STRONG POINTS

Stock markets around the world saw major swings up and down in May, but saw a final rally at the end of the month. The Euro Stoxx 50® Total Return ended in slightly positive territory +0.9% and the S&P 500® ended up +0.20%. Meanwhile, credit markets widened slightly, with the iTraxx Crossover® (S37) rising from 428 basis points to 437 basis points at the end of April, while the market’s implied volatility measure VStoxx® fell to 25.3% versus 30.8%.

Important Information

The Company is established as a closed-end investment company domiciled in Guernsey. The Company has received the necessary approval from the Guernsey Financial Services Commission and the Guernsey States Policy Council. The Company is registered with the Dutch Financial Markets Authority as a collective investment scheme in accordance with article 2:73 in conjunction with 2:66 of the Dutch Financial Supervision Act (Wet op het financieel toezicht) . The shares of the Company (the “Shares”) are listed on Euronext Amsterdam. The Shares are also officially listed with the UK Listing Authority and admitted to trading on the main market of the London Stock Exchange plc for listed securities.

This is not an offer to sell or a solicitation of an offer to buy any securities in the United States or any other jurisdiction. This announcement is not intended to and does not constitute or form part of an offer or invitation to purchase securities or the solicitation of any vote or approval in any jurisdiction, and it does not Nor will there be any sale, issue or transfer of the securities mentioned in this announcement in any jurisdiction in violation of applicable law.

Neither the Company nor BG Fund has been and will be registered under the United States Investment Company Act of 1940, as amended (the “Investment Company Act”). Further, 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”). Accordingly, such securities may not be offered, sold or otherwise transferred in the United States or to, or for the account or benefit of, United States persons, except in accordance with the Securities Act or an exemption therefrom and in circumstances which will not require the issuer of such securities to register under the Investment Companies Act. No public offering of securities will be made in the United States.

You should always keep in mind that:

• all investments are subject to risk;
• past performance is not a reliable indicator of future results;
• BGHL’s investment performance can go down as well as up. You may not get back all of your initial investment; and
• if in doubt about the content of this communication or if you are considering making an investment decision, you are advised to seek the advice of a financial expert.
• any reference to individual investments in this document should not be considered a recommendation to buy or sell.

This communication is for informational purposes only and the information contained in this communication should not be considered a substitute for financial or other professional advice.

VC.44053.15920.IK

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