Fagron N.V.

Major Shareholding Notification • Feb 23, 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)
	Carmignac Gestion		24, place Vendome
	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
	4/2/2015	(DD/MM/YYYY)
8) Threshold that is crossed (in %)
	5 5
	If the holding has fallen below the lowest threshold, you have the option of not entering any numbers under point 10
9) Denominator
	31,431,360

Please enter the denominator before filling in the data

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 securities	Not linked to the securities
Carmignac Gestion	1,321,956	2,176,243		6.92%
Carmignac Gestion Luxembourg	74.451	287.024		0.91%
subtotal	1,396,407	2,463.267		7.84%
TOTAL		2,463,267		7.84%	$0.00\%$

Start with "groups" of holders. Calculate subtotals and then finish with the persons
"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 voting rights
	TOTAL		(in relation to all expiration dates)		$0.00\%$

The totals will be updated once you have clicked on

TOTAL (Voting rights & Equivalent financial Instruments )		$#$ of voting rights	% of voting rights
	CALCULATE	2.463.267	7.84%

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

Please describe, or join a diagram in attachment

Carmignac Gestion holds 100% of Carmignac Gestion Luxembourg. Carmignac Gestion it's a French asset management company managing
the following UCITS funds : Carmignac Euro Entrepreneur; UFF Grande Europe; Carmignac Euro Pat

12) In case of proxy voting for only one GM

Holder

will cease to hold / will hold again

$\circ$

voting rights as of

$\left| \cdot \right|$

13) Additional information

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 voting rights that may be acquired if the instrument is exercised/converted

______ _ B) Shares without voting rights	the contract of the contract of the contract of the contract of the contract of ______ ______ ______
Holder	Number and the contract of the contract of ______
_________

C) Remarks
	For all shareholdings held by both Carmignac Gestion and Carmignac Gestrion Luxembourg the voting rights are exercised by Carmignac Gestion.
	Carmignac Gestion can exercise the voting rights at its discretion in the absence of specific instructions from the relevant undertaking of collective investment.
Done at	Paris
On	16/02/2015	(DD/MM/YYYY)
Name & capacity
	Conrado VANDEN BERGHE, Senion Legal Counsel		Signature	$\ddot{}$

$\tilde{\chi}^{\pm}_{\rm S}$

FORM TR-1 BE PART II

Persons subject to the notification requirement

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.24. place Ver dome 75001 Pari-			6246706083 [cvberghe@carmignac.comConrado VANDEN BERGHE

1992 on the protection of privacy as regards the processing of personal data. The FSMA processes the data in order to supervise compliance with Title II of the Law of 2 May
2007 and its implementing decrees. The processed 2 August 2002 on the supervision of the financial sector and on financial services. Insofar as the processed data do not fall under the professional secrecy obligation of the
FSMA, the natural persons whose data are being The personal data provided via this form will be processed by the FSMA (Congresstraat/rue du Congrès 12-14, 1000 Brussels) in accordance with the Law of 8 December of 8 December 1992.