Fagron N.V.

Major Shareholding Notification • Sep 2, 2022

2) Issuer

³ ‐ ¹³ +

² +

1) Status of the notification

Final

3) Reason for the notification

Acquisition or disposal of financial instruments that are treated as voting securities Downward crossing of the lowest threshold

4) Notification by

A parent undertaking or a controlling person

5) Persons subject to the notification requirement

Identification number 0890-535-026

Name	Address (for legal entities)
Kabouter Management LLC	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611, United States of America	‐
Peter Zaldivar		‐
Marcel Houtzager		+

6) Persons that dispose of voting rights (only to be filled in if art. 7 of the Law applies)

Part II

Please continue entering the information in part II concerning the persons referred to in Sections 5 and 6

7) Date on which the threshold is crossed

26/08/2022 (DD/MM/YYYY)

8) Threshold that is crossed (in %)

If the holding has fallen below the lowest threshold, you have the option of not entering any numbers in Section 10

3

9) Denominator

72,992,654

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
Peter Zalvidar	0	0		0.00%
Marcel Houtzager	0	0		0.00%

TOTAL		2,136,272	0	2.93%	0.00%
Subtotal	3,569,500	2,136,272		2.93%		S	+
Kabouter Management LLC	3,569,500	2,136,272		2.93%		1	‐

Start with "groups" of holders. Add subtotals with , and then finish with the persons who are "alone". For groups, start with the ultimate controlling natural person or legal entity.

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	Settlement
							+
	TOTAL			0	0.00%

The totals will be updated once you have clicked on

TOTAL (A & B)		# of voting rights % of voting rights
	CALCULATE	2,136,272	2.93%

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

12) In case of proxy voting for only one GM

				(DD/MM/YYYY)
Holder	will cease to hold / will hold again	0	voting rights as of

13) Additional information

Kabouter Management LLC is an investment fund manager which has voting discretion in relation to the voting securities in Fagron NV owned by its underlying funds and seperate accounts.

For such situation, article 9,§ 2 of the Royal Decree of 14 February 2008 provides that the management company (i.e. Kabouter Management LLC) needs to file the transparancy declaration.

Kabouter Management LLC is filing this transparency declaration due to article 11 of the articles of association of Fagron NV which require that a transparency declaration be made to both Fagron NV and the FSMA where the percentage of voting rights of a holder of voting rights exceeds or falls under 3%.

	Done at Chicago, United States of America
On		31/08/2022 (DD/MM/YYYY)
	Name & capacity Jain Kim, Chief Compliance Officer		Signature

Transparency notification Form TR-1 BE PART II

Persons subject to the notification requirement

Name	Address	Phone number	E-mail	Contact person (for legal entities)
Kabouter Management LLC	401 N. Michigan Avenue, Suite 2510, Chicago, IL 60611, United1 312 975 2421		jain.kim@kabouterfund.comJain Kim

Mandatary

Name	Address	Phone number	E-mail	Contact person (for legal entities)
David Du Pont	Ashurst LLP, Avenue Louise 489, 1050 Brussels, (Belgium)	32 2 626 1923	david.dupont@ashurst.co David Du Pont
Maxime Narinx	Ashurst LLP, Avenue Louise 489, 1050 Brussels, (Belgium)	32 2 641 99 34	maxime.narinx@ashurst.c Maxime Narinx

Invoicing data

Name	Address	Phone number	E-mail	Contact person (for legal entities)
Ashurst LLP	Avenue Louise 489, 1050 Brussels (Belgium)	32 2 626 1923	david.dupont@ashurst.co David Du Pont

The personal data which you have provided to the FSMA via this form will be processed by the FSMA as set out in its Privacy Policy.

Kabouter Management, LLC Chief Compliance Officer 31 August 2022