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Net Asset Value(s).

Europe Intelligence Wire

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(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

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