech 3.24 3.8% -33.7% -26.4% -29.9% -1.6% -33.8% -38.2% -26.3%Luxempart 22.06 -2.0% 1.6% 2.1% 2.1% -7.5% 1.5% -9.7% 5.7%HAL Trust 83.28 8.6% 13.6% 32.2% 16.5% 3.1% 13.6% 20.4% 20.1%Heineken Holding 30.36 1.0% -0.3% 24.8% 3.8% -4.5% -0.4% 13.0% 7.4%NPM/CNP 36.80 5.1% 2.0% 2.4% -1.1% -0.3% 1.9% -9.5% 2.5%Pargesa 72.20 1.6% -19.0% -3.5% -20.3% -3.9% -19.1% -15.3% -16.7%Punch International 2.87 -0.3% -18.5% -36.7% -0.3% -5.8% -18.5% -48.5% 3.2%Quest for Growth 4.20 -1.2% -7.3% 0.0% -9.7% -6.7% -7.3% -11.8% -6.1%Reinet Investments 11.91 2.6% 6.3% - 8.3% -2.9% 6.3% 11.9%RHJI 6.49 6.2% 9.1% 43.3% 21.5% 0.7% 9.0% 31.5% 25.1%Sofina 66.41 4.5% 2.2% 10.3% -2.3% -1.0% 2.1% -1.5% 1.2%Solvac 90.01 2.9% 8.4% 16.5% 7.9% -2.6% 8.4% 4.7% 11.4%Texaf 172.00 -1.7% 27.4% 56.4% 35.5% -7.2% 27.3% 44.6% 39.0%Tubize 20.50 1.4% -22.6% 22.2% -15.6% -4.1% -22.7% 10.4% -12.1%

AVERAGE (total) 3.0% -1.0% 15.9% 1.3% -2.4% -1.0% 4.1% 4.9%AVERAGE (ex. mono-holdings) 2.6% -1.0% 8.6% 1.2% -2.9% -1.0% -3.2% 4.8%

EURONEXT TOP 100 INDEX 659.29 5.5% 0.1% 11.8% -3.6%BEL 20 INDEX 2537.90 6.3% 1.3% 17.8% 1.0%ESTX 50 € Pr 2752.93 7.0% -0.9% 3.7% -7.2%

Relative return (%, versus Euronext 100)Absolute return (%)

11.3%

8.6%

6.2%

5.1%

4.5%

4.5%

4.2%

4.1%

3.8%

3.8%

3.8%

3.4%

2.9%

2.7%

2.6%

1.6%

1.4%

1.0%

-0.3%

-0.3%

-1.2%

-1.7%

-2.0%

-4% -2% 0% 2% 4% 6% 8% 10% 12% 14%

KBC Ancora

HAL Trust

RHJI

NPM/CNP

GBL

Sofina

BIP Invest Partners

Brederode

KBC Biotech

Ackermans

Henex

Bois Sauvage

Solvac

Gimv

Reinet Investments

Pargesa

Tubize

Heineken Holding

Auximines

Punch International

Quest for Growth

Texaf

Luxempart Return -1m

58.4%

42.6%

37.0%

28.9%

28.6%

28.6%

27.9%

20.9%

18.8%

15.9%

15.8%

12.6%

11.2%

10.7%

10.3%

3.6%

3.0%

2.9%

0.0%

0.0%

-4.9%

-37.7%

-60% -40% -20% 0% 20% 40% 60% 80%

Texaf

RHJI

HAL Trust

Henex

Reinet Investments

Heineken Holding

KBC Biotech

Solvac

Tubize

Bois Sauvage

Gimv

Sofina

GBL

Brederode

Ackermans

NPM/CNP

BIP Invest Partners

Luxempart

Quest for Growth

Auximines

Pargesa

Punch International Total return YTD

Page 9: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 9

Track record

In an effort to determine whether or not investing in holding and investment companies produces above average returns,we have created an index of our coverage universe and recalculated back to 1999. Comparing the total return of this‘holding index’ with the total return of Belgium’s benchmark BEL20 index reveals a clear outperformance by holdingcompanies. This capacity to generate “‘alpha” confirms that holdings and investment companies are in fact excellentmoney managers who, through their ability to shift assets into the most promising sectors at all times, are able to pro-duce above-average shareholder value on an annual basis. We have also included some other graphs.

Generating “alpha”

28.1

%

-1.8

%

-43.

