Share Buy Back

Boussard & Gavaudan Holding Limited announces the start of the share
                         buy-back programme

Boussard & Gavaudan Holding  Limited (the "Company") today  announces
the implementation of a share buy-back programme solely in respect of
the Euro shares of the Company ("Euro Shares") on Euronext  Amsterdam
by NYSE Euronext ("Euronext Amsterdam") of up to 10% of the Company's
outstanding Euro Shares.

The share buy-back programme will commence on 29 August 2008 and will
continue while the Company has the authority from shareholders to buy
back its shares. The Company has shareholder authority to make market
purchases up to 14.99% of the aggregate number of its shares in issue
from time to time and that authority will expire at the conclusion of
the annual  general  meeting of  the  Company in  2009,  unless  such
authority is varied,  revoked or renewed  prior to such  time by  the
shareholders.

The share buy-back programme will be effected by Boussard &  Gavaudan
Asset Management,  LP (the  "Investment Manager")  on behalf  of  the
Company and the programme will be effected on Euronext Amsterdam only
for the Euro Shares.

Any Euro Shares  bought back  will be subsequently  cancelled by  the
Company,  except  for  those  held  in  treasury  and  used  for  the
compensation of the Investment Manager's employees.

The maximum price which may be paid for a Euro Share is not more than
5% above the average of the  closing quotations for the Euro  Shares,
as derived from Euronext Amsterdam, for the five business days before
the purchase, provided  that the maximum  price to be  paid per  Euro
Share under the buy-back programme shall not exceed the higher of the
price  of  the  last  independent  trade  and  the  highest   current
independent bid on Euronext Amsterdam, and that it is not  authorised
to acquire Euro Shares at a price above the estimated prevailing  net
asset value per Euro Share on  the date of the purchase. The  minimum
price which may be paid for a Euro Share is ¤ 0.01.

The maximum daily trading volume for such purchases shall be based on
the average daily volume traded in the 20 trading days preceding  the
date of purchase for the Euro Shares in accordance with the  Buy-back
and Stabilisation Regulation.

In cases of extremely low liquidity, the share buy back programme may
exceed the 25% limit  of the average daily  volume. BGHL will  inform
the AFM in advance of its intention to deviate from the 25% limit and
will never exceed 50% of the average daily volume.

The Company may also buy back its Sterling shares on the London Stock
Exchange plc's main market for listed securities.

The Company will provide a daily update on the progress of the  share
buy-back programme to  the market  by means of  press releases  which
will also be available at the Company's website www.bgholdingltd.com.


28 August 2008


Further information:

B&G Asset Management            [phone]
Emmanuel Gavaudan


The Company is  a closed-ended investment  company incorporated  with
limited liability under the laws of Guernsey with registration number
45582. 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).

This announcement  is for  information purposes  only and  is not  an
offer  to  invest.  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.

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