Form 8.5 EPT/Non RI GAMMA COMMUNICATIONS PLC

FORM 8.5 (EPT/NON-RI)

PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY AN

EXEMPT PRINCIPAL TRADER WITHOUT RECOGNISED INTERMEDIARY ("RI") STATUS

(OR WHERE RI STATUS IS NOT APPLICABLE)

Rule 8.5 of the Takeover Code (the "Code")

1.

KEY INFORMATION

(a)

Name of exempt principal trader:

BARCLAYS CAPITAL SECURITIES LTD

(b)

Name of offeror/offeree in relation to whose

GAMMA COMMUNICATIONS PLC

relevant securities this form relates:

(c)

Name of the party to the offer with which exempt

GAMMA COMMUNICATIONS PLC

principal trader is connected

(d)

Date position held/dealing undertaken:

30 Apr 2026

(e)

In addition to the company in 1(b) above, is the exempt principal

NO

trader making disclosures in respect of any other party to the offer?

2.

POSITIONS OF THE EXEMPT PRINCIPAL TRADER

(a)

Interests and short positions in the relevant securities of the offeror or offeree

to which the disclosure relates following the dealing (if any)

Class of relevant security:

0.25p ordinary

Interests

Short Positions

Number

(%)

Number

(%)

(1)

Relevant securities owned

and/or controlled:

1,166,304

1.29%

700,565

0.77%

(2)

Cash-settled derivatives:

and/or controlled:

661,307

0.73%

1,158,229

1.28%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,827,611

2.01%

1,858,794

2.05%

(b)

Rights to subscribe for new securities (including directors and other executive

options)

Class of relevant security in relation to

which subscription right exists

Details, including nature of the rights

concerned and relevant percentages:

3.

DEALINGS (IF ANY) BY THE EXEMPT PRINCIPAL TRADER

(a)

Purchases and sales

Class of relevant

Purchase/sale

Total number of

Highest price per unit

Lowest price per unit

security

securities

paid/received

paid/received

0.25p ordinary

Purchase

128,509

9.0780 GBP

8.9473 GBP

0.25p ordinary

Sale

239,759

9.0759 GBP

8.8470 GBP

(b)

