Cancels and Replaces December 2008 activity Report

BOUSSARD & GAVAUDAN HOLDING LIMITED

 Cancels and Replaces : DECEMBER 2008 TRANSACTION IN OWN SECURITIES
                         ACTIVITY REPORT[1]




+-------------------------------------------------------------------+
|                                    | Share Buy Back |  Liquidity  |
|                                    |   Programme    | Enhancement |
|                                    |                |  Agreement  |
|------------------------------------+----------------+-------------|
| Aggregate number of transactions   |       27       |      9      |
| conducted in December 2008         |                |             |
|------------------------------------+----------------+-------------|
| Average size of the transactions   |     70,747     |    5,528    |
|------------------------------------+------------------------------|
| Number of outstanding shares       |          63,799,742          |
| following such Purchases           |                              |
+-------------------------------------------------------------------+



For further information please contact:

Emmanuel Gavaudan
Boussard & Gavaudan Asset Management, LP
[phone]

This announcement is for information purposes only and is not an
offer to invest.  The Company is registered with the Dutch Authority
for the Financial Markets as a collective investment scheme which may
offer participations in The Netherlands pursuant to article 2:66 of
the Financial Markets Supervision Act (Wet op het financieel
toezicht). 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.


[1] This report includes the transactions conducted by both BGHL, for
the share buy back programme and Exane, for the Liquidity Enhancement
Agreement.


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