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

09 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

73230

0.01 %

105527

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

73230

0.01 %

105527

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

9888

162

PENCE

SALE

1875

162.3

PENCE

SALE

3510

162.5

PENCE

SALE

2168

162.6

PENCE

PURCHASE

4599

162.6

PENCE

SALE

5906

162.7

PENCE

PURCHASE

8205

162.7

PENCE

SALE

753

162.8

PENCE

SALE

3022

162.9

PENCE

PURCHASE

7747

162.9

PENCE

SALE

7345

163

PENCE

PURCHASE

26698

163

PENCE

PURCHASE

6428

163.1

PENCE

SALE

11954

163.2

PENCE

PURCHASE

2535

163.3

PENCE

SALE

4144

163.3

PENCE

SALE

8191

163.4

PENCE

SALE

9798

163.5

PENCE

PURCHASE

10703

163.5

PENCE

PURCHASE

11291

163.6

PENCE

SALE

23463

163.6

PENCE

SALE

2325

163.7

PENCE

PURCHASE

13911

163.7

PENCE

PURCHASE

2570

163.8

PENCE

SALE

6581

163.8

PENCE

PURCHASE

3348

163.9

PENCE

SALE

8633

163.9

PENCE

PURCHASE

28877

164

PENCE

SALE

36759

164

PENCE

SALE

3503

164.1

PENCE

PURCHASE

1335

164.2

PENCE

SALE

17266

164.2

PENCE

PURCHASE

1500

164.3

PENCE

SALE

19728

164.3

PENCE

PURCHASE

18754

164.4

PENCE

SALE

21228

164.4

PENCE

PURCHASE

32595

164.5

PENCE

SALE

56328

164.5

PENCE

PURCHASE

5774

164.6

PENCE

SALE

18646

164.6

PENCE

PURCHASE

2276

164.65

PENCE

PURCHASE

12288

164.7

PENCE

SALE

24805

164.7

PENCE

PURCHASE

17567

164.8

PENCE

SALE

17670

164.8

PENCE

PURCHASE

14589

164.9

PENCE

SALE

31525

164.9

PENCE

SALE

57262

165

PENCE

PURCHASE

71626

165

PENCE

SALE

13372

165.1

PENCE

PURCHASE

15545

165.1

PENCE

PURCHASE

6244

165.2

PENCE

SALE

8791

165.2

PENCE

SALE

10475

165.3

PENCE

PURCHASE

29719

165.3

PENCE

PURCHASE

6156

165.4

PENCE

SALE

52664

165.4

PENCE

SALE

13776

165.5

PENCE

PURCHASE

33467

165.5

PENCE

PURCHASE

51845

165.549407

PENCE

SALE

6551

165.6

PENCE

PURCHASE

13430

165.6

PENCE

PURCHASE

6002

165.7

PENCE

SALE

26332

165.7

PENCE

PURCHASE

29164

165.8

PENCE

SALE

33404

165.8

PENCE

PURCHASE

10609

165.9

PENCE

SALE

45754

165.9

PENCE

PURCHASE

1465

165.95

PENCE

SALE

1462

166

PENCE

PURCHASE

393394

166

PENCE

SALE

5237

166.1

PENCE

PURCHASE

10415

166.1

PENCE

PURCHASE

10343

166.2

PENCE

PURCHASE

1728

166.3

PENCE

SALE

5244

166.4

PENCE

SALE

36

166.5

PENCE

PURCHASE

8325

166.5

PENCE

SALE

91043

166.687433

PENCE

PURCHASE

2550

166.7

PENCE

SALE

4600

166.7

PENCE

SALE

347

166.8

PENCE

SALE

6555

167

PENCE

PURCHASE

44916

167

PENCE

PURCHASE

1000

167.1

PENCE

SALE

3997

167.1

PENCE

PURCHASE

367

167.2

PENCE

SALE

2500

167.2

PENCE

PURCHASE

3704

167.3

PENCE

SALE

11795

167.3

PENCE

PURCHASE

500

167.4

PENCE

SALE

9317

167.5

PENCE

SALE

1554

167.6

PENCE

PURCHASE

7259

167.6

PENCE

PURCHASE

1000

167.7

PENCE

SALE

3085

167.9

PENCE

PURCHASE

785

168.1

PENCE

SALE

1400

168.1

PENCE

SALE

1000

168.2

PENCE

PURCHASE

2139

168.2

PENCE

SALE

1400

168.3

PENCE

PURCHASE

2720

168.3

PENCE

SALE

856

168.4

PENCE

PURCHASE

2434

168.4

PENCE

SALE

4615

168.5

PENCE

PURCHASE

8195

168.5

PENCE

PURCHASE

3916

168.6

PENCE

SALE

7641

168.6

PENCE

SALE

3003

168.7

PENCE

SALE

2055

168.8

PENCE

PURCHASE

9248

168.8

PENCE

PURCHASE

15991

168.9

PENCE

SALE

23457

168.9

PENCE

SALE

15200

169

PENCE

SALE

2870

169.1

PENCE

PURCHASE

11660

169.1

PENCE

PURCHASE

17672

169.2

PENCE

SALE

91260

169.2

PENCE

PURCHASE

9138

169.3

PENCE

SALE

24022

169.3

PENCE

SALE

6084

169.4

PENCE

PURCHASE

17367

169.4

PENCE

PURCHASE

5800

169.5

PENCE

SALE

30953

169.5

PENCE

SALE

7682

169.6

PENCE

PURCHASE

20811

169.6

PENCE

SALE

12393

169.7

PENCE

PURCHASE

13185

169.7

PENCE

SALE

1000

169.8

PENCE

SALE

3832

169.9

PENCE

SALE

16812

170

PENCE

PURCHASE

2800

170.1

PENCE

SALE

6073

170.1

PENCE

PURCHASE

605

170.15

PENCE

PURCHASE

2992

170.2

PENCE

SALE

9112

170.2

PENCE

PURCHASE

2336

170.4

PENCE

SALE

5168

170.4

PENCE

PURCHASE

5242

170.5

PENCE

SALE

16131

170.5

PENCE

SALE

5532

170.6

PENCE

PURCHASE

1257

170.7

PENCE

SALE

2301

170.7

PENCE

PURCHASE

827

170.75

PENCE

SALE

13792

170.8

PENCE

PURCHASE

1823

170.9

PENCE

SALE

6246

170.9

PENCE

SALE

74

171

PENCE

PURCHASE

13446

171

PENCE

PURCHASE

3832

171.1

PENCE

SALE

4100

171.1

PENCE

SALE

1872

171.3

PENCE

PURCHASE

4802

171.3

PENCE

PURCHASE

2692

171.4

PENCE

PURCHASE

1000

171.7

PENCE

SALE

2200

171.7

PENCE

SALE

1600

171.8

PENCE

PURCHASE

2600

171.8

PENCE

SALE

4000

171.9

PENCE

Total Purchases

1191566

Total Sales

1098015

(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

10 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

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