Cash-settled derivative transactions

Class of

Product

Nature of dealing

Number of

Price per

relevant

description

reference

unit

security

securities

0.25p ordinary

SWAP

Increasing Long

4,642

9.0388 GBP

0.25p ordinary

SWAP

Decreasing Short

4

8.8470 GBP

0.25p ordinary

SWAP

Decreasing Short

5,625

8.8571 GBP

0.25p ordinary

SWAP

Decreasing Short

1,180

8.9999 GBP

0.25p ordinary

SWAP

Decreasing Short

13,501

9.0058 GBP

0.25p ordinary

SWAP

Decreasing Short

912

9.0125 GBP

0.25p ordinary

SWAP

Decreasing Short

18,365

9.0156 GBP

0.25p ordinary

SWAP

Decreasing Short

147

9.0164 GBP

0.25p ordinary

SWAP

Decreasing Short

1,600

9.0176 GBP

0.25p ordinary

SWAP

Decreasing Short

11,378

9.0177 GBP

0.25p ordinary

SWAP

Decreasing Short

91

9.0199 GBP

0.25p ordinary

SWAP

Decreasing Short

400

9.0204 GBP

0.25p ordinary

SWAP

Decreasing Short

2,323

9.0241 GBP

0.25p ordinary

SWAP

Decreasing Short

1,199

9.0244 GBP

0.25p ordinary

SWAP

Decreasing Short

21,166

9.0315 GBP

0.25p ordinary

SWAP

Decreasing Short

3,172

9.0321 GBP

0.25p ordinary

SWAP

Decreasing Short

572

9.0322 GBP

0.25p ordinary

SWAP

Decreasing Short

308

9.0337 GBP

0.25p ordinary

SWAP

Decreasing Short

30

9.0352 GBP

0.25p ordinary

SWAP

Decreasing Short

193

9.0390 GBP

0.25p ordinary

SWAP

Decreasing Short

1,595

9.0398 GBP

0.25p ordinary

SWAP

Decreasing Short

4,448

9.0403 GBP

0.25p ordinary

SWAP

Decreasing Short

5,040

9.0414 GBP

0.25p ordinary

SWAP

Decreasing Short

5,335

9.0415 GBP

0.25p ordinary

SWAP

Decreasing Short

521

9.0421 GBP

0.25p ordinary

SWAP

Decreasing Short

1,424

9.0431 GBP

0.25p ordinary

SWAP

Decreasing Short

11,386

9.0438 GBP

0.25p ordinary

SWAP

Decreasing Short

59,590

9.0440 GBP

0.25p ordinary

SWAP

Decreasing Short

1,277

9.0445 GBP

0.25p ordinary

SWAP

Decreasing Short

4

9.0451 GBP

0.25p ordinary

SWAP

Decreasing Short

325

9.0472 GBP

0.25p ordinary

SWAP

Decreasing Short

712

9.0497 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.0540 GBP

0.25p ordinary

SWAP

Decreasing Short

1,504

9.0569 GBP

0.25p ordinary

SWAP

Decreasing Short

2,612

9.0576 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.0725 GBP

0.25p ordinary

SWAP

Decreasing Short

1,163

9.0738 GBP

0.25p ordinary

SWAP

Increasing Short

1

8.6508 GBP

0.25p ordinary

SWAP

Increasing Short

329

8.9473 GBP

0.25p ordinary

SWAP

Increasing Short

4

8.9856 GBP

0.25p ordinary

SWAP

Increasing Short

549

8.9994 GBP

0.25p ordinary

SWAP

Increasing Short

163

9.0060 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.0100 GBP

0.25p ordinary

SWAP

Increasing Short

8,091

9.0279 GBP

0.25p ordinary

SWAP

Increasing Short

144

9.0336 GBP

0.25p ordinary

SWAP

Increasing Short

48

9.0340 GBP

0.25p ordinary

SWAP

Increasing Short

369

9.0360 GBP

0.25p ordinary

SWAP

Increasing Short

927

9.0394 GBP

0.25p ordinary

SWAP

Increasing Short

26

9.0432 GBP

0.25p ordinary

SWAP

Increasing Short

5,638

9.0440 GBP

0.25p ordinary

SWAP

Increasing Short

7,290

9.0443 GBP

0.25p ordinary

SWAP

Increasing Short

21,635

9.0444 GBP

0.25p ordinary

SWAP

Increasing Short

16,305

9.0458 GBP

0.25p ordinary

SWAP

Increasing Short

3,435

9.0472 GBP

0.25p ordinary

SWAP

Increasing Short

185

9.0505 GBP

0.25p ordinary

SWAP

Increasing Short

2,743

9.0532 GBP

0.25p ordinary

SWAP

Increasing Short

162

9.0623 GBP

0.25p ordinary

SWAP

Increasing Short

993

9.0704 GBP

0.25p ordinary

SWAP

Increasing Short

543

9.0822 GBP

0.25p ordinary

CFD

Decreasing Short

4,819

9.0005 GBP

0.25p ordinary

CFD

Increasing Short

1,585

9.0355 GBP

(c)

Stock-settled derivative transactions (including options)

(i)

Writing, selling, purchasing or varying

Class

Product

Writing,

Number

Exercise

Type

Expiry

Option

of

description

purchasing,

of

price

date

money

relevant

selling,

securities

per unit

paid/

security

varying etc

to which

received

option

per unit

relates

(ii)

Exercising

Class of relevant

Product description

Exercising/ exercised against

Number of

Exercise price per

security

securities

unit

(d)

Other dealings (including subscribing for new securities)

Class of relevant

Nature of Dealings

Details

Price per unit (if

security

applicable)

4.

OTHER INFORMATION

(a)

Indemnity and other dealings arrangements

Details of any indemnity or option arrangement, or any agreement or understanding,

formal or informal, relating to relevant securities which may be an inducement to deal

or refrain from dealing entered into by the exempt principal trader making the disclosure and any party

to the offer or any person acting in concert with a party to the offer:

NONE

(b)

Agreements, arrangements or understandings relating to options or derivatives

Details of any agreement, arrangement or understanding, formal or informal, between

the exempt principal trader making the disclosure and any other person relating to:

(i) the voting rights of any relevant securities under any option; or

(ii) the voting rights of future acquisition or disposal of any relevant securities to which

any derivative is referenced:

NONE

(c)

Attachments

Is a Supplemental Form 8 (Open Positions) attached?

NO

Date of disclosure:

01 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213