BGHL Conversion Facility

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 for June 2010
                                       &
                         Change to conversion facility


I - BGHL Conversion Facility for June 2010 : Last quarterly 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 30 June 2010.

The  period during which shareholders may convert  their share from one class to
the  other ends  on 23 June  2010 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  23 June  2010. 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 

http://www.bgholdingltd.com/conversion.php.

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 23 June 2010. Their custodian bank
has  to arrange an  effective delivery of  the underlying euro  shares within 3
business days to Kempen & Co N.V. (ESES 29183 NDC 106) after 23 June 2010.

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

http://www.bgholdingltd.com/conversion.php.

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: [phone]; fax: +31
203 489549; or

2.      Close Fund Services Limited PO Box 105, Trafalgar Court Admiral Park, St
Peter Port Guernsey GY1 3EP Channel Islands  United Kingdom, telephone +44
(0)1481 71 06 07; fax: [phone].


II - Change to conversion facility : BGHL will replace the quarterly conversion
facility by an annual conversion facility


Following  the June  Conversion, the  next conversion  date will  be 30 November
2010 and  the Company's quarterly conversion  facility between its share classes
will be replaced with an annual conversion facility.

Shareholders  will then be able to convert from one class to another on the last
business  day in November each year, and the results are expected to be released
at the end of December when the final NAV for November becomes available.

The  directors of the Company (the "Directors") are empowered by the articles of
incorporation  of  the  Company  to  determine  the  frequency of the conversion
facility.   In light of  the administrative costs  of operating the facility and
the  small  number  of  shareholders  that  use  the  facility each quarter, the
Directors  have concluded  that it  is more  appropriate to offer the conversion
opportunity to shareholders on an annual basis going forward.

New conversion request forms for November will be made available in due course.


4 June 2010

For further information, please contact:

B&G Asset Management

Emmanuel Gavaudan (Hong Kong) [phone]
Manuel Kalbreier (London) [phone]

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.



[HUG#1421867]





    BGHL Conversion Facility: 

http://hugin.info/139558/R/1421867/371071.pdf