Boussard & Gavaudan Holding Ltd (EUR): Changes of non Executive Directors

Boussard & Gavaudan Holding Limited (the “Company”)

a closed-ended investment company incorporated with limited liability under the laws of Guernsey

with registration number 45582

Legal Entity Identifier: 5493002XNM3W9D6DF327

Changes of Non-Executive Directors

The Board of the Company announces the appointment of Mr Frédéric Hervouet and Mr Luke Allen as non-executive directors of the Company with immediate effect.

Mr. Frédéric Hervouet

Fred Hervouet (49) has 25 years of experience in capital markets and asset management roles.

Until end of 2013, Fred was Managing Director and Head of Commodity Derivatives Asia for BNP Paribas, including Trading, Structuring and Sales, and based in Singapore. Prior to BNP Paribas he also worked for two multi-billion multi-strategy hedge funds including quantitative strategies (CTAs), convertible arbitrage, event driven, fixed income relative value and commodity long-short. In the last 25 years, Fred has worked in different aspects of the financial markets and asset management industry. His experience includes derivatives markets, structured and corporate finance, structured products and hedge funds, trading and risk management.

Fred has worked in Singapore, Lausanne, Paris and London. On his last position, Fred was a member of BNP Paribas Commodity Group Executive Committee and BNP Paribas Credit Executive Committees on Structured Finance projects (structured debt and trade finance). Fred now acts as a full time dedicated non-executive director of and advisor to listed companies and private equity funds.

As at the date of this announcement, Mr Hervouet holds or held, within the previous five years, the following directorships in other publicly quoted companies:

Mr. Luke Allen

Mr Allen is an independent non-executive director with almost 30 years’ experience working in the financial services sector, the last 17 of which have been spent in the alternative investment funds industry. Until December 2019 he was the chief executive and managing director of Man Group plc’s Guernsey office, which serviced an extensive range of hedge funds and funds of hedge funds. His primary role was to lead Man’s operations in Guernsey, chairing the local management company board meetings, setting strategy and ensuring effective risk management, outsourced service provider oversight, and compliance with laws and regulations. He has over 13 years’ experience (most recently in an independent non-executive capacity) of working with, and sitting on the boards of, a wide range of fund and management company structures across a significant number of international jurisdictions. He is a chartered accountant (ICAEW) and, prior to running Man’s Guernsey office, he headed up their fund financial reporting and liquidations team, with responsibility for the production of fund financial statements and for fund terminations across their entire product range. He is a holder of a personal fiduciary licence issued by the Guernsey Financial Services Commission.

As at the date of this announcement, Mr Allen holds or held, within the previous five years, the following directorships in other publicly quoted companies:

There is no further information to be disclosed in respect of paragraphs 9.6.13 (1) - (6) of the FCA Listing Rules.

Neither Mr Hervouet nor Mr Allen are beneficially interested in any shares in the Company.

Following the announcement on 29 July 2022 that Mr Andrew Howat has resigned as a non-executive director and will not be standing for re-election at the Company’s forthcoming annual general meeting, the Company announces that his resignation will take effect on 22 September, 2022..

Boussard & Gavaudan Investment Management, LLP

Emmanuel Gavaudan

9

JTC Fund Solutions (Guernsey) Limited

Secretary

+44 (0) 1481 702400

31 August 2022

Website:

The Company is established as a closed-ended investment company domiciled in Guernsey. The Company has been authorised by the Guernsey Financial Services Commission as an authorised closed-ended investment scheme. 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 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 advice.

END OF ANNOUNCEMENT