December 16, 2022

                                      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 15 Dec 2022. Estimated NAV  Euro SharesSterling SharesEstimated NAV€    27.7497£    24.3873Estimated MTD return     0.96 %     1.05 %Estimated YTD return    -4.97 %    -3.63 %Estimated ITD return   177.50 %   143.87 % NAV and returns are calculated net of management and performance fees Market information Euro SharesAmsterdam (AEX)London (LSE)Market Close€    21.80N/APremium/discount to estimated NAV   -21.44 %N/A   Sterling SharesAmsterdam (AEX)London (LSE)Market CloseN/AGBX 2,000.00Premium/discount to estimated NAVN/A   -17.99 % Transactions in own securities purchased into treasury Ordinary Shares Euro SharesSterling SharesNumber of sharesN/AN/AAverage PriceN/AN/ARange of PriceN/AN/A Liquidity Enhancement AgreementEuro SharesSterling SharesNumber of sharesN/AN/AAverage PriceN/AN/A BGHL Capital BGHL Ordinary SharesEuro SharesSterling SharesShares Outstanding  12,307,470     126,294Held in treasury       9,664N/AShares Issued  12,317,134     126,294 Since the 1st of December 2022, the daily figures take into account the estimated impact of the conversion. Estimated BG Fund NAV Class B Euro Shares (estimated)€   242.7578Class GBP A Shares (estimated)£   130.1201 The Class B Euro Shares of BG Fund are not subject to investment manager fees, as the Investment Manager receives management fees and performance fees in respect of its role as Investment Manager of BGHL. For further information please contact: Boussard & Gavaudan Investment Management, LLP.Emmanuel Gavaudan +44 (0) 20 3751 5389 Email : The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has received the necessary approval of the Guernsey Financial Services Commission and the States of Guernsey Policy Council. The Company is registered with the Dutch Authority for the Financial Markets as a collective investment scheme pursuant to article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht). The shares of the Company (the "Shares") are listed on Euronext Amsterdam. The Shares are also listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange plc's main market for listed securities. This is not an offer to sell or a solicitation of any offer to buy any securities in the United States or in any other jurisdiction. This announcement is not intended to and does not constitute, or form part of, any offer or invitation to purchase any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of the securities referred to in this announcement in any jurisdiction in contravention of applicable law. Neither the Company nor BG Fund ICAV has been, and neither will be, registered under the US Investment Company Act of 1940, as amended (the "Investment Company Act"). In addition the securities referenced in this announcement have not been and will not be registered under the US Securities Act of 1933, as amended (the "Securities Act"). Consequently any such securities may not be offered, sold or otherwise transferred within the United States or to, or for the account or benefit of, US persons except in accordance with the Securities Act or an exemption therefrom and under circumstances which will not require the issuer of such securities to register under the Investment Company Act. No public offering of any securities will be made in the United States. You should always bear in mind that: all investment is subject to risk; results in the past are no guarantee of future results; the investment performance of BGHL may go down as well as up. You may not get back all of your original investment; and if you are in any doubt about the contents of this communication or if you consider making an investment decision, you are advised to seek expert financial advice. This communication is for information purposes only and the information contained in this communication should not be relied upon as a substitute for financial or other professional advice.

Daily NAV - BgHL

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