8%

29.9

%

-1.7

%

24.7

%

-35.

8%

28.4

%

4.9%

-3.4

%

-6.9

%

-9.2

%

-24.

1%

15.6

%

38.1

%

26.8

%

3.7%

50.6

%

34.8

%

49.0

%

-22.

0%

-4.8

%

6.0%

-4.5

%

-60%

-40%

-20%

0%

20%

40%

60%

99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E)

BEL20 total return index Sector total return

50

100

150

200

250

300

350

400

Q32002

Q12003

Q32003

Q12004

Q32004

Q12005

Q32005

Q12006

Q32006

Q12007

Q32007

Q12008

Q32008

Q12009

Q32009

Q12010

Q32010

Holding Companies Euro STOXX Belgium BEL-20 Fixed

CAGR q/q: +2.9%

CAGR q/q: 0.9%

CAGR q/q: 0.9%

-30%

-20%

-10%

0%

10%

20%

30%

Q42006

Q12007

Q22007

Q32007

Q42007

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Holding Companies Belgium BEL-20 Fixed Euro STOXX

90

100

110

120

130

140

150

Jul09

Aug09

Sep09

Oct09

Oct09

Nov09

Dec09

Jan10

Jan10

Feb10

Mar10

Apr10

Apr10

May10

Jun10

Jul10

DJ Stoxx Private Equity 20 index Euronext 100 index Euronext 150 index

The graph on the left-hand side below depicts the CAGR of quarterly returns of the holding index as compared to the DJEuro Stoxx and BEL20-index. The base date is 3Q2002, which marked the ending of the bursting of the dot com bubble.These data, too, confirm that the sector is capable of creating substantial alpha throughout the full cycle.

Below is a rebased overview of the performance of the main Euronext benchmark indices versus the DJ Stoxx PrivateEquity index, which measures the stock price performance of the 20 largest private equity companies in Europe(Wendel, Gimv, Ratos, 3i, Eurazeo, Bois Sauvage, Candover, Electra Private Equity, etc.).

Comparing CAGRs

-60%

-40%

-20%

0%

20%

40%

60%

Q22007

Q32007

Q42007

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

Q12010

Q22010

Q32010

Holding Companies Euro STOXX Belgium BEL-20 Fixed

Private Equity versus Benchmark indices

10

20

30

40

50

60

70

80

90

100

110

Jul07

Sep07

Nov07

Jan08

Mar08

May08

Jul08

Sep08

Nov08

Jan09

Mar09

May09

Jul09

Sep09

Nov09

Jan10

Mar10

May10

DJ Stoxx Private Equity 20 index Euronext 100 index Euronext 150 index

Page 10: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 10

Despite KBC Securities does not use a relative valuation system, our ‘Favourite list’ should nevertheless be regarded assuch. In terms of timing, we don’t regularly alter the constitution of our selection as we try to aim for value instead ofbeing a trader. Obviously, we tend to favour large discounts, while not losing sight out of the potential for unlockinghidden value, investment track records, portfolio consitution, stability of the portfolio’s valuation, investment profile, etc.

Favourite list

Profile Entry price Entry date Current price

Upside potential

% change (TR)

Δ rel. to DJ Stoxx 50

Gimv Defensive 31.00 31 Dec 08 38.10 3.7% 38.3% 24.5%Ackermans Cyclical 50.35 14 Jun 10 52.68 13.9% 4.6% 0.8%Tubize Momentum 26.40 19 Feb 10 20.50 63.4% -20.5% -20.2%RHJ International Agressive 4.86 21 Dec 09 6.49 24.8% 33.5% 38.4%

Past transactions

Investment cases

Top pick list

Gimv • Directly and indireclty held cash of appr. € 1bn allows fo • Long-term average annual return of 12.4% underlines ma • Gimv push into managing external assets leverages on t • Gimv combines a conservatively valued portfolio with a h

Ackermans • Outlook for worldwide dredging market and DEME is an • AvH's financial pillar is thriving despite financial crisis • We expect AvH to up its dividend 5% y/y up until FY14, • An experienced management team and a well-balanced

Tubize • UCB's Cimzia sees a good launch in the US for RA and • UCB's Epratuzumab for systemic lupus erythematosus s • UCB's restructuring/divestment efforts and the focus on c • Tubize has 30% upside potential (25% implied discount

