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

17 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

0 %

58725

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

00

0 %

58725

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)

PURCHASE

2230

162.8

PENCE

SALE

2048

163

PENCE

PURCHASE

800

163.2

PENCE

SALE

1482

163.4

PENCE

SALE

1000

163.8

PENCE

SALE

1920

164

PENCE

SALE

16578

164.3

PENCE

PURCHASE

13856

164.5

PENCE

SALE

1500

164.6

PENCE

SALE

3656

164.7

PENCE

PURCHASE

6056

164.7

PENCE

SALE

4553

164.8

PENCE

SALE

4900

164.8

PURCHASE

6269

164.8

PENCE

SALE

1302

164.9

PENCE

SALE

2873

165

PENCE

PURCHASE

24663

165

PENCE

PURCHASE

2831

165.1

PENCE

SALE

3204

165.1

PENCE

PURCHASE

2104

165.2

PENCE

SALE

2900

165.3

PENCE

PURCHASE

22043

165.3

PENCE

PURCHASE

1000

165.4

SALE

1670

165.4

PURCHASE

2537

165.4

PENCE

SALE

1000

165.5

PURCHASE

6055

165.5

PENCE

SALE

14208

165.5

PENCE

PURCHASE

17762

165.6

PENCE

SALE

1000

165.7

PURCHASE

1556

165.7

PENCE

SALE

11630

165.7

PENCE

SALE

7225

165.8

PENCE

PURCHASE

15203

165.8

PENCE

SALE

1700

165.9

PENCE

PURCHASE

4870

165.9

PENCE

SALE

5999

165.9

SALE

1570

166

PURCHASE

3950

166

SALE

6701

166

PENCE

PURCHASE

62160

166

PENCE

SALE

5833

166.1

PURCHASE

8261

166.1

SALE

11384

166.1

PENCE

PURCHASE

17318

166.1

PENCE

PURCHASE

1015

166.2

SALE

37628

166.2

PENCE

PURCHASE

47382

166.2

PENCE

SALE

4424

166.3

PURCHASE

19228

166.3

PENCE

SALE

29135

166.3

PENCE

SALE

3050

166.4

SALE

6920

166.4

PENCE

PURCHASE

9259

166.4

PENCE

SALE

14399

166.5

PENCE

SALE

5387

166.6

SALE

5793

166.6

PENCE

PURCHASE

24823

166.6

PENCE

PURCHASE

4977

166.7

PENCE

SALE

12009

166.7

PENCE

PURCHASE

1250

166.8

PURCHASE

4697

166.8

PENCE

SALE

7394

166.8

PENCE

SALE

342

166.9

PENCE

PURCHASE

9206

166.9

PENCE

SALE

11815

167

PENCE

PURCHASE

13975

167

PENCE

PURCHASE

1200

167.1

PURCHASE

7368

167.1

PENCE

PURCHASE

312

167.2

PENCE

PURCHASE

1307

167.2

SALE

4401

167.2

SALE

15619

167.2

PENCE

SALE

4359

167.3

PENCE

PURCHASE

6900

167.3

PENCE

SALE

1200

167.4

PENCE

PURCHASE

9738

167.4

PENCE

SALE

6700

167.5

PENCE

PURCHASE

9559

167.5

PENCE

PURCHASE

1240

167.6

SALE

1400

167.6

PENCE

PURCHASE

8542

167.6

PENCE

PURCHASE

3805

167.7

PENCE

SALE

8056

167.7

PENCE

PURCHASE

5952

167.8

PENCE

SALE

18486

167.8

PENCE

PURCHASE

1029

167.9

PENCE

PURCHASE

1200

167.9

SALE

25604

167.9

PENCE

PURCHASE

5188

168

SALE

34039

168

PENCE

PURCHASE

56153

168

PENCE

PURCHASE

3003

168.1

SALE

6978

168.1

PENCE

PURCHASE

7650

168.1

PENCE

SALE

8170

168.1

SALE

4713

168.2

PURCHASE

8981

168.2

PENCE

SALE

22389

168.2

PENCE

PURCHASE

3570

168.3

PENCE

SALE

4236

168.3

SALE

36901

168.3

PENCE

PURCHASE

1100

168.4

SALE

2985

168.4

SALE

9727

168.4

PENCE

PURCHASE

15884

168.4

PENCE

SALE

6700

168.5

PURCHASE

11672

168.5

PENCE

SALE

32086

168.5

PENCE

SALE

2185

168.6

PURCHASE

9837

168.6

PENCE

SALE

51403

168.6

PENCE

PURCHASE

3085

168.7

PURCHASE

9246

168.7

PENCE

SALE

13867

168.7

PENCE

PURCHASE

785

168.8

SALE

1200

168.8

SALE

9639

168.8

PENCE

PURCHASE

30986

168.8

PENCE

PURCHASE

4590

168.9

PENCE

SALE

33789

168.9

PENCE

SALE

6000

169

PENCE

PURCHASE

19508

169

PENCE

SALE

1200

169.1

SALE

2208

169.1

PENCE

PURCHASE

9219

169.1

PENCE

PURCHASE

11725

169.2

PENCE

SALE

15146

169.2

PENCE

SALE

1000

169.3

SALE

5625

169.3

PENCE

PURCHASE

29729

169.3

PENCE

SALE

1046

169.4

PURCHASE

1430

169.4

PENCE

SALE

26746

169.4

PENCE

SALE

1430

169.5

SALE

1520

169.5

PENCE

PURCHASE

13786

169.5

PENCE

PURCHASE

4282

169.6

PENCE

PURCHASE

5100

169.6

SALE

7285

169.6

PENCE

PURCHASE

1100

169.7

PENCE

SALE

14562

169.7

PENCE

SALE

1100

169.8

SALE

4279

169.8

PENCE

PURCHASE

5047

169.8

PENCE

SALE

1000

169.9

SALE

1785

169.9

PENCE

SALE

3028

170

PENCE

PURCHASE

3298

170

PENCE

SALE

2845

170.1

PENCE

SALE

9330

170.2

PENCE

SALE

2932

170.4

PENCE

PURCHASE

6196

170.4

PENCE

PURCHASE

44746

172

PENCE

Total Purchases

742384

Total Sales

733031

(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

18 December 2008

Contact name

Nimisha Sachdev

Telephone number

+44 (0)20 7568 9289

Name of offeree/offeror with which associated

BRITISH AIRWAYS

Nature of connection (Note 9)

CONNECTED ADVISER

Notes