EXMAR NV

Major Shareholding Notification • Jul 18, 2019

Transparency notification

18/7/2019 – 7.45 am Regulated information

In accordance with article 14, first paragraph of the Law of 2 May 2007 regarding the disclosure of important shareholdings in listed companies, EXMAR announces that it received a notification from Cobas Asset Management S.G.I.I.C. S.A.

Content of the notification received on 16 July 2019

Reason of the notification: acquisition or disposal of voting securities or voting rights - downward crossing of the lowest threshold

Notification by: a person that notifies alone

Persons subject to the notification requirement: Cobas Asset Management S.G.I.I.C. S.A., C/ Jossé Abascal, 45 3° Floor, 28003 Madrid, Spain

Date on which the threshold is crossed: 9 July 2019

Threshold that is crossed: 5%

Denominator: 59,500,000

Notified details:

A) Voting rights	Previous notification		After the transaction
	# of voting rights			# of voting rights			% of voting rights
Holders of voting rights				Linked to securities		Not linked to the securities	Linked to secunties	Not linked to the securities
Cobas Asset Management, S.G.I.I.C., S.A.	2.985.282			2.964.004	0 223		4,98%
	TOTAL			2.964.004			4,98%
B) Equivalent financial instruments				After the transaction
Holders of equivalent financial instruments	Type of financial instrument		Expiration date	Exercise period or date		# of voting rights that may be acquired if the instrument is exercised	% of voting rights	Settlement
	TOTAL The totals will be updated once you have clicked on
	TOTAL (A & B)					# of voting rights	% of voting rights

The full text of the notification dated 16 July 2019, is attached to this press release and has also been posted on EXMAR's website under investor relations: http://exmar.be/en/investors/shareholding/disclosure-shareholdings

1) Status of the notification

	Final
2) Issuer
Identification number 0860-409-202	Name EXMAR
3) Reason for the notification
	Acquisition or disposal of voting securities or voting rights Downward crossing of the lowest threshold
4) Notification by
	A person that notifies alone
5) Persons subject to the notification requirement
	Name		Address (for legal entities)
	Cobas Asset Management, S.G.I.I.C., S.A.	C/ José Abascal, 45 3º Floor, 28003 Madrid. Spain
	6) Persons that dispose of voting rights (only to be filled in if art. 7 of the Law applies)
	Name		Address (for legal entities)
D	Please continue entering the information in part II concerning the persons referred to in Sections 5 and 6	Part II
7) Date on which the threshold is crossed
		09/07/2019 (DD/MM/YYY)
8) Threshold that is crossed (in %)
	5
	If the holding has fallen below the lowest threshold, you have the option of not entering any numbers in Section 10
9) Denominator				O	O
	59.500.000				asset management
	Please enter the denominator before filling in the data				C.I.F .: A87722377

10) Notified details

A) Voting rights	Previous notification	After the transaction
	# of voting rights	# of voting rights		% of voting rights
Holders of voting rights		Linked to securities	Not linked to the securities	Linked to secunties	Not linked to the securities
Cobas Asset Management, S.G.I.I.C., S.A.	2.985.282	2.964.004		4.98%
TOTAL		2.964.004		4,98%

Start with "groups" of holders. Add subtotals with 2, and then finish with the persons who are "alone".
For groups, start with the ultimate controlling natural person or le B

+

B) Equivalent financial instruments	After the transaction
Holders of equivalent financial instruments	Type of financial instrument	Expiration date	Exercise period or date	# of voting rights that may be acquired if the instrument is exercised	% of voting rights	Settlement
							+
	TOTAL
1	The totals will be updated once you have clicked on
	TOTAL (A & B)				# of voting rights % of voting rights
			CALCULATE	2.964.004	4,98%

11) Full chain of controlled undertakings through which the holding is effectively held, if applicable

	Cobas Assel Management, S.G.I.I.C., S.A. is not a controlled entity in the meaning of articles 5 and 7 of the Companies Code.
manager.	The voting rights mentioned under heading 10A are managed by Cobas Asset Management, S.G.I.I.C., S.A. on behalf of underliying clients, based on investment managements whereby the client has delegated the exercise of voling rights to the investment

12) In case of proxy voting for only one GM

Holder	will cease to hold / will hold again	(DD/MM/YYYYY) voting rights as of
13) Additional information

Done at Madrid
On		16/07/2019 (DD/MM/YYYY)
Name & capacity Gerardo Femandez. Head of Compliance					Signature
	C	O	O	O	S
				asset management
			CIF . A87 223 /