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 20 Nov 2020.

Estimated NAV

	Euro Shares	Sterling Shares
Estimated NAV	€    25.1067	£    22.1268
Estimated MTD return	4.04 %	3.69 %
Estimated YTD return	9.64 %	7.22 %
Estimated ITD return	151.07 %	121.27 %

NAV and returns are calculated net of management and performance fees

Market information

Euro Shares	Amsterdam (AEX)	London (LSE)
Market Close	€    19.00	N/A
Premium/discount to estimated NAV	-24.32 %	N/A
Sterling Shares	Amsterdam (AEX)	London (LSE)
Market Close	N/A	GBX 1,650.00
Premium/discount to estimated NAV	N/A	-25.43 %

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