RHJ International • RHJI's will use its € 170m war chest (post-Kleinwort and • RHJI succesfully closed Kleinwort Benson, giving it a str • RHJI after supporting most of its private investments is in • RHJI's heavily exaggerated 40% discount reflects uncert

r cherry picking in a distressed, cash-hungry marketanagement competencethe existing business modeligh div yield, making it a safety and opportunity play

uncertainty only in the long run

based on a slowdown in current earningsportfolio significantly reduce the company's risk profile

Crohn's both in Europe and especially in the US marketshowed good mid-stage results; ready for phase III testingcore projects is boosting short-term profitabilityto NAV) and enjoys a positive leverage effect

d KBC AM Dublin) to acquire financial services compsrong platform out of which it can expand furthern the process of shedding its industrial assetstainty about the exit value of its industial portfolio

Entry price {€)

Entry date Exit price {€)

Exit date Total return (%)

Δ rel. to DJ Stoxx 50

GBL 87.9 20/07/2007 69.7 23/07/2008 -18.3% 5.5%Sofina 80.0 28/12/2007 70.7 23/07/2008 -9.7% 13.4%RHJI 11.2 28/12/2007 7.3 21/04/2008 -34.5% -20.1%Brederode 12.8 31/12/2008 16.3 23/07/2009 31.4% 25.8%BIP Invest. Partners 50.5 31/12/2008 50.5 21/09/2009 3.0% -14.3%Quest for Growth 3.2 31/12/2008 4.3 21/09/2009 37.1% 19.8%Luxempart 210 17/09/2009 220.9 21/12/2009 5.2% 4.1%Sofina 62.38 10/09/2009 64.93 19/02/2010 4.1% 5.0%GBL 54.25 30/07/2009 59.78 14/06/2010 15.7% 14.6%

Page 11: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 74

The PRIVAK status was created by a Royal Decree of 18 April 1997 and is part of a wider raft of measures taken by theBelgian government to boost investment in venture capital. PRIVAKs were initially required to apply for a listing on theBelgian stock exchange, but in May 2003, the regulator granted them the option to remain private, which means that theirshareholder structures can be reserved exclusively for private investors. The PRIVAK is obliged to pay out at least 80%of the profits that stem from the realized capital gains of its accounting year.

ONLY TWO BELGIAN PRIVAKS

Quest for Growth and KBC Biotech are currently the only two public PRIVAKs in Belgium. It is unsure that other publicPRIVAKs are currently being set up.

OVERSEEN BY THE CBFA

Companies with PRIVAK status are monitored by the CBFA, the Belgian market regulator. The name PRIVAK is derivedfrom 'Private Equity' and 'Bevak' (closed-end investment company). In essence, a PRIVAK is a Belgian closed-endinvestment company that provides a framework for private investors to invest directly in admissible financial instrumentsissued by unlisted companies and growth companies.

INVESTMENT CRITERIA

PRIVAKs are subject to very strict investment criteria and are subject to some constraints concerning dividend payments. 1. At least 50% of the portfolio must be invested in equity. 2. At least 70% of the portfolio must be invested in so-called qualified investments, which are investments in non-

quoted companies, companies that are quoted in a growth market or investments in private equity funds with asimilar investment profile to the PRIVAK.

3. Investments in companies quoted on a growth market must be limited to 50% of the above-mentioned qualifiedinvestments.

4. PRIVAKs may invest no more than 20% of total assets in a single company and must restrict the investments percompany per year to a maximum of € 6.2m.

FISCAL BENEFITS

PRIVAKs are granted substantial tax benefits, over and above the exemption from capital gains tax normally granted toBelgian investment vehicles. A PRIVAK's dividends are exempt from withholding tax if at least 80% of the profits stemfrom realized capital gains and if the company complies with all of the investment criteria. The part of the dividendresulting from capital gains will be exempt from withholding tax, while the remaining part of the dividend will be subject toa withholding tax of 15%.

The first company to be awarded thePRIVAK status was Quest for Growth,which received the status in 1998. Questfor Growth is focused on investing moneyin technology and high growth companiesand has a clear-cut policy for investmentsin listed stocks.

The KBC Private Equity Fund Biotech(KBC Biotech) was the second PRIVAKto be launched and was approved in 2001.KBC Biotech has invested exclusively inbiotechnology companies. Its investmentsin listed stakes are mainly done on theNasdaq stock exchange.

