Conversion

Boussard & Gavaudan Holding Limited
a closed-ended investment company incorporated with limited liability
      under the laws of Guernsey with registration number 45582

                      BGHL Conversion Facility


Boussard & Gavaudan Holding Limited ("B&G Holding" or the  "Company")
today announces  that  shareholders will  be  able to  convert  their
existing holding of shares in the Company from one class into another
class (the "Conversion"), subject to satisfying certain requirements.

The Conversion will be based on Net Asset Value of the two classes of
Shares as at 31 December 2008.

The period during which shareholders may convert their share from one
class to the  other ends on  17 December  2008 at 5  pm London  time.
Shareholders wishing to  participate must ensure  that their  request
has reached their custodian before that date.

Shareholders wishing to convert from Sterling shares into Euro shares
must contact their CREST custodian. The CREST custodian (or if not  a
Crest member, the custodian's CREST agent) must send a USE message to
Computershare by close of business on  17 December 2008. As the  Euro
shares are  only capable  of being  settled in  Euroclear, the  CREST
custodian will be  required to  send to Computershare  a Sterling  to
Euro  class  conversion   form  including   the  relevant   Euroclear
settlement instructions for the new Euro shares. The Sterling to Euro
class conversion form will  be sent by post  to all CREST  custodians
and available on the Company's website www.bgholdingltd.com.

Shareholders wishing to convert from Euro shares into Sterling shares
will be  required to  notify  their custodian  bank by  completing  a
conversion request form. Shareholders must ensure that the conversion
request reaches their  custodian bank  by close  of business  (London
time) on 17  December 2008. Their  custodian bank has  to arrange  an
effective delivery of  the underlying euro  shares within 3  business
days to Kempen  & Co N.V.  (ENL account 183  ISS2) after 17  December
2008.

Euro shareholders may obtain  a copy of  the conversion request  form
from the Company's website: www.bgholdingltd.com

For a copy of the conversion request form, euro shareholders may also
contact either:

1.      Kempen & Co. N.V, Beethovenstraat 300, 1077 WZ Amsterdam,
P.O. Box 75666, 1070 AR Amsterdam, The Netherlands; telephone: +31
203 489554; fax: [phone]; or

2.      Close Fund Services Limited PO Box 105, Trafalgar Court
Admiral Park, St Peter Port Guernsey GY1 3EP Channel Islands  United
Kingdom, telephone [phone]; fax: [phone].

4 December 2008

For further information, please contact:

B&G Asset Management                       [phone]
Emmanuel Gavaudan


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).

This announcement  is for  information purposes  only and  is not  an
offer  to  invest.  All  investments   are  subject  to  risk.   Past
performance is no guarantee of future returns. Prospective  investors
are  advised  to  seek  expert   legal,  financial,  tax  and   other
professional advice before making any investment decision. The  value
of investments may  fluctuate. Results  achieved in the  past are  no
guarantee of future results.

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 the Sark Fund have 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 ill 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.

UBS Limited ("UBS"  or "UBS Investment  Bank") is acting  exclusively
for B&G  Holding and  no-one else  in connection  with the  offer  of
sterling shares and the admission of sterling shares and euro  shares
to the Official List and to trading  on the LSE. UBS does not  regard
any other person (whether or not a recipient of this announcement) as
its client  and will  not be  responsible to  anyone other  than  B&G
Holding for providing  the protections afforded  to its clients,  nor
for  providing  advice  in  connection  with  the  contents  of  this
announcement or any transaction, arrangement or other matter referred
to herein.

No representation or warranty, express  or implied, is made or  given
by or on behalf of UBS or any of its respective affiliates or any  of
such person's directors, officers or employees or any other person as
to the  accuracy,  completeness or  fairness  of the  information  or
opinions contained  in this  announcement  and no  responsibility  or
liability is accepted for any such information or opinion.




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