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

16 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 %

68078

0.01 %

(2) Derivatives (other than options)

(3) Options and agreements to purchase/sell

Total

00

0 %

68078

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)

SALE

304

159.2

PENCE

SALE

12

159.3

PENCE

SALE

12584

159.5

PENCE

PURCHASE

7538

160

PENCE

SALE

3355

160.1

PURCHASE

5000

160.1

PENCE

PURCHASE

72

160.2

PENCE

SALE

1000

160.2

SALE

1633

160.4

PENCE

PURCHASE

3782

160.4

PENCE

SALE

1494

160.5

PENCE

PURCHASE

5035

160.5

PENCE

PURCHASE

02

160.6

PENCE

SALE

785

160.6

PENCE

SALE

2828

160.6

PENCE

PURCHASE

3821

160.7

PENCE

PURCHASE

5050

160.7

SALE

238

160.8

PENCE

PURCHASE

3106

160.9

PENCE

PURCHASE

1001

161

PENCE

SALE

2570

161

PURCHASE

5699

161.1

PENCE

SALE

4619

161.2

PENCE

PURCHASE

785

161.3

PENCE

SALE

2700

161.4

PENCE

PURCHASE

2755

161.4

PENCE

SALE

4187

161.5

PENCE

PURCHASE

30437

161.5

PENCE

PURCHASE

5126

161.6

PENCE

SALE

9481

161.6

PENCE

SALE

2900

161.7

PENCE

PURCHASE

3900

161.7

PURCHASE

6178

161.8

PENCE

SALE

8840

161.8

PENCE

SALE

2130

161.9

PENCE

PURCHASE

7950

161.9

PURCHASE

5075

162

SALE

9591

162

PENCE

PURCHASE

19589

162

PENCE

PURCHASE

3755

162.1

PENCE

SALE

8694

162.1

PENCE

PURCHASE

340

162.2

PURCHASE

6386

162.2

PENCE

SALE

9256

162.2

PENCE

PURCHASE

1000

162.3

SALE

1400

162.3

SALE

14702

162.3

PENCE

PURCHASE

15425

162.3

PENCE

PURCHASE

9688

162.4

PENCE

SALE

10059

162.4

PENCE

PURCHASE

10434

162.5

PENCE

SALE

11030

162.5

PENCE

PURCHASE

5300

162.6

PURCHASE

10894

162.6

PENCE

SALE

20171

162.6

PENCE

PURCHASE

3190

162.7

PURCHASE

8586

162.7

PENCE

SALE

11694

162.7

PENCE

SALE

2000

162.8

PURCHASE

7664

162.8

PENCE

SALE

8530

162.8

PENCE

SALE

922

162.9

PENCE

PURCHASE

1000

162.9

PURCHASE

15913

162.9

PENCE

PURCHASE

1570

163

SALE

8400

163

PENCE

PURCHASE

16894

163

PENCE

SALE

16307

163.1

PENCE

PURCHASE

17190

163.1

PURCHASE

17390

163.1

PENCE

SALE

3900

163.2

PURCHASE

4831

163.2

PENCE

SALE

23190

163.2

PENCE

PURCHASE

273

163.25

PENCE

PURCHASE

2864

163.3

PENCE

SALE

2900

163.3

PENCE

SALE

5271

163.4

PENCE

PURCHASE

5900

163.4

PENCE

SALE

2600

163.5

SALE

7047

163.5

PENCE

PURCHASE

5220

163.6

PENCE

SALE

17354

163.6

PENCE

SALE

1430

163.7

SALE

1900

163.7

PENCE

PURCHASE

3000

163.7

PENCE

PURCHASE

545

163.8

PENCE

SALE

3994

163.8

SALE

6184

163.8

PENCE

PURCHASE

1430

163.9

PENCE

SALE

5466

163.9

PENCE

SALE

6821

163.9

SALE

4779

164

PENCE

SALE

1146

164.2

PENCE

Total Purchases

298583

Total Sales

288398

(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

17 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