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 16 Dec 2009.

                                                Estimated NAV

                                                       Euro Shares             Sterling Shares
        Estimated NAV                              Euro    12.2738              £    11.6626
        Estimated MTD return                               -0.03 %                   -0.14 %
        Estimated YTD return                               26.09 %                   20.03 %
        Estimated ITD return                               22.74 %                   16.63 %

                    NAV and returns are calculated net of management and performance fees

                                             Market information

        Euro Shares                                   Amsterdam (AEX)            London (LSE)
        Market Close                               Euro     9.77                     N/A
        Premium/discount to estimated NAV                  -20.40 %                  N/A

        Sterling Shares                               Amsterdam (AEX)            London (LSE)
        Market Close                                        N/A                  GBX   946.50
        Premium/discount to estimated NAV                   N/A                     -18.84 %

                           Transactions in own securities purchased into treasury

        Ordinary Shares                                  Euro Shares           Sterling Shares
        Number of shares                                     N/A                     N/A
        Average Price                                        N/A                     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                                    54,143,930                   1,688,474
        Held in treasury                                       3,203,906                         N/A
        Shares Issued                                         57,347,836                   1,688,474

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.

Boussard & Gavaudan