Net Asset Value(s).

(From Hugin)

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 31 Mar 2009. Estimated NAV Euro Shares Sterling Shares Estimated NAV 10.1391 GBP 9.9797 Estimated MTD return 0.97 % 0.66 % Estimated YTD return 4.16 % 2.71 % Estimated ITD return 1.39 % -0.20 % NAV and returns are calculated net of management and performance fees Market information Euro Shares Amsterdam (AEX) London (LSE) Market Close 6.45 N/A Premium/discount to estimated NAV -36.38 % N/A Sterling Shares Amsterdam (AEX) London (LSE) Market Close N/A GBX 615.00 Premium/discount to estimated NAV N/A -38.37 % Transactions in own securities purchased into treasury Ordinary Shares Euro Shares Sterling Shares Number of shares

257,500 N/A Average Price 6.40 N/A Range of Price N/A N/A

Including a block of 250,000 shares traded at 6.40. 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 58,339,740 2,558,135 Held in treasury 4,365,246 442,750 Shares Issued 62,704,986 3,000,885 For further information please contact: Boussard & Gavaudan Asset Management, L.P. Emmanuel Gavaudan +44 (0) 207 7514 07 00 Email : info@bgam-uk.com 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 ...