Result of Quarterly Conversion

Boussard & Gavaudan Holding Limited a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registration number 45582 Result of conversion Boussard & Gavaudan Holding Limited (“B&G Holding” or the “Company”) today announces the result of the facility to convert existing holdings (the "Conversion") of Euro shares in the Company ("Euro Shares") into Sterling shares in the Company ("Sterling Shares") and, of Sterling Shares into Euro Shares in the Company for the 31 December 2009 conversion calculation date (the "December Conversion Calculation Date"). Conversion The aggregate number of Shares for which conversion request forms were received for the December Conversion Calculation Date was: 150,576 Euro shares 341,197Sterling shares The Company intends to announce the conversion ratio when it becomes available following the publication of the final net asset value of the Euro and Sterling Shares referable to the December Conversion Calculation Date. Anticipated timetable forConversion Completion of the Conversion is expected to take place on the following indicative timetable: Announcement ofAround 26 January 2010 conversion ratio ConversionAround 29 January 2010 18 December 2009 B&G Asset Management+44 20 7514 0700 Emmanuel Gavaudan The Companyis 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 company is listed on Euronext Amsterdam and on the London Stock Exchange ("LSE"). 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 Sark Fund Limited 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#1365205] Result of Quarterly Conversion: http://hugin.info/139013/R/1365205/333317.pdf
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