Net Asset Value(s)

BOUSSARD & GAVAUDAN HOLDING
LIMITED
                           Ordinary Shares

 The Directors of Boussard & Gavaudan Holding Limited would like to
         announce the following information for the Company.

                   Close of business 29 Dec 2008.

                            Estimated NAV


                     Euro Shares  Sterling Shares
Estimated NAV        ¤     9.6275  £     9.5849
Estimated MTD return     -0.02 %         2.29 %
Estimated YTD return    -13.27 %        -4.15 %
Estimated ITD return     -3.73 %        -4.15 %


NAV and returns are calculated net of management and performance fees

                         Market information


Euro Shares                       Amsterdam (AEX) London (LSE)
Market Close                        ¤     6.20        N/A
Premium/discount to estimated NAV      -35.60 %       N/A

Sterling Shares                   Amsterdam (AEX) London (LSE)
Market Close                            N/A       GBX   667.50
Premium/discount to estimated NAV       N/A          -30.36 %



       Transactions in own securities purchased into treasury


Ordinary Shares  Euro Shares  Sterling Shares
Number of shares        4,069       N/A
Average Price     ¤     6.20        N/A
Range of Price       N/A            N/A




Liquidity Enhancement Agreement Euro Shares Sterling Shares
Number of shares                    N/A           N/A
Average Price                       N/A           N/A


                            BGHL Capital


BGHL Ordinary Shares Euro Shares  Sterling Shares
Shares Outstanding     60,379,513       3,464,566
Held in treasury        1,410,629         412,750
Shares Issued          61,790,142       3,877,316



For further information please contact:

Boussard & Gavaudan Asset Management, L.P.
Emmanuel Gavaudan   [phone]     Email    :
[e-mail]

This document is issued by Boussard & Gavaudan Asset Management, L.P.
which is authorised and regulated in the conduct of investment
business by the Financial Services Authority in the United Kingdom.
This document is for information purposes only and is not an offer to
invest. Boussard & Gavaudan Holding Limited is a closed-ended
investment company incorporated under the laws of Guernsey. Boussard
& Gavaudan Holding Limited is registered with the Dutch Authority for
Financial Markets as a collective investment scheme under article
1.107 of the Dutch Financial Markets Supervision Act. All investment
is subject to risk. Past performance is no guarantee of future
performance, and the price of shares in Boussard & Gavaudan Holding
Limited can fall as well as rise. Boussard & Gavaudan Asset
Management, Calder House, 1 Dover Street, London, W1S 4LA

All statements in this document that are not historical fact are
forward looking statements, including, without limitation, statements
regarding the estimated net asset value, monthly return and year to
date return of Boussard & Gavaudan Holding Limited, and statements
containing the words believes , estimates , anticipates , expects ,
intends , may , will , or should or in each case, their negative or
other variations or similar expressions. Forward looking statements
involve known and unknown risk, uncertainties and other factors which
may cause the estimated results to be materially different from any
future results, performance or achievements expressed or implied by
such forward looking statements. Forward looking statements speak
only as of the date of this document. Except as required by
applicable law, Boussard & Gavaudan Holding Limited and Boussard &
Gavaudan Asset Management, L.P. expressly disclaim any obligation to
update or revise such forward-looking statements to reflect any
change in expectations, new information, subsequent events or
otherwise.

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.
The data in this document does not include the information received
after 7 PM UK time / 8 PM CET. For technical reasons those are
included the following day.


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