The PRIVAK status

Page 12: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

p. 75

Volume and performance data

Dividend data

Description Analyst opinion

Company specificsInvestment cases

Corporate calendarShareholder structure

1.15

13.8

0

0.69 1.

94

0.050.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

98(A) 99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E) 11(E) 12(E) 13(E)

Regular dividend Interim dividend

8.4%

54.8

%

8.0%

21.2

%

0.6%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

98(A) 99(A) 00(A) 01(A) 02(A) 03(A) 04(A) 05(A) 06(A) 07(A) 08(A) 09(A) 10(E)

Regular dividend yield Interim dividend yield

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

01 J

ul02

Jul

03 J

ul04

Jul

05 J

ul06

Jul

07 J

ul08

Jul

09 J

ul10

Jul

11 J

ul12

Jul

13 J

ul14

Jul

15 J

ul16

Jul

17 J

ul18

Jul

19 J

ul20

Jul

21 J

ul22

Jul

23 J

ul24

Jul

25 J

ul26

Jul

27 J

ul28

Jul

29 J

ul

Traded volumes

-15%

-10%

-5%

0%

5%

10%

15%

20%

Apr09

May09

Jun09

Jul09

Aug09

Sep09

Oct09

Nov09

Dec09

Jan10

Feb10

Mar10

Apr10

May10

Jun10

Monthly performance rel. to BEL20-index

Quest for Growth is a Belgian investment company focused on listed and unlisted growth companies with the objective of converting capital gains into tax-free income through the Privak-structure.

• Quest's investors benefit from Belgium's Privak statute, thanks to which the gross dividend is net of taxes

• Quest has a dynamically managed portfolio of listed stocks, leaving it vulnerable to the market's momentum

• Quest's unlisted investments have been subject to writedowns against a background of a frozen M&A market

• Our rating is entirely based on valuation grounds, as the stock is trading at relatively high discount levels

# shs % shs value (€m)Dexia Isnurance 1,393,855 11.82% 5.85Laxey Partners 1,413,780 11.99% 5.94KBC Asset Mgt 513,709 4.36% 2.16Free float 8,467,911 71.83% 35.57

Stock price: € 4.26Target price: € 5.50Potential: 22.55%Rating: BUY

Market cap: € 50mCurrency: EURAvg. daily value: € 0.02mAvg. 3M volume: 4,864% chg 1M: -1.18%% chg 1Y: 0%52-week hi/lo: 4.95 / 3.95BB-code: QFG BBReuters-code: QUFG.BRWeb: www.questforgrowth.com

06-Aug-2010 NAV update (A)03-Sep-2010 NAV update (A)01-Oct-2010 NAV update (A)28-Oct-2010 Results 3Q (A)29-Oct-2010 Analyst Meeting (A)03-Nov-2010 NAV update (A)

Page 13: Overview holding companies - Quest for Growth · OVERVIEW July 30th 2010. p. 2 ... 15-Nov-10 Ackermans Trading update 3Q 16-Nov-10 Hal Trust Trading update 3Q 18-Nov-10 Gimv Results

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News flow23-07-2010: Profitable in 1H10 despite € 0.62m loss in 2Q10Quest in the period between 1 April and 30 June 2Q10 booked its first quarterly loss since 1Q09: the negative result amounted to € 0.62m (€ 0.05 pershare) and compares with a 1H09 loss of € 5.37m (€ 0.46 per share) and a 2H09 loss of € 12.71m (€ 1.08 per share). Due to a profitable 1Q10, thecompany was nevertheless able to write its 6-month result in black ink so that 1H10 profit came in at € 1.46m. Corresponding ROE (since YE09) stoodat 1.7% (non-annualised), which is down versus an exceptionally strong 26.8% in FY09, but up versus an equally weak -41.8% in FY08. Equity per shareat end-1H10 climbed to € 7.37 per share, versus € 7.25 at YE09 (+1.5% year-to-date), while the stock dropped to € 4.25 (-8.6% year-to-date). Thediscount consequently increased to 42.3% (versus 35.9% at YE09). The 1H10 profit is explained almost entirely by Quest’s decision to sell its stake inCoreOptics, producing a € 2.5m capital gain. Awaiting formal closing, Quest continues to include the stake in its Private Equity portfolio. The gain wascounterbalanced by Movetis, which after floating in 4Q09 suffered from a serious drop in its stock price, hence saddled Quest with a € 1.2m unrealisedloss. Quest in 1H10 announced that it invested € 1m in Anteryon, which is the world leader in Wafer optics technology and which produces cameramodules for mobile phones. Nor the quarterly profit nor the NAV figure came as a surprise as both had already been made public via the company’smonthly updates. The general picture in 1H10 is that the listed segment wasn’t able to repeat gains realised in the past 15 months and that the qualityof the Private Equity portfolio (not including Clear2Pay, CoreOptics and Movetis) remains difficult to assess. While these explain a large part of thediscount (> 40%), we find neither of both worrisome. In fact, Quest fared well as the 6-month NAV performance remained positive, a performance that– even when doped by the CoreOptics sale - compares favourably with a 14.5% year-to-date drop of the EuroStoxx50 index. We estimate adjusted equityvalue per share at € 7.49 with a 42.6% discount. This level is high, going by comparable companies’ valuations, the transparency of its listed investmentportfolio, the lack of debt on its balance sheet and its ability to defend its equity base with success. Going forward and following divestment of key PEassets, Quest has but a few options to create value via exits (IPO or trade sale) in the near- and medium term. In all, the upside potential from currenttrading levels amounts to 27%, even when our TP already implies a 26.5% to adjusted equity value.

