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 20 Jan 2021.

Estimated NAV

	Euro Shares	Sterling Shares
Estimated NAV	€    26.3818	£    23.0952
Estimated MTD return	1.72 %	1.43 %
Estimated YTD return	1.72 %	1.43 %
Estimated ITD return	163.82 %	130.95 %

NAV and returns are calculated net of management and performance fees

Market information

Euro Shares	Amsterdam (AEX)	London (LSE)
Market Close	€    21.40	N/A
Premium/discount to estimated NAV	-18.88 %	N/A
Sterling Shares	Amsterdam (AEX)	London (LSE)
Market Close	N/A	GBX 1,800.00
Premium/discount to estimated NAV	N/A	-22.06 %

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