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Report of the Remuneration Committee

Deferred Share Plan

The following directors held conditional awards over ordinary shares of the Company granted under the British Airways Deferred Share Plan:

  Relates to bonus earned in respect of performance in Date of award Number of awards as at April 1, 2008 Awards released during the year Date of vesting Awards lapsing during the year Awards made during the year Number of awards as at March 31, 2009
Willie Walsh 2005/06 November 24, 2006 27,800   June 30, 2009     27,800
Keith Williams 2005/06 November 24, 2006 16,991   June 30, 2009     16,991
  2007/08 August 19, 2008     June 30, 2011   26,100 26,100

The value attributed to the Company’s ordinary shares in accordance with the plan rules on the date of the 2008 PSP and DSP awards, (August 19, 2008), was 256 pence (2007: 412 pence; 2006: 484 pence).

Share scheme dilution limits

The Company follows the guidelines laid down by the Association of British Insurers (ABI). These restrict the issue of new shares under all the Company’s share schemes in any 10-year period to 10 per cent of the issued ordinary share capital and restricts the issues under the Company’s discretionary schemes to 5 per cent in any 10-year period. As at March 31, 2009, the headroom available for the all-employee share schemes was 5.27 per cent and 0.30 per cent for the discretionary schemes. The Company’s current intention is to use newly issued shares for the Share Option Plan 1999 and the Performance Share Plan 2005 and market purchased shares for the Long Term Incentive Plan 1996 and the Deferred Share Plan 2005.

The highest and lowest prices of the Company’s shares during 2008/09 and the share price at March 31, 2009, were:

  2009 2008
At March 31 140.80 234.25
Highest in the year 282.50 519.00
Lowest in the year 109.90 218.00

Approved by the Board and signed on its behalf by

Dr Martin Read

Non-executive director and Chairman of the Remuneration Committee
May 21, 2009

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