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:

14 May 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:

1,152,699

1.27%

895,288

0.99%

(2)

Cash-settled derivatives:

and/or controlled:

856,749

0.95%

1,149,869

1.27%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,009,448

2.22%

2,045,157

2.26%

(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

194,032

9.3440 GBP

9.1675 GBP

0.25p ordinary

Sale

136,215

9.3450 GBP

9.1375 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 Short

1

9.1400 GBP

0.25p ordinary

SWAP

Decreasing Short

4,204

9.1690 GBP

0.25p ordinary

SWAP

Decreasing Short

6

9.1800 GBP

0.25p ordinary

SWAP

Decreasing Short

159

9.1832 GBP

0.25p ordinary

SWAP

Decreasing Short

889

9.1927 GBP

0.25p ordinary

SWAP

Decreasing Short

2,152

9.1952 GBP

0.25p ordinary

SWAP

Decreasing Short

2,569

9.2042 GBP

0.25p ordinary

SWAP

Decreasing Short

1,612

9.2099 GBP

0.25p ordinary

SWAP

Decreasing Short

287

9.2187 GBP

0.25p ordinary

SWAP

Decreasing Short

387

9.2250 GBP

0.25p ordinary

SWAP

Decreasing Short

3,678

9.2258 GBP

0.25p ordinary

SWAP

Decreasing Short

251

9.2283 GBP

0.25p ordinary

SWAP

Decreasing Short

173

9.2356 GBP

0.25p ordinary

SWAP

Decreasing Short

551

9.2480 GBP

0.25p ordinary

SWAP

Decreasing Short

721

9.2534 GBP

0.25p ordinary

SWAP

Decreasing Short

61

9.2611 GBP

0.25p ordinary

SWAP

Decreasing Short

9,791

9.2741 GBP

0.25p ordinary

SWAP

Decreasing Short

469

9.2750 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.2900 GBP

0.25p ordinary

SWAP

Decreasing Short

1,060

9.2978 GBP

0.25p ordinary

SWAP

Decreasing Short

1,499

9.2994 GBP

0.25p ordinary

SWAP

Decreasing Short

897

9.3046 GBP

0.25p ordinary

SWAP

Decreasing Short

2,658

9.3064 GBP

0.25p ordinary

SWAP

Decreasing Short

8,377

9.3077 GBP

0.25p ordinary

SWAP

Decreasing Short

6,174

9.3131 GBP

0.25p ordinary

SWAP

Decreasing Short

1,329

9.3190 GBP

0.25p ordinary

SWAP

Decreasing Short

61

9.3250 GBP

0.25p ordinary

SWAP

Decreasing Short

673

9.3274 GBP

0.25p ordinary

SWAP

Decreasing Short

170

9.3289 GBP

0.25p ordinary

SWAP

Decreasing Short

775

9.3295 GBP

0.25p ordinary

SWAP

Decreasing Short

21,725

9.3300 GBP

0.25p ordinary

SWAP

Increasing Short

2,813

9.1016 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.1700 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.1900 GBP

0.25p ordinary

SWAP

Increasing Short

178

9.1950 GBP

0.25p ordinary

SWAP

Increasing Short

14,100

9.2096 GBP

0.25p ordinary

SWAP

Increasing Short

255

9.2126 GBP

0.25p ordinary

SWAP

Increasing Short

905

9.2228 GBP

0.25p ordinary

SWAP

Increasing Short

2,467

9.2244 GBP

0.25p ordinary

SWAP

Increasing Short

213

9.2300 GBP

0.25p ordinary

SWAP

Increasing Short

952

9.2329 GBP

0.25p ordinary

SWAP

Increasing Short

13,200

9.2472 GBP

0.25p ordinary

SWAP

Increasing Short

1,994

9.2531 GBP

0.25p ordinary

SWAP

Increasing Short

80,170

9.2565 GBP

0.25p ordinary

SWAP

Increasing Short

17

9.2600 GBP

0.25p ordinary

SWAP

Increasing Short

2,813

9.2606 GBP

0.25p ordinary

SWAP

Increasing Short

1,723

9.3140 GBP

0.25p ordinary

SWAP

Increasing Short

2,746

9.3216 GBP

0.25p ordinary

SWAP

Increasing Short

2,503

9.3222 GBP

0.25p ordinary

SWAP

Increasing Short

1,514

9.3290 GBP

0.25p ordinary

SWAP

Increasing Short

1,518

9.3300 GBP

0.25p ordinary

SWAP

Increasing Short

1,544

9.3304 GBP

0.25p ordinary

SWAP

Increasing Short

10

9.3306 GBP

0.25p ordinary

SWAP

Increasing Short

2,812

9.3444 GBP

0.25p ordinary

CFD

Decreasing Short

68

9.2130 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:

15 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213