Exposure to Madoff

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



15 December 2008


Dear Shareholder,


Sark Master Fund Limited and Boussard & Gavaudan Holding Limited have
no exposure to neither Bernard L. Madoff Investment Securities LLC or
any of its affiliated entities  (the "Bernard Madoff Group"), nor  to
any funds managed by the Bernard Madoff Group.


Best regards,

Emmanuel Gavaudan & Emmanuel Boussard.


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 announcement  does not  constitute a  prospectus. The  envisaged
application for listing of the Sterling Shares will be made solely on
the basis of information that will be contained in the prospectus  to
be made generally  available in  The Netherlands  in connection  with
such listing. When made generally available, copies of the prospectus
may be  obtained  at no  cost  through  the website  of  the  Company
www.bgholdingltd.com.

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.


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.