BOUSSARD & GAVAUDAN HOLDING LIMITED


         January 2010 TRANSACTION IN OWN SECURITIES ACTIVITY REPORT[1]



+---------------------------+------------------------+-------------------------+
|                           |Share Buy Back Programme|  Liquidity Enhancement  |
|                           |                        |        Agreement        |
+---------------------------+------------------------+-------------------------+
|Aggregate number of        |           23           |            4            |
|transactions conducted in  |                        |                         |
|January 2010               |                        |                         |
+---------------------------+------------------------+-------------------------+
|Average size of the        |         16,341         |          1,343          |
|transactions               |                        |                         |
+---------------------------+------------------------+-------------------------+
|Number of shares           |                    55,298,910                    |
|outstanding following such |                                                  |
|Purchases                  |                                                  |
+---------------------------+--------------------------------------------------+


29 January 2010

For further information please contact:
Boussard & Gavaudan Asset Management, LP

Emmanuel Gavaudan
+44 (0) 207 514 0700

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
company  is  listed  on  Euronext  Amsterdam  and  on  the London Stock Exchange
("LSE").
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.
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 Sark Fund Limited have 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 ill 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.

--------------------------------------------------------------------------------

[1] This report includes the transactions conducted by both BGHL, for the share
buy back programme and Exane, for the Liquidity Enhancement Agreement.


[HUG#1378850]





    Monthly report share buy back: http://hugin.info/139558/R/1378850/339181.pdf