Boussard & Gavaudan Holding Ltd. will seek shareholder approval for a share repurchase program at its Annual General Meeting to be held on July 11, 2013. Under the program, Boussard will repurchase up to 14.99% of each class of shares in issue (excluding shares held in treasury). The maximum price which may be paid for a share shall be the higher of either an amount equal to 105% of the average of the closing quotation for a share of the relevant class taken from and calculated by reference to either in the case of the Sterling shares in the company, the London Stock Exchange plc's Daily Official List or in the case of the Euro shares in the company, Eurolist by NYSE Euronext, as the case may be, for the five business days immediately preceding the day on which the shares are purchased or the higher of the price of the last independent trade and highest current independent bid on the relevant market when the purchase is carried out provided that the company shall not be authorized to acquire shares at a price above the estimated prevailing net asset value of the relevant class of share on the date of purchase and the minimum price which may be paid for a share shall be €0.01 or £0.01, as the case may be.

The repurchase will be made accordance with section 315 (1)(a) of the Companies (Guernsey) Law, 2008, as amended. The share repurchase program will be valid till the next Annual General Meeting in 2014 or September 30, 2014 whichever is earlier unless previously varied, revoked or renewed.