Recticel

Major Shareholding Notification • May 25, 2016

FORM TR-1 BE PART!
1) Status of the notification
	∲Final
2) Issuer
Identification number 0405-666-668	Name RECTICEL
3) Reason for the notification
	Acquisition or disposal of voling securities or voling 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)
	BNP Paribas Investment Partners SA	Rue Bergère 14, 75009 Paris, France
	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)
	rin in	m
	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
	12/05/2016	(DD/MM/YYYY)
8) Threshold that is crossed (in %)
	31
		If the holding has fallen below the lowest threshold, you have the option of not entering any numbers under point 10
9) Denominator
	53,731,608
	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
IBNP Paribas investment Partners SA		o		0.00%
BNP Paribas Investment Partners UK Ltd		1.111.088		2.07%
BNP Paribas Investment Partners Belgium SA		504,656		0.94%
	sublotal and the second contract of the second contract of the second contract of the second contract of the second	1,615,744	San San San San San Ta	3.01%	KANA MANAHIRA MATEMATIKA MATEMATIKA KUNING KANA MATEMATIKA MATEMATIKA MATEMATIKA KUNING MATEMATIKA KUNING MATEM
	TOTAL	1.615.744		3.01%	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

CCALCULATE>

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	% or voting rights
	TOTAL	(in relation to all expiration dates) a			0.00%

The totals will be updated once you have clicked on

TOTAL (Voting rights & Equivalent financial (instruments)	____	# of voting rights	% of voting rights
		.615.744 _________	3.01% .

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

Please describe, or join a diagram in attachment

Both subsidiaries, BNP P IP Belgium SA and BNP P IP UK Ltd are controlled by the mother company BNP P IP SA in France. BNP P IP SA is
under the control of its parent company BNP P SA, that is exempted from agregating its p

12) In case of proxy voting for only one GM

Holder

$\mathcal{L}_{\mathcal{A}}$

will cease to hold /
will hold again

voling rights as of

$\mathbf{0}$

ÿ.

$\mathcal{L}_{\mathcal{F}}$

(2) 1940年6月19日

$\label{eq:3} \begin{array}{ll} \mathcal{L}(\mathbf{q},t_1)\mathcal{Q}(\mathbf{r}(\mathbf{q},t_2),\mathbf{q},\mathbf{q},t_1)\ \mathcal{L}(\mathbf{q},t_1) & \mathcal{L}(\mathbf{q},t_1) & \mathcal{L}(\mathbf{q},t_1)\ \mathcal{L}(\mathbf{q},t_1) & \mathcal{L}(\mathbf{q},t_1) & \mathcal{L}(\mathbf{q},t_1) \end{array}$

13) Additional information

Expiration date Exercise/Conversion Holder Type of financial instrument Number (DD/MM/YYYY) period or date B) Shares without voting rights Number Holder C) Remarks The subsidiaries are both management companies, making use of their voting rights on a discretionary basis. Done at Brussels On 19/05/2016 (DD/MM/YYYY)					A) Convertible bonds and rights to subscribe to voting securities not yet issued
		# of voting rights that may be acquired if the instrument is exercised/converted
	$\ddot{\phantom{1}}$
	$\bullet$
Signature Karel Spruyt (Head of Compliance)	$\begin{array}{c} \bullet \end{array}$				Name & capacity

Karel SPRUY I Head of Compliance
BNP Paribas Investment Partners Belgium S.A.