BGHL (EUR)

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 17 Nov 2020.

Estimated NAV

	Euro Shares	Sterling Shares
Estimated NAV	€    24.8819	£    21.9343
Estimated MTD return	3.11 %	2.79 %
Estimated YTD return	8.66 %	6.29 %
Estimated ITD return	148.82 %	119.34 %

NAV and returns are calculated net of management and performance fees

Market information

Euro Shares	Amsterdam (AEX)	London (LSE)
Market Close	€    18.60	N/A
Premium/discount to estimated NAV	-25.25 %	N/A
Sterling Shares	Amsterdam (AEX)	London (LSE)
Market Close	N/A	GBX 1,600.00
Premium/discount to estimated NAV	N/A	-27.05 %

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