05-07-2010: June NAV declines as markets recedeNAV at end-June declined to € 7.36 per share, versus € 7.48 at end-May (-1.6% m/m, +1.5% YTD). The stock hovered steady at € 4.25 (-0% m/m, -8.6%YTD), due to which the discount decreased a tad to 42.3% (end-May: 43.2%). Quest made a relatively limited number of changes to its listed portfolio,mainly upping stakes in existing portfolio companies Econocom and Imtech. Quest lowered positions in TKH Group, LEM Holding and Pfeiffer VacuumTechnology and added one new investment to the ranks: Phoenix Solar. Combined, the listed portfolio totals € 51.4m and accounts for 59.4% of NAV.Listed assets break down in Software & Services (14.0%), Technology & Hardware (6.4%), Pharma & Biotech (5.7%), Healthcare Equipment (2.7%),Electrical & Engineering (18.2%) and Materials & Others (7.1%). Quoted/unquoted assets (i.e. Movetis) account for 5.3% of NAV. The value of the directPrivate Equity stakes barely altered, although we noted that the valuation of Kiadis Pharma has increased to € 2.3m, versus a previous € 2m. Questmade no mention of the underlying reason for the valuation adjustment. Our SOTP model no longer lists the CoreOptics stake (as this is in the processof being sold). The valuation of the 3rd Party funds remained level with end-May reading as well, safe for adjustment related to using end-of-March datainstead of YE09 data for a number of funds. The direct and indirect PE portfolios are valued at a respective € 16.4m and € 8.6m. Combined, PE stakesaccount for € 25.0m, or 28.9% of adjusted equity. We estimate net cash at € 8.4m (10.7% of NAV), which includes the valuation of options and otheritems on the balance sheet and the cash-equivalent of the CoreOptics stake. Based on Friday’s close, we estimate adjusted equity value p.s. at € 7.34.We note that despite a broad number of past writedowns in the PE portfolio in the past and the fact that it has few options to create value via exits, thestock’s valuation is very undemanding: Quest’s NAV performance relative to its stock price and its benchmark indices has held up quite well; thediscount currently hovers a tad below 44%. The upside from current trading levels amounts to 32%, even when our TP already implies a 25% to adjustedequity value.

