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

12 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 %

97906

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

00

0 %

97906

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

6916

155.6

PENCE

SALE

3566

156

PENCE

PURCHASE

9714

156.7

PENCE

SALE

3700

157

PENCE

SALE

1500

157.1

PENCE

PURCHASE

10300

157.1

PENCE

SALE

1727

157.2

PENCE

SALE

3140

157.3

PENCE

PURCHASE

7833

157.3

PENCE

PURCHASE

3070

157.4

PENCE

SALE

2356

157.5

PENCE

PURCHASE

12375

157.5

PENCE

PURCHASE

12716

157.6

PENCE

PURCHASE

5115

157.7

PENCE

SALE

26576

157.7

PENCE

SALE

4297

157.8

PENCE

PURCHASE

23863

157.8

PENCE

SALE

5316

157.9

PENCE

PURCHASE

6224

157.9

PENCE

PURCHASE

16056

158

PENCE

SALE

19484

158

PENCE

SALE

2097

158.1

PENCE

PURCHASE

23673

158.1

PENCE

PURCHASE

4600

158.2

PENCE

SALE

23825

158.2

PENCE

SALE

4754

158.3

PENCE

PURCHASE

7500

158.3

PENCE

PURCHASE

6452

158.4

PENCE

SALE

11339

158.4

PENCE

PURCHASE

12195

158.5

PENCE

SALE

22177

158.5

PENCE

PURCHASE

1053

158.6

PENCE

SALE

5599

158.6

PENCE

PURCHASE

1700

158.7

PENCE

SALE

18878

158.7

PENCE

PURCHASE

3597

158.8

PENCE

SALE

16888

158.8

PENCE

PURCHASE

9666

158.9

PENCE

SALE

12508

158.9

PENCE

PURCHASE

3930

159

PENCE

SALE

17831

159

PENCE

SALE

13694

159.1

PENCE

PURCHASE

7122

159.2

PENCE

SALE

22159

159.2

PENCE

PURCHASE

6820

159.3

PENCE

SALE

3520

159.4

PENCE

PURCHASE

6536

159.4

PENCE

PURCHASE

2900

159.5

PENCE

SALE

7079

159.5

PENCE

SALE

16960

159.6

PENCE

PURCHASE

1000

159.7

PENCE

SALE

9695

159.7

PENCE

SALE

678

159.8

PENCE

PURCHASE

3337

159.8

PENCE

SALE

13997

159.9

PENCE

SALE

2119

160

PENCE

SALE

2345

160.1

PENCE

PURCHASE

12613

160.1

PENCE

SALE

61

160.5

PENCE

PURCHASE

1000

160.6

PENCE

SALE

5650

160.6

PENCE

PURCHASE

115276

160.634772

PENCE

SALE

3778

160.7

PENCE

PURCHASE

6707

160.7

PENCE

SALE

2468

161

PENCE

PURCHASE

2693

161

PENCE

PURCHASE

911

161.2

PENCE

SALE

1838

161.2

PENCE

PURCHASE

1612

161.3

PENCE

SALE

6663

161.3

PENCE

PURCHASE

6178

161.4

PENCE

SALE

13502

161.5

PENCE

PURCHASE

21827

161.5

PENCE

SALE

970

161.6

PENCE

SALE

116

161.8

PENCE

PURCHASE

22280

161.8

PENCE

PURCHASE

13634

161.9

PENCE

SALE

1570

162

PENCE

PURCHASE

14826

162

PENCE

PURCHASE

2900

162.1

PENCE

PURCHASE

8477

162.2

PENCE

SALE

18212

162.2

PENCE

PURCHASE

7000

162.3

PENCE

SALE

8100

162.3

PENCE

PURCHASE

4203

162.4

PENCE

SALE

6717

162.4

PENCE

PURCHASE

6667

162.5

PENCE

SALE

7075

162.5

PENCE

SALE

92119

162.592136

PENCE

SALE

6156

162.6

PENCE

PURCHASE

10179

162.6

PENCE

PURCHASE

6162

162.7

PENCE

SALE

16248

162.7

PENCE

SALE

2829

162.8

PENCE

PURCHASE

6610

162.8

PENCE

SALE

9946

162.9

PENCE

PURCHASE

17021

162.9

PENCE

PURCHASE

7600

163

PENCE

SALE

25243

163

PENCE

SALE

15126

163.1

PENCE

PURCHASE

19873

163.1

PENCE

PURCHASE

9250

163.2

PENCE

SALE

14582

163.2

PENCE

SALE

10922

163.3

PENCE

PURCHASE

40076

163.3

PENCE

SALE

5061

163.4

PENCE

PURCHASE

15186

163.4

PENCE

SALE

15577

163.5

PENCE

PURCHASE

19222

163.5

PENCE

PURCHASE

24921

163.6

PENCE

SALE

25640

163.6

PENCE

SALE

7092

163.7

PENCE

PURCHASE

12962

163.7

PENCE

PURCHASE

21159

163.8

PENCE

SALE

36821

163.8

PENCE

PURCHASE

7850

163.9

PENCE

SALE

23500

163.9

PENCE

PURCHASE

16205

164

PENCE

SALE

16398

164

PENCE

SALE

49720

164.1

PENCE

SALE

19730

164.2

PENCE

PURCHASE

21800

164.2

PENCE

PURCHASE

3597

164.3

PENCE

SALE

2507

164.4

PENCE

SALE

2900

164.5

PENCE

PURCHASE

32021

164.5

PENCE

SALE

474

164.6

PENCE

SALE

2145

164.8

PENCE

PURCHASE

3200

164.8

PENCE

SALE

1000

164.9

PENCE

Total Purchases

759961

Total Sales

778260

(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

15 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/