Fagron N.V.

Major Shareholding Notification • May 5, 2014

FORM TR-1 BE PART I
1) Status of the notification
	Final
2) Issuer
	Name ARSEUS
Identification number 0890-535-026
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)
	Teachers Advisors Inc	730 Third Avenue, New York, NY 10017-3206, United States
	TIAA-CREF Investement Management LLC	730 Third Avenue, New York, NY 10017-3206, United States
	TIAA-CREF 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
	12/03/2014	(DD/MM/YYYY)
8) Threshold that is crossed (in %)
	3 1
		If the holding has fallen below the lowest threshold, you have the option of not entering any numbers under point 10
9) Denominator
	31,358,358
	Please enter the denominator before filling in the data

10) Notified details

A) Voting rights	Previous notification		After the transaction
	# of voting rights		# of voling 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.		108,800		0.35%
TIAA-CREF Investment Management LLI		898,138		2.86%
TIAA-CREF Asset Management LLC				$0.00\%$
subtotal		1,006,938		3.21%
	TOTAL	1,006,938		3.21%	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
"CALCULATE>

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	$0.00\%$

The totals will be updated once you have clicked on

TOTAL (Voting rights & Equivalent financial (Instruments)		$#$ of voting rights	% of voting rights
	CALCULATE	1,006,938	3.21%

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

Please describe, or join a diagram in attachment

See Annex 1

12) In case of proxy voting for only one GM

Holder

will cease to hold /
will hold again

$\circ$

voting rights as of

$\frac{1}{2}$

$\bullet$

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
Holder	Number
	______

C) Remarks
	Teachers Advisers Inc and TIAA-CREF Investment Management LLC exercise the voting rights in Arseus NV with all discretionary powers.
Done at	Brussels
On	(DD/MM/YYYY) 30/04/2014
Name & capacity
	$\bullet$ Signature Geoffroy Fink - Special Proxy Holder