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)

0.25 PENCE Ord

Date of dealing

05 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

00

 %

36653

 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

00

 %

36653

 %

(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

4569

148.8

GBP

PURCHASE

5825

148.8

GBP

SALE

654

148.9

GBP

PURCHASE

4479

148.9

GBP

PURCHASE

2950

149

GBP

SALE

13453

149

GBP

PURCHASE

862

149.1

GBP

SALE

9361

149.1

GBP

SALE

5717

149.2

GBP

PURCHASE

6457

149.2

GBP

PURCHASE

1000

149.3

GBP

SALE

8244

149.3

GBP

PURCHASE

2828

149.35

GBP

PURCHASE

865

149.4

GBP

SALE

11052

149.4

GBP

PURCHASE

2710

149.5

GBP

SALE

26471

149.5

GBP

PURCHASE

1000

149.6

GBP

SALE

18930

149.6

GBP

PURCHASE

6776

149.7

GBP

SALE

23495

149.7

GBP

PURCHASE

7453

149.8

GBP

SALE

9483

149.9

GBP

PURCHASE

15075

149.9

GBP

SALE

12649

150

GBP

PURCHASE

16336

150

GBP

SALE

1657

150.1

GBP

PURCHASE

6920

150.1

GBP

SALE

7842

150.2

GBP

PURCHASE

27749

150.2

GBP

SALE

10298

150.3

GBP

PURCHASE

13850

150.3

GBP

SALE

16336

150.4

GBP

PURCHASE

27423

150.4

GBP

SALE

12224

150.5

GBP

PURCHASE

14787

150.5

GBP

SALE

18478

150.6

GBP

PURCHASE

27572

150.6

GBP

SALE

10866

150.7

GBP

PURCHASE

15994

150.7

GBP

PURCHASE

11929

150.8

GBP

SALE

27797

150.8

GBP

SALE

25619

150.9

GBP

PURCHASE

42224

150.9

GBP

SALE

24886

151

GBP

PURCHASE

55106

151

GBP

PURCHASE

17407

151.1

GBP

SALE

31002

151.1

GBP

PURCHASE

5111

151.15

GBP

SALE

2683

151.2

GBP

PURCHASE

28273

151.2

GBP

PURCHASE

131083

151.233196

GBP

PURCHASE

14444

151.3

GBP

SALE

29959

151.3

GBP

SALE

10841

151.4

GBP

PURCHASE

28379

151.4

GBP

SALE

26542

151.5

GBP

PURCHASE

28681

151.5

GBP

PURCHASE

9229

151.6

GBP

SALE

17856

151.6

GBP

PURCHASE

6738

151.7

GBP

SALE

44164

151.7

GBP

PURCHASE

20398

151.8

GBP

SALE

33674

151.8

GBP

SALE

15095

151.9

GBP

PURCHASE

28661

151.9

GBP

SALE

9190

152

GBP

PURCHASE

17282

152

GBP

PURCHASE

1601

152.05

GBP

SALE

6100

152.1

GBP

PURCHASE

17461

152.1

GBP

SALE

3942

152.2

GBP

PURCHASE

25341

152.2

GBP

SALE

7600

152.3

GBP

PURCHASE

22397

152.3

GBP

PURCHASE

3900

152.4

GBP

SALE

11073

152.4

GBP

SALE

94351

152.441744

GBP

PURCHASE

5395

152.5

GBP

SALE

7523

152.5

GBP

PURCHASE

5554

152.6

GBP

SALE

7728

152.6

GBP

SALE

792

152.7

GBP

PURCHASE

9102

152.7

GBP

PURCHASE

13672

152.8

GBP

SALE

16078

152.8

GBP

PURCHASE

4088

152.9

GBP

SALE

21358

152.9

GBP

PURCHASE

2422

152.95

GBP

PURCHASE

33980

153

GBP

SALE

48857

153

GBP

SALE

3478

153.1

GBP

PURCHASE

63994

153.1

GBP

PURCHASE

16630

153.2

GBP

SALE

19556

153.2

GBP

PURCHASE

5708

153.25

GBP

SALE

12719

153.3

GBP

PURCHASE

25828

153.3

GBP

SALE

19753

153.4

GBP

PURCHASE

23838

153.4

GBP

PURCHASE

10719

153.5

GBP

SALE

18418

153.5

GBP

SALE

6152

153.6

GBP

PURCHASE

36903

153.6

GBP

PURCHASE

11373

153.7

GBP

PURCHASE

3361

153.8

GBP

SALE

19660

153.8

GBP

SALE

4916

153.9

GBP

SALE

24361

154

GBP

PURCHASE

25617

154

GBP

PURCHASE

4880

154.05

GBP

PURCHASE

4478

154.1

GBP

SALE

22378

154.1

GBP

SALE

7294

154.2

GBP

PURCHASE

14295

154.2

GBP

SALE

6202

154.3

GBP

PURCHASE

6210

154.3

GBP

PURCHASE

6630

154.35

GBP

SALE

8084

154.4

GBP

PURCHASE

85635

154.4

GBP

PURCHASE

4882

154.5

GBP

SALE

17873

154.5

GBP

PURCHASE

1154

154.6

GBP

PURCHASE

5333

154.7

GBP

SALE

9077

154.7

GBP

SALE

1037

154.8

GBP

SALE

4755

154.9

GBP

PURCHASE

8133

154.9

GBP

SALE

11938

155

GBP

PURCHASE

2900

155.1

GBP

SALE

11149

155.1

GBP

PURCHASE

13066

155.15

GBP

SALE

11873

155.2

GBP

PURCHASE

15378

155.2

GBP

SALE

1942

155.5

GBP

PURCHASE

1000

155.6

GBP

SALE

1570

155.7

GBP

Total Purchases

1196714

Total Sales

990674

(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

08 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/