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 22 Dec 2009.

                                 Estimated NAV

 +----------------------+--------------+-----------------+
 |                      | Euro Shares  | Sterling Shares |
 +----------------------+--------------+-----------------+
 | Estimated NAV        | €    12.2878 |  £    11.6782   |
 +----------------------+--------------+-----------------+
 | Estimated MTD return |     -0.04 %  |       -0.20 %   |
 +----------------------+--------------+-----------------+
 | Estimated YTD return |     26.23 %  |       20.19 %   |
 +----------------------+--------------+-----------------+
 | Estimated ITD return |     22.88 %  |       16.78 %   |
 +----------------------+--------------+-----------------+

     NAV and returns are calculated net of management and performance fees

                               Market information

 +-----------------------------------+-----------------+--------------+
 | Euro Shares                       | Amsterdam (AEX) | London (LSE) |
 +-----------------------------------+-----------------+--------------+
 | Market Close                      |   €     9.65    |     N/A      |
 +-----------------------------------+-----------------+--------------+
 | Premium/discount to estimated NAV |      -21.47 %   |     N/A      |
 +-----------------------------------+-----------------+--------------+

 +-----------------------------------+-----------------+--------------+
 | Sterling Shares                   | Amsterdam (AEX) | London (LSE) |
 +-----------------------------------+-----------------+--------------+
 | Market Close                      |       N/A       | GBX   946.50 |
 +-----------------------------------+-----------------+--------------+
 | Premium/discount to estimated NAV |       N/A       |    -18.95 %  |
 +-----------------------------------+-----------------+--------------+


            Transactions in own securities purchased into treasury

 +-------------------+--------------+-----------------+
 | Ordinary Shares   | Euro Shares  | Sterling Shares |
 +-------------------+--------------+-----------------+
 | Number of shares* |       60,455 |       N/A       |
 +-------------------+--------------+-----------------+
 | Average Price     |  €     9.80  |       N/A       |
 +-------------------+--------------+-----------------+
 | Range of Price    |     N/A      |       N/A       |
 +-------------------+--------------+-----------------+
             *Including 2 blocks of 40,000 and 13,155 shares traded at € 9.80.

 +---------------------------------+-------------+-----------------+
 | 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   |   54,028,367 |       1,688,474 |
 +----------------------+--------------+-----------------+
 | Held in treasury     |    3,319,469 |             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] <mailto:[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.

                                                                                

[HUG#1366798]





    Estimated NAV: 

http://hugin.info/139558/R/1366798/334145.pdf