08-06-2010: CoreOptics deal boosts NAV, Anteryon joins ranksNAV at end-May declined to € 7.48 per share, versus € 7.56 at end-April (1-1.1% m/m, +3.2% YTD). The stock mimicked the movement and declined to€ 4.25 (-5.6% m/m, -8.6% YTD), due to which the discount increased even further to 43.2% (end-April; 40.48%). Quest made quite a number of changesto its listed portfolio, mainly upping stakes in existing portfolio companies: Unit 4 Agresso, TKH Group, Teva Pharma, Arcadis, Faiveley, SMA Solar andCentroctec. Quest lowered positions in INIT and added new investments to the ranks as well: Econocom, Parrot ad Accel Group. It disposed entirely ofits stake in Seloger.com (Tandberg was tendered to Cisco’s takeover offer). Combined, the listed portfolio totals € 52.4m and accounts for 59.3% of NAV.Listed assets break down in Software & Services (14.3%), Technology & Hardware (6.9%), Pharma & Biotech (5.9%), Healthcare Equipment (2.7%),Electrical & Engineering (16.4%) and Materials & Others (6.9%). Quoted/unquoted assets (i.e. Movetis) account for 6.3% of NAV. The value of the directPrivate Equity stakes wasn’t subject to adjustments. Our SOTP model no longer lists the CoreOptics stake (as this is in the process of being sold), butincludes Dutch micro-optics firm Anteryon, in which Quest yesterday invested € 1m alongside Qualcomm. Anteryon designs and produces micro-opticsand refractive-optics, enabling wafer-based production and integration of optics for miniature camera and laser projection modules. It was spun out ofelectronics firm Philips in 2006. The fresh capital will be used on Anteryon’s WaferOptics optical module production technology and the company’s Asiaproduction facility expansion. The valuation of the 3rd Party funds remained level with end-April reading as well, while Quest answered a € 0.12m capitalcall from Capricorn Cleantech Fund. The direct and indirect PE portfolios are valued at a respective € 16.1m and € 8.4m. Combined, PE stakes accountfor € 24.5m, or 27.8% of adjusted equity. We estimate net cash at € 9.5m (10.7% of NAV), which includes the valuation of options and other items on thebalance sheet. We currently estimate adjusted equity value p.s. at € 7.50. We note that despite a broad number of past writedowns in the PE portfolioin the past and the fact that it has few options to create value via exits (IPO or trade sale), the stock’s valuation is very undemanding: Quest’s NAVperformance relative to its stock price and its benchmark indices has held up quite well; the discount currently hovers a tad below 44%. The upsidepotential from current trading levels amounts to 28%.

28-05-2010: € 2.5m CoreOptics gain increases stock’s appealQuest for Growth sold its stake in CoreOptics to Nasdaq-listed Cisco Systems Inc, the worldwide leader in networking for the Internet. QfG has investedin CoreOptics since 2006 and participated in various financing rounds. The sale is expected to have a € 0.21 per share positive impact of approximately€ 2.5m on last published NAV. Clearly, we regard the sale as a very positive item for Quest; an array of writedowns on the carrying value of the unlistedstakes (in 2009 and 2010) put question marks behind Quest’s ability in creating value out of the unlisted portfolio. The monetization of CoreOptics thusreduces the “impairment risk”. After the transaction, the unlisted portfolio accounts for 25.4%, which includes 3rd Party Funds (9.1%) and Clear2Pay(5.9%). The balance (€ 10.4m) consists almost entirely of Pharma & Biotech investments, with the biggest ones being Kiadis (2.2%), Sphere Medical(1.9%), Syntaxin (1.9%) and TCLand (1.7%). Despite disposing of scant financial details and bearing in mind that the valuation of these assets alwaysdepends on progress in bringing the pipeline to fruition, we believe the downside risk on the unlisted portfolio to be low. We estimate adjusted equityvalue per share at € 7.72. We remind that we increased our TP to € 5.5 a couple of weeks ago, based on the fact that the undervaluation in terms of

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Sum-of-the-parts model

Quoted companies Software & Services 14.51% 12.94ECONOCOM Euronext Brussels ECONB BB 71,170 2,795 11.2 € 0.89% 0.80INIT Deutsche Börse IXX GY 95,000 0 14.2 € 1.52% 1.35NEMETSCHEK Deutsche Börse NEM GR 135,000 0 25.3 € 3.83% 3.42TRANSICS Euronext Brussels TRAN BB 250,000 0 4.9 € 1.39% 1.24UNIT 4 AGRESSO Euronext Amsterdam UNIT4 NA 195,330 0 16.9 € 3.69% 3.29VIZRT Deutsche Börse VIZ GR 326,191 0 2.4 € 0.88% 0.79WIRECARD Deutsche Börse WDI GR 250,000 0 8.2 € 2.31% 2.06

Technology Hardware 6.68% 5.96EVS BROADCAST Euronext Brussels EVS BB 55,000 0 38.0 € 2.34% 2.09LEM HOLDING Zwitserland LEHN SW 7,994 -506 345.0 CHF 2.28% 2.03PARROT Euronext Paris PARRO FP 30,000 0 14.5 € 0.49% 0.44TKH GROUP Euronext Amsterdam TWEKA NA 93,610 -20,000 15.0 € 1.57% 1.40

