EPT Disclosure

FORM 38.5(b)

 DEALINGS BY CONNECTED EXEMPT PRINCIPAL TRADERS WITHOUT RECOGNISED INTERMEDIARY STATUS, OR WITH RI STATUS BUT NOT DEALING IN A CLIENT-SERVING CAPACITY (Rule 38.5(b) of the Takeover Code)

1. KEY INFORMATION

Name of exempt principal trader

UBS AG London Branch

Company dealt in

BRITISH AIRWAYS

Class of relevant security to which the dealings being disclosed relate (Note 1)

25P ORDINARY

Date of dealing

10 DECEMBER 2008

2. INTERESTS SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant security dealt in 

 (Note 2)

Long

Short

Number

(%)

Number

(%)

(1) Relevant securities

35680

0 %

98242

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

35680

0 %

98242

0.01 %

(b) Interests and short positions in relevant securities of the company, other than the class dealt in

(Note 2)

Class of relevant security:

Long

Short

Number (%)

(%)

(1) Relevant securities

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

(c) Rights to subscribe

 (Note 2)

Class of relevant security:

Details

3. DEALINGS 

(Note 3)

(a) Purchases and sales

Purchase/sale

Number of securities

Price per unit

(Note 4)

SALE

14600

166

PENCE

PURCHASE

228

166.4

PENCE

SALE

14700

166.4

PENCE

SALE

2888

166.5

PENCE

PURCHASE

4000

166.5

PENCE

PURCHASE

400

166.7

PENCE

SALE

94

166.8

PENCE

SALE

4347

166.9

PENCE

PURCHASE

1271

167.3

PENCE

SALE

1000

167.4

PENCE

PURCHASE

10718

167.4

PENCE

PURCHASE

5083

167.5

PENCE

PURCHASE

6433

167.7

PENCE

PURCHASE

6936

167.8

PENCE

SALE

9000

167.8

PENCE

PURCHASE

7299

167.9

PENCE

SALE

19380

167.9

PENCE

SALE

6587

168

PENCE

PURCHASE

10132

168

PENCE

SALE

3810

168.1

PENCE

PURCHASE

9261

168.1

PENCE

PURCHASE

11814

168.2

PENCE

SALE

26614

168.2

PENCE

PURCHASE

14873

168.3

PENCE

SALE

15798

168.3

PENCE

SALE

7573

168.4

PENCE

PURCHASE

13806

168.4

PENCE

PURCHASE

684

168.45

PENCE

PURCHASE

2186

168.5

PENCE

SALE

14416

168.5

PENCE

SALE

10397

168.6

PENCE

PURCHASE

12038

168.6

PENCE

SALE

4898

168.7

PENCE

PURCHASE

9651

168.7

PENCE

SALE

11572

168.8

PENCE

PURCHASE

13028

168.8

PENCE

PURCHASE

14087

168.9

PENCE

SALE

14950

168.9

PENCE

SALE

9000

169

PENCE

PURCHASE

135470

169

PENCE

SALE

4037

169.1

PENCE

PURCHASE

19699

169.1

PENCE

PURCHASE

1446

169.2

PENCE

SALE

4251

169.2

PENCE

PURCHASE

1630

169.3

PENCE

SALE

11748

169.3

PENCE

SALE

3532

169.4

PENCE

PURCHASE

9069

169.4

PENCE

SALE

2680

169.5

PENCE

PURCHASE

8485

169.5

PENCE

PURCHASE

1785

169.6

PENCE

SALE

2283

169.6

PENCE

SALE

3231

169.7

PENCE

PURCHASE

5845

169.7

PENCE

PURCHASE

3890

169.8

PENCE

SALE

4975

169.8

PENCE

SALE

10789

169.9

PENCE

PURCHASE

1268

170

PENCE

SALE

46849

170

PENCE

PURCHASE

2085

170.1

PENCE

SALE

3869

170.1

PENCE

SALE

88630

170.140348

PENCE

SALE

4973

170.2

PENCE

PURCHASE

10657

170.2

PENCE

SALE

14243

170.3

PENCE

PURCHASE

8434

170.4

PENCE

SALE

29395

170.4

PENCE

SALE

2248

170.5

PENCE

PURCHASE

47504

170.5

PENCE

SALE

3083

170.6

PENCE

PURCHASE

3545

170.6

PENCE

PURCHASE

1570

170.7

PENCE

SALE

8527

170.7

PENCE

SALE

10611

170.8

PENCE

PURCHASE

4250

170.9

PENCE

SALE

12030

170.9

PENCE

SALE

19056

171

PENCE

PURCHASE

93124

171

PENCE

PURCHASE

48450

171.055335

PENCE

SALE

3476

171.1

PENCE

PURCHASE

8095

171.1

PENCE

SALE

10487

171.2

PENCE

SALE

10257

171.3

PENCE

SALE

23067

171.4

PENCE

PURCHASE

4600

171.5

PENCE

SALE

6030

171.5

PENCE

PURCHASE

2950

171.6

PENCE

PURCHASE

3000

171.7

PENCE

SALE

5823

171.7

PENCE

PURCHASE

8796

171.8

PENCE

SALE

26250

171.8

PENCE

SALE

14

172.1

PENCE

SALE

5946

172.2

PENCE

PURCHASE

7488

172.2

PENCE

SALE

15434

172.3

PENCE

SALE

1900

172.4

PENCE

PURCHASE

4450

172.5

PENCE

SALE

32829

172.5

PENCE

SALE

6339

172.6

PENCE

SALE

709

172.7

PENCE

SALE

18042

172.8

PENCE

SALE

2829

172.9

PENCE

PURCHASE

32646

172.9

PENCE

PURCHASE

6550

173

PENCE

SALE

18878

173

PENCE

Total Purchases

640709

Total Sales

670974

(b) Derivative transactions (other than options)

Product name, e.g. CFD

Long/short

 (Note 5)

Number of securities

 (Note 6)

Price per unit

(Note 4)

(c) Options transactions in respect of existing securities

(i) Writing, selling, purchasing or varying 

Product name, e.g. call option

Writing, selling, purchasing, varying etc

Number of securities to which the option relates (Note 6)

Exercise price

Type, e.g. American,European etc.

Expiry date

Option money paid/received per unit (Note 4)

(ii) Exercising

Product name, e.g. call option

Number of securities

 Exercise price per unit

(Note 4)

(d) Other dealings (including new securities) 

(Note 3)

Natute of transaction

(Note 7)

Details

Price per unit (if applicable) 

(Note 4)

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

Full details of any agreement, arrangement or understanding between the person disclosing and any other person relating to the voting rights of any relevant securities under any option referred to on this form or relating to the voting rights or future acquisition or disposal of any relevant securities to which any derivative referred to on this form is referenced. If none, this should be stated.

Is a Supplemental Form 38.5(b) attached?

(Note 8)

YES/NO

Date of disclosure

11 December 2008

Contact name

Nimisha Sachdev

Telephone number

+44 (0)20 7568 9289

Name of offeree/offeror with which associated

BRITISH AIRWAYS PLC

Nature of connection (Note 9)

CONNECTED ADVISER

Notes

The Notes on Form 38.5(b) can be viewed on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/