Fri Feb 8, 2013 1:31am EST

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                                      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 07 Feb 2013.

Estimated NAV

                         Euro Shares   Sterling Shares  
 Estimated NAV         EUR    14.9120    £    13.5132   
 Estimated MTD return      0.47 %           0.47 %      
 Estimated YTD return      1.36 %           1.40 %      
 Estimated ITD return      49.12 %         35.13 %      

NAV and returns are calculated net of management and performance fees

Market information

 Euro Shares                        Amsterdam (AEX)  London (LSE)  
 Market Close                         EUR    11.64        N/A      
 Premium/discount to estimated NAV      -21.94 %          N/A      
 Sterling Shares                    Amsterdam (AEX)  London (LSE)  
 Market Close                             N/A        GBX 1,032.50  
 Premium/discount to estimated NAV        N/A          -23.59 %    

Transactions in own securities purchased into treasury

 Ordinary Shares    Euro Shares  Sterling Shares  
 Number of shares      9,000           N/A        
 Average Price     EUR    11.65        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      36,836,448        1,205,925 
 Held in treasury           395,518              N/A 
 Shares Issued           37,231,699        1,205,925 

For further information please contact:

Boussard & Gavaudan Asset Management, L.P.
Emmanuel Gavaudan   +44 (0) 207 406 32 64                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

Neither the Company nor BG Fund Plc 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

Estimated NAV 


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information contained therein.