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:

10 Jul 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:

861,330

0.96%

1,142,247

1.27%

(2)

Cash-settled derivatives:

and/or controlled:

1,100,896

1.23%

859,422

0.96%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,962,226

2.19%

2,001,669

2.23%

(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

156,906

8.9525 GBP

8.7860 GBP

0.25p ordinary

Sale

134,815

8.9450 GBP

8.8320 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

Decreasing Long

44

8.9350 GBP

0.25p ordinary

SWAP

Increasing Short

835

8.9354 GBP

0.25p ordinary

SWAP

Increasing Long

1,350

8.8680 GBP

0.25p ordinary

SWAP

Decreasing Long

7

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Long

6,012

8.8878 GBP

0.25p ordinary

SWAP

Decreasing Long

880

8.8946 GBP

0.25p ordinary

SWAP

Decreasing Short

4,064

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Long

209

8.9297 GBP

0.25p ordinary

SWAP

Decreasing Long

1,222

8.9335 GBP

0.25p ordinary

SWAP

Decreasing Long

301

8.9283 GBP

0.25p ordinary

SWAP

Decreasing Long

7,127

8.8788 GBP

0.25p ordinary

SWAP

Decreasing Long

2,475

8.9340 GBP

0.25p ordinary

SWAP

Decreasing Long

4

8.8864 GBP

0.25p ordinary

SWAP

Decreasing Long

10,537

8.9354 GBP

0.25p ordinary

SWAP

Increasing Long

136

8.8786 GBP

0.25p ordinary

SWAP

Increasing Short

8,604

8.8855 GBP

0.25p ordinary

SWAP

Increasing Short

617

8.8907 GBP

0.25p ordinary

SWAP

Increasing Long

2,334

8.8947 GBP

0.25p ordinary

SWAP

Increasing Long

868

8.8947 GBP

0.25p ordinary

CFD

Decreasing Short

2,806

8.8885 GBP

0.25p ordinary

CFD

Increasing Long

2,935

8.8320 GBP

0.25p ordinary

CFD

Decreasing Long

10,411

8.8773 GBP

0.25p ordinary

SWAP

Increasing Short

198

8.8857 GBP

0.25p ordinary

SWAP

Increasing Short

1,045

8.9350 GBP

0.25p ordinary

SWAP

Opening Long

61

8.9000 GBP

0.25p ordinary

SWAP

Closing Long

2,525

8.8976 GBP

0.25p ordinary

SWAP

Decreasing Long

2,145

8.8977 GBP

0.25p ordinary

SWAP

Decreasing Long

974

8.9350 GBP

0.25p ordinary

SWAP

Increasing Short

990

8.9354 GBP

0.25p ordinary

SWAP

Decreasing Long

29

8.8550 GBP

0.25p ordinary

SWAP

Decreasing Long

6,018

8.8877 GBP

0.25p ordinary

SWAP

Decreasing Long

472

8.8959 GBP

0.25p ordinary

SWAP

Decreasing Long

1

8.8900 GBP

0.25p ordinary

SWAP

Increasing Long

375

8.8586 GBP

0.25p ordinary

SWAP

Decreasing Long

2,186

8.9123 GBP

0.25p ordinary

SWAP

Increasing Long

4

8.8860 GBP

0.25p ordinary

SWAP

Increasing Short

4,302

8.7861 GBP

0.25p ordinary

SWAP

Decreasing Short

451

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Short

1,045

8.9344 GBP

0.25p ordinary

SWAP

Decreasing Long

5,127

8.9071 GBP

0.25p ordinary

SWAP

Decreasing Long

12,106

8.9088 GBP

0.25p ordinary

SWAP

Increasing Long

147

8.8898 GBP

0.25p ordinary

SWAP

Increasing Long

4,199

8.8914 GBP

0.25p ordinary

SWAP

Increasing Short

112

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Long

205

8.8640 GBP

0.25p ordinary

SWAP

Increasing Long

61,027

8.9350 GBP

0.25p ordinary

SWAP

Increasing Short

4,993

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Long

81

8.8650 GBP

0.25p ordinary

SWAP

Increasing Long

2,873

8.9350 GBP

0.25p ordinary

SWAP

Increasing Short

1,678

8.8658 GBP

0.25p ordinary

SWAP

Decreasing Long

748

8.8866 GBP

0.25p ordinary

SWAP

Increasing Long

2,093

8.9350 GBP

0.25p ordinary

SWAP

Increasing Short

5,929

8.8901 GBP

0.25p ordinary

SWAP

Increasing Long

150

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Long

41

8.9350 GBP

0.25p ordinary

SWAP

Increasing Long

299

8.8775 GBP

0.25p ordinary

SWAP

Decreasing Long

2,029

8.8709 GBP

0.25p ordinary

SWAP

Decreasing Long

409

8.8757 GBP

0.25p ordinary

SWAP

Increasing Long

218

8.8648 GBP

0.25p ordinary

SWAP

Decreasing Long

7,490

8.8924 GBP

0.25p ordinary

SWAP

Increasing Long

242

8.8877 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:

13 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213