Pharma & Biotech 10.81% 9.64ABLYNX Euronext Brussels ABLX BB 115,000 0 7.2 € 0.93% 0.83MOVETIS° Pharma & Biotech MOVE BB 523,601 0 9.9 € 5.81% 5.18ROCHE HOLDINGS SWX Swiss Exchange ROG VX 20,000 0 136.3 CHF 2.25% 2.00TEVA PHARMACEUTICAL Nasdaq TEVA US 45,000 0 47.2 USD 1.82% 1.62

Health Care Equipment & Svs 2.76% 2.47UNITED DRUG Dublin UGD ID 1,018,628 0 2.4 € 2.76% 2.47

Electrical & Engineering 18.59% 16.57ANDRITZ Vienna ANDR AV 70,000 0 48.0 € 3.77% 3.36ARCADIS Euronext Amsterdam ARCAD NA 240,000 0 14.8 € 3.99% 3.56FAIVELEY Euronext Paris LEY FP 25,000 0 58.0 € 1.63% 1.45IMTECH Euronext Brussels IM NA 108,055 26,000 21.6 € 2.61% 2.33PFEIFFER VACUUM TECHNO Deutsche Börse 40,000 -5,000 60.1 € 2.70% 2.41PHOENIX SOLAR Deutsche Börse PS4 GY 25,000 25,000 33.7 € 0.94% 0.84SMA SOLAR Deutsche Börse S92 GY 15,000 0 98.0 € 1.65% 1.47VESTAS WIND SYSTEMS Copenhagen VWS DC 30,000 0 286.8 DKK 1.30% 1.15

Materials 6.34% 5.65CENTROTEC Deutsche Börse CEV GY 110,000 0 13.8 € 1.70% 1.52GEBERIT SWX Swiss Exchange GEBN VX 12,000 0 170.9 € 1.69% 1.51UMICORE Euronext Brussels UMI BB 100,000 0 26.2 € 2.94% 2.62

Other sectors 0.97% 0.87ACCELL GROUP Euronext Amsterdam ACCEL NA 25,000 0 34.6 € 0.97% 0.87

Loan notes 1.83% 1.63

Private Equity investments Asset type Invested Committed 28.00% 24.96ACTIVE CIRCLE Software & Services equity 0.40 € 0.45% 0.40ANTERYON Semiconductors equity 1.00 € 1.12% 1.00CLEAR2PAY Software & Services equity 5.36 0.21 € 6.01% 5.36IDEA Pharma & Biotech equity 0.52 € 0.58% 0.52KIADIS Pharma & Biotech equity 2.30 € 2.58% 2.30MAGWELL Software & Services equity 0.43 € 0.48% 0.43PROSONIX Pharma & Biotech equity 1.29 £ 1.45% 1.29SPHERE MEDICAL HOLDING Pharma & Biotech equity 1.77 £ 1.98% 1.77SYNTAXIN Pharma & Biotech equity 1.79 £ 2.01% 1.79TCLAND equity 1.50 € 1.68% 1.50THIRD PARTY INV FUNDS Funds 8.60 8.00 € 9.65% 8.60

Portfolio 90.49% 80.68Net cash (incl. others & options) 9.51% 8.48Adjusted equity value 100.00% 89.15

Number of shares (outstanding) 11,789,255Treasury shares (for remuneration purposes, resale, collateral,...) 2.20% 259,305Treasury shares (available for cancellation) 0.00% 0Number of shares (for per share calculation) 11,789,255

Quest for Growth last price 4.20Adjusted equity value p.s. 7.56Current discount 44.46%

Target prices Target equity value 89.15 Target equity value p.s. 7.56 Discount to target equity value 44.46%

KBCS has a BUY recommendation and a € 5.5 target price.The upside potential versus a stock price of € 4.2 equals 30.95%.The implied discount of our € 5.5 target price vs. the target equity value is 27.27%.

