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

11 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

16243

0 %

95850

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

16243

0 %

95850

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

12738

158

PENCE

PURCHASE

4846

158.3

PENCE

PURCHASE

15650

158.4

PENCE

SALE

2400

158.5

PENCE

PURCHASE

2929

158.5

PENCE

PURCHASE

7302

158.6

PENCE

PURCHASE

673

158.7

PENCE

PURCHASE

12426

158.8

PENCE

SALE

1785

158.9

PENCE

PURCHASE

7464

158.9

PENCE

PURCHASE

8815

159

PENCE

SALE

10173

159

PENCE

PURCHASE

2634

159.1

PENCE

PURCHASE

1004

159.2

PENCE

SALE

1059

159.3

PENCE

PURCHASE

3230

159.3

PENCE

PURCHASE

3600

159.4

PENCE

SALE

7301

159.4

PENCE

PURCHASE

2000

159.5

PENCE

SALE

17542

159.5

PENCE

SALE

6291

159.6

PENCE

SALE

5700

159.7

PENCE

SALE

4909

159.8

PENCE

PURCHASE

6880

159.8

PENCE

SALE

4750

159.9

PENCE

SALE

1000

160

PENCE

PURCHASE

1342

160

PENCE

PURCHASE

1000

160.1

PENCE

SALE

5721

160.1

PENCE

SALE

7586

160.3

PENCE

PURCHASE

2679

160.4

PENCE

SALE

9229

160.5

PENCE

PURCHASE

1237

160.7

PENCE

SALE

4400

160.7

PENCE

SALE

2800

160.8

PENCE

PURCHASE

12209

160.8

PENCE

SALE

785

160.9

PENCE

PURCHASE

4263

160.9

PENCE

SALE

1726

161.2

PENCE

PURCHASE

1344

161.4

PENCE

SALE

648

161.5

PENCE

SALE

2671

161.6

PENCE

SALE

648

161.7

PENCE

PURCHASE

2143

161.7

PENCE

SALE

648

161.8

PENCE

PURCHASE

3381

161.9

PENCE

SALE

1000

162

PENCE

SALE

543

162.2

PENCE

PURCHASE

915

162.5

PENCE

PURCHASE

6595

162.7

PENCE

SALE

4930

162.8

PENCE

PURCHASE

2418

162.9

PENCE

SALE

2139

163.1

PENCE

PURCHASE

10603

163.1

PENCE

SALE

1207

163.2

PENCE

PURCHASE

5782

163.2

PENCE

SALE

11507

163.3

PENCE

PURCHASE

598

163.45

PENCE

SALE

9743

163.5

PENCE

PURCHASE

12098

163.5

PENCE

PURCHASE

3538

163.6

PENCE

SALE

7241

163.6

PENCE

PURCHASE

8859

163.7

PENCE

SALE

10688

163.7

PENCE

PURCHASE

3810

163.8

PENCE

SALE

5054

163.8

PENCE

PURCHASE

2353

163.9

PENCE

SALE

9915

163.9

PENCE

SALE

38248

164

PENCE

PURCHASE

588

164.1

PENCE

SALE

12493

164.1

PENCE

PURCHASE

6125

164.2

PENCE

SALE

71611

164.2

PENCE

SALE

1671

164.3

PENCE

PURCHASE

13983

164.3

PENCE

SALE

5856

164.4

PENCE

SALE

28695

164.5

PENCE

PURCHASE

2750

164.6

PENCE

SALE

17024

164.6

PENCE

SALE

15345

164.7

PENCE

PURCHASE

21661

164.7

PENCE

SALE

112800

164.76141

PENCE

PURCHASE

6039

164.8

PENCE

SALE

71609

164.8

PENCE

PURCHASE

10600

164.9

PENCE

SALE

28801

164.9

PENCE

SALE

65570

165

PENCE

PURCHASE

269158

165

PENCE

PURCHASE

65583

165.076239

PENCE

SALE

9517

165.1

PENCE

PURCHASE

38392

165.1

PENCE

PURCHASE

12839

165.2

PENCE

PURCHASE

1902

165.3

PENCE

SALE

23575

165.3

PENCE

PURCHASE

499

165.5

PENCE

PURCHASE

1500

165.6

PENCE

PURCHASE

8800

165.7

PENCE

SALE

2858

165.8

PENCE

PURCHASE

151

165.85

PENCE

SALE

1500

165.9

PENCE

SALE

2570

166

PENCE

PURCHASE

21709

166

PENCE

SALE

7490

166.1

PENCE

PURCHASE

14336

166.1

PENCE

SALE

545

166.3

PENCE

PURCHASE

3600

166.3

PENCE

PURCHASE

348

166.4

PENCE

PURCHASE

10802

166.5

PENCE

SALE

36661

166.5

PENCE

SALE

5761

166.6

PENCE

SALE

2412

166.7

PENCE

PURCHASE

3175

166.7

PENCE

SALE

1430

166.8

PENCE

PURCHASE

5984

166.8

PENCE

SALE

3583

166.9

PENCE

PURCHASE

7653

166.9

PENCE

SALE

17908

167

PENCE

PURCHASE

30999

167

PENCE

PURCHASE

3754

167.1

PENCE

PURCHASE

5700

167.2

PENCE

PURCHASE

4457

167.3

PENCE

PURCHASE

1200

167.5

PENCE

SALE

12617

167.5

PENCE

PURCHASE

5150

167.6

PENCE

SALE

2900

167.7

PENCE

PURCHASE

2000

167.8

PENCE

SALE

3308

167.8

PENCE

PURCHASE

557

167.9

PENCE

SALE

3685

168

PENCE

PURCHASE

8565

168

PENCE

PURCHASE

2800

169

PENCE

SALE

14204

169

PENCE

PURCHASE

12280

169.2

PENCE

SALE

931

170.1

PENCE

SALE

1600

170.3

PENCE

SALE

4000

170.5

PENCE

SALE

1513

170.8

PENCE

SALE

4965

170.9

PENCE

PURCHASE

2349

171

PENCE

SALE

2654

171

PENCE

PURCHASE

658

171.1

PENCE

SALE

1600

171.1

PENCE

SALE

3200

171.2

PENCE

PURCHASE

1400

171.8

PENCE

Total Purchases

789404

Total Sales

806449

(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

12 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/