BGHL (GBP)

NAV(s)

                                      BOUSSARD & GAVAUDAN HOLDING LIMITED
Ordinary Shares

The Directors of Boussard & Gavaudan Holding Limited would like to announce the following information for the Company.

Close of business 13 Dec 2019.

Estimated NAV

	Euro Shares	Sterling Shares
Estimated NAV	€  22.6739	£  20.5164
Estimated MTD return	0.13 %	0.18 %
Estimated YTD return	3.04 %	4.44 %
Estimated ITD return	126.74 %	105.16 %

NAV and returns are calculated net of management and performance fees

Market information

Euro Shares	Amsterdam (AEX)	London (LSE)
Market Close	€  17.60	N/A
Premium/discount to estimated NAV	-22.38 %	N/A
Sterling Shares	Amsterdam (AEX)	London (LSE)
Market Close	N/A	GBX 1,560.00
Premium/discount to estimated NAV	N/A	-23.96 %

Transactions in own securities purchased into treasury

Ordinary Shares	Euro Shares	Sterling Shares
Number of shares	N/A	N/A
Average Price	N/A	N/A
Range of Price	N/A	N/A

           

                                           

Liquidity Enhancement Agreement	Euro Shares	Sterling Shares
Number of shares	N/A	N/A
Average Price	N/A	N/A

BGHL Capital

BGHL Ordinary Shares	Euro Shares	Sterling Shares
Shares Outstanding	15,104,678	398,542
Held in treasury	N/A	N/A
Shares Issued	15,104,678	398,542

Estimated BG Fund NAV