Cancellation of shares

Boussard & Gavaudan Holding Limited a closed-ended investment company incorporated with limited liability under the laws of Guernsey with registration number 45582 CANCELLATION OF EURO AND STERLING SHARES HELD IN TREASURY The board of the company has resolved with immediate effect to cancel : - 3,776,431 of the Euro issued shares, thereby reducing the number of outstanding issued Euros shares of the company to 66,568,069 Euro shares. - 322,671 of its Sterling issued shares, thereby reducing the number of outstanding issued Sterling Shares of the company to 4,209,424 Sterling Shares. 18 Novembre 2008 For further information, please contact: B&G Asset Management +44 20 7514 0700 Emmanuel Gavaudan www.bgholdingltd.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). 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 announcement contains forward looking statements, including, without limitation, statements regardingthe Company's intention to establish a mechanism to permit shareholders to switch their ordinary shares for shares in Sark Fund and statements containing the words "envisaged", "intention" and "expected" or in each case, their negative or other variations or similar expressions. Such forward looking statements involve unknown risk, uncertainties and other factors that may cause the results to be materially different from any future results or achievements expressed or implied by such forward looking statements. 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 the Sark Fund 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. The intended mechanism to permit the Company's shareholders to switch their ordinary shares in the Company for shares in Sark Fund (unless otherwise determined by the Company and permitted by applicable law and regulation), will not be made available, directly or indirectly, in or into, or by use of mails or any means or instrumentality (including, without limitation, telephonically or electronically) of interstate or foreign commerce of, or any facility of a national, state or other securities exchange of the United States and will not be capable of acceptance by any such use, means, instrumentality or facilities from within the United States. This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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