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 01 Dec 2010.

                                 Estimated NAV

+----------------------+--------------+-----------------+
|                      | Euro Shares  | Sterling Shares |
+----------------------+--------------+-----------------+
| Estimated NAV        | €    13.5227 |  £    12.6341   |
+----------------------+--------------+-----------------+
| Estimated MTD return |     -0.12 %  |       -0.12 %   |
+----------------------+--------------+-----------------+
| Estimated YTD return |      9.26 %  |        7.54 %   |
+----------------------+--------------+-----------------+
| Estimated ITD return |     35.23 %  |       26.34 %   |
+----------------------+--------------+-----------------+

     NAV and returns are calculated net of management and performance fees

                               Market information

+-----------------------------------+-----------------+--------------+
| Euro Shares                       | Amsterdam (AEX) | London (LSE) |
+-----------------------------------+-----------------+--------------+
| Market Close                      |   €    11.14    |     N/A      |
+-----------------------------------+-----------------+--------------+
| Premium/discount to estimated NAV |      -17.62 %   |     N/A      |
+-----------------------------------+-----------------+--------------+

+-----------------------------------+-----------------+--------------+
| Sterling Shares                   | Amsterdam (AEX) | London (LSE) |
+-----------------------------------+-----------------+--------------+
| Market Close                      |       N/A       | GBX 1,031.00 |
+-----------------------------------+-----------------+--------------+
| Premium/discount to estimated NAV |       N/A       |    -18.40 %  |
+-----------------------------------+-----------------+--------------+


            Transactions in own securities purchased into treasury

+------------------+--------------+-----------------+
| Ordinary Shares  | Euro Shares  | Sterling Shares |
+------------------+--------------+-----------------+
| Number of shares |        7,600 |       N/A       |
+------------------+--------------+-----------------+
| Average Price    |  €    11.26  |       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   |   47,865,240 |       1,932,277 |
+----------------------+--------------+-----------------+
| Held in treasury     |    4,552,745 |             N/A |
+----------------------+--------------+-----------------+
| Shares Issued        |   52,417,985 |       1,932,277 |
+----------------------+--------------+-----------------+


For further information please contact:

Boussard & Gavaudan Asset Management, L.P.
Emmanuel Gavaudan   [phone]                   Email    :info@bgam-
uk.com

The  Company is  established as  a closed-ended  investment company domiciled in
Guernsey.  The  Company  has  received  the  necessary  approval of the Guernsey
Financial  Services Commission  and the  States of  Guernsey Policy Council. The
Company  is registered with the  Dutch Authority for the  Financial Markets as a
collective  investment scheme pursuant to 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 listed on the Official List of the UK Listing Authority and
admitted  to trading on  the London Stock  Exchange plc's main market for listed
securities.


This  is  not  an  offer  to  sell  or  a  solicitation  of any offer to buy any
securities  in the United States or in any other jurisdiction. This announcement
is  not intended  to and  does not  constitute, or  form part  of, any  offer or
invitation  to  purchase  any  securities  or  the  solicitation  of any vote or
approval  in any jurisdiction, nor shall there be any sale, issuance or transfer
of  the  securities  referred  to  in  this  announcement in any jurisdiction in
contravention of applicable law.

Neither  the Company nor Boussard & Gavaudan Fund Plc has been, and neither will
be,  registered under  the US  Investment Company  Act of  1940, as amended (the
"Investment  Company  Act").  In  addition  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"). Consequently any such securities
may  not be offered, sold  or otherwise transferred within  the United States or
to,  or for the account or benefit of,  US persons except in accordance with the
Securities  Act or an exemption therefrom and under circumstances which will not
require  the issuer of such securities  to register under the Investment Company
Act. No public offering of any securities will be made in the United States.

You should always bear in mind that:

                        all investment is subject to risk;

                        results in the past are no guarantee of future results;

                        the investment performance of BGHL may go down as well
as up. You may not get back all of your original investment; and

                        if you are in any doubt about the contents of this
communication or if you consider making an investment decision, you are advised
to seek expert financial advice.

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





[HUG#1467818]





Estimated NAV: 


http://hugin.info/139558/R/1467818/405443.pdf




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Source: BOUSSARD AND GAVAUDAN HOLDING LIMITED (GBP) via Thomson Reuters ONE