Fagron N.V.

Major Shareholding Notification • Dec 21, 2015

1) Status of the notification
	Final
2) Issuer
	Name FAGRON Identification number 0890-535-026
3) Reason for the notification
	Acquisition or disposal of voting securities or voting rights
	Downward crossing of the lowest threshold
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 TIAA Asset Management LLC	730 Third Avenue, New York, NY 10017-3206, United States 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 il concerning the	Click persons referred to in points 5 and 6
7) Date on which the threshold is crossed
	15/12/2015	(DD/MM/YYYY)
	3
		If the holding has fallen below the lowest threshold, you have the option of not entering any numbers under point 10
8) Threshold that is crossed (in %) 9) Denominator	32.111.827

10) Notified details

A) Voling 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
TIAA-CREF Investment Management LLI	328.552	948.544		2.95%
TIAA Asset Management LLC				0.00%
subtotal	1.328.552	948.544		0.00%
TOTAL		948.544		2.95%	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
CGALCULATE>

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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 voling rights	% of voting rights
	CALCULATE	948,544	2.95%

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") is ultimately controlled by TIAA Asset Management LLC, acting as controlling undertaking for the purpose of this notification.

12) In case of proxy voting for only one GM

Holder		will cease to hold / will hold again			voting rights as of
--------	--	-----------------------------------------	--	--	---------------------	--	--

13) Additional information

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
	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	17/12/2015	(DD/MM/YYYY)

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