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:

27 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:

1,160,115

1.28%

668,216

0.74%

(2)

Cash-settled derivatives:

and/or controlled:

634,243

0.70%

1,156,684

1.27%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,794,358

1.98%

1,824,900

2.01%

(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

278,321

9.4860 GBP

9.1473 GBP

0.25p ordinary

Sale

164,473

9.4810 GBP

9.1555 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

879

9.1555 GBP

0.25p ordinary

SWAP

Decreasing Short

7,349

9.1560 GBP

0.25p ordinary

SWAP

Decreasing Short

3,258

9.1578 GBP

0.25p ordinary

SWAP

Decreasing Short

400

9.1581 GBP

0.25p ordinary

SWAP

Decreasing Short

786

9.1968 GBP

0.25p ordinary

SWAP

Decreasing Short

58

9.2139 GBP

0.25p ordinary

SWAP

Decreasing Short

3

9.2190 GBP

0.25p ordinary

SWAP

Decreasing Short

130

9.2340 GBP

0.25p ordinary

SWAP

Decreasing Short

239

9.2377 GBP

0.25p ordinary

SWAP

Decreasing Short

2,161

9.2508 GBP

0.25p ordinary

SWAP

Decreasing Short

40

9.2532 GBP

0.25p ordinary

SWAP

Decreasing Short

6,623

9.2698 GBP

0.25p ordinary

SWAP

Decreasing Short

6

9.2755 GBP

0.25p ordinary

SWAP

Decreasing Short

197

9.2791 GBP

0.25p ordinary

SWAP

Decreasing Short

8,511

9.2887 GBP

0.25p ordinary

SWAP

Decreasing Short

1,639

9.2917 GBP

0.25p ordinary

SWAP

Decreasing Short

4

9.2930 GBP

0.25p ordinary

SWAP

Decreasing Short

402

9.3086 GBP

0.25p ordinary

SWAP

