Fagron N.V.

Major Shareholding Notification • Dec 9, 2015

FORM TR-1 BE PARTI
1) Status of the notification
	Final
2) Issuer
Identification number 0890-535-026	Name FAGRON
3) Reason for the notification
	Acquisition or disposal of voting securities or voting rights
4) Notification by
	A parent undertaking or a controlling person
5) Persons subject to the notification requirement
	Name (& legal form for legal persons)	Address (for legal persons)
	TIAA-CREF Investment Management LLC	730 Third Avenue, New York, NY 10017-3206, United States
	TIAA Asset Management LLC	730 Third Avenue, New York, NY 10017-3206, United States
	6) Persons that dispose of, voting rights (Only to be filled in if art. 7 of the Law applies)
	Name (& legal form for legal persons)	Address (for legal persons)
	Please continue entering the information in part II concerning the	Click persons referred to in points 5 and 6
7) Date on which the threshold is crossed
	01/12/2015	(DD/MM/YYYY)
8) Threshold that is crossed (in %)
	5 1
		If the holding has fallen below the lowest threshold, you have the option of not entering any numbers under point 10
9) Denominator
	32 111 827

Please enter the denominator before filling in the data

10) Notified details

A) Voting rights	Previous notification		After the transaction
	# of voling rights		# of voting rights		% of voting rights
Holders of voting rights		Linked to securities	Not linked to the securities	Linked to securities	Not linked to the securities
Teachers Advisors Inc.	287 326			0.00%
TIAA-CREF Investment Management LL	1348355	328 552		4.14%
TIAA Asset Management LLC				0,00%
subtotal	1635681	1328 552		4,14%
TOTAL		1328 552		4.14%	0.00%

Start with "groups" of holders, Calculate subtotals and then finish with the persons who are "alone".
The totals, subtotals and % will be updated once you have clicked on

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 voling rights
	TOTAL		(in relation to all expiration dates)		0,00%

$\blacktriangleleft$

$\frac{1}{2}$

The totals will be updated once you have clicked on

TOTAL (Voting rights & Equivalent financial (instruments)		# of voting rights	% of voting rights
	CALCULATE	1 328 552	4.14%

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

Please describe, or join a diagram in attachment

TIAA-CREF Investment Management LLC ("TCIM") and Teachers Advisors Inc ("TAI") are both ultimately controlled by TIAA Asset Management

12) In case of proxy voting for only one GM

Holder

will cease to hold /
will hold again

$\circ$

voting rights as of

$\ddot{}$

13) Additional information

$\sim$ 100

	A) Convertible bonds and rights to subscribe to voting securities not yet issued
Holder	Type of financial instrument	Expiration date (DD/MM/YYYY)	Exercise/Conversion period or date	Number	# of voling rights that may be acquired if the instrument is exercised/converted
					$\bullet$
B) Shares without voting rights
Holder	Number
					$\bullet$
C) Remarks	The total aggregate percentage of voting rights in FAGRON NV that is referred to in point 10 of this notification is held by funds that are under the management of TIAA-CREF investment Management LLC, a SEC registered investment adviser which exercises the voting rights in FAGRON NV with all discretionary powers on behalf of the funds it manages and advises.
Done at	Brussels
On	7/12/2015	(DD/MM/YYYY)
Name & capacity	Geoffroy Fink - Special Proxy Holder		Signature