De scription Se ctor/m a rke t Va lua tion (€)

% of NAVLa st priceSha re s he ld Re ce nt cha nge

CrncyBB

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Graphical portfolio breakdown

Software & Services

26%

echnology Hardware

12%

Materials & others13%

Healthcare Equipment

5%Pharma & Biotech9%

Electrical & Engineering

35%

kiadis14%

active circle2%

clear2pay33%

magwell3%

idea3%

tcland9%

anteryon6%

sphere medical holding11%

prosonix8%

syntaxin11%

Quoted55%

Net cash11%

PE & fund Investments

28%

uoted/unquoted6%

Total commited26%

Total invested74%

Historical NAV overview

2

3

4

5

6

7

8

9

10

11

12

13

Sep04

Jan05

May05

Sep05

Jan06

May06

Sep06

Jan07

May07

Sep07

Jan08

May08

Sep08

Jan09

May09

Sep09

Jan10

May10

0%

10%

20%

30%

40%

50%

60%

NAV (LHS) Stock price (LHS) Hist. discount (RHS) Discount (RHS)

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Financial dataIncome statement (€ m)

Sales & operating incomeResult from operating activitiesResult from financing activitiesResult from extraordinary activitiesShare of result of associatesIncome taxesDiscontinued activitiesMinoritiesShare of the group

Adjusted net result

Balance sheet (€ m)Intangible assets & goodwillTangible assetsParticipations acc. for under equity methodOther financial assetsCash & cash equivalentsOther assetsTOTAL ASSETS

Equity attributable to holders of the parentMinoritiesFinancial debtOther liabilitiesTOTAL LIABILITIESnet debt

Cash flow statement (€ m)Cash flow from operating activitiesCash flow from investing activitiesDividends paid (consolidated)Other cash flow from financingFx and changes to consolidation scopeChange in cash & equivalents

Per share dataYear-end share price (€)Year-end market cap (€ m)Weighted average # sharesWeighted average # shares,dilutedBasic EPS (€)Diluted EPS (€)

NBV (€)Adjusted equity value (€)Premium (-) / Discount to (vs.YE stock price)

Gross dividendGross dividend yield

RatiosReturn on Equity (avg)Total returnPay-out ratio (adjusted net result)P/EP/NBV

Statutory data (€ m)Result from operating activitiesResult from financing activitiesResult from extraordinary activitiesIncome taxesPROFIT/LOSS FOR THE PERIODDividends paid (statutory)

Financial assetsOther assetsCapital and reservesProvisions and deferred taxationLiabilitiesTOTAL ASSETS

04/05 2005 2006 2007 2008 20090.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.04.6 7.3 21.5 0.6 -48.4 18.1

4.6 7.3 21.5 0.6 -48.4 18.1

04/05 2005 2006 2007 2008 20090.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

63.8 103.7 117.6 116.5 67.7 85.6

63.6 103.2 95.9 115.8 67.4 85.40.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

63.8 110.6 117.6 116.5 67.7 85.60.0 0.0 0.0 0.0 0.0 0.0

04/05 2005 2006 2007 2008 20090.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.0

04/05 2005 2006 2007 2008 20097.9 8.9 10.0 8.4 3.2 4.7

42.8 84.0 94.6 99.0 37.1 54.85,416,000 9,459,073 9,459,073 11,789,255 11,789,255 11,789,2555,416,000 9,459,073 9,459,073 11,789,255 11,789,255 11,789,255

0.85 0.77 2.28 0.05 -4.11 1.530.85 0.77 2.28 0.05 -4.11 1.53

11.7 10.9 10.1 9.8 5.7 7.211.7 10.9 12.4 9.9 9.9 7.3

32.71% 18.61% 19.48% 14.89% 14.89% 35.86%

0.00 0.69 1.94 0.05 0.00 0.000.00% 7.77% 19.40% 0.60% 0.00% 0.00%

04/05 2005 2006 2007 2008 20097.2% 7.0% 22.4% 0.5% -71.9% 21.2%9.7% 21.1% 34.5% -15.5% -62.5% 47.6%0.0% 99.9% 100.0% 96.7% 0.0% 0.0%9.30 11.58 4.39 159.58 -0.77 3.030.67 0.81 0.99 0.86 0.55 0.64

04/05 2005 2006 2007 2008 20094.7 7.2 20.7 0.3 -48.6 16.9

-0.1 0.1 0.9 0.3 0.2 1.20.0 0.0 0.0 0.0 0.0 0.00.0 0.0 0.0 0.0 0.0 0.04.6 7.3 21.5 0.6 -48.4 18.10.0 -7.2 -21.5 -0.6 0.0 0.0

63.0 103.2 117.3 116.1 67.1 85.10.8 0.5 0.3 0.4 0.6 0.5

63.6 103.2 95.9 115.8 67.4 85.40.0 0.0 0.0 0.0 0.0 0.00.2 7.4 21.6 0.7 0.3 0.1

63.8 110.6 117.6 116.5 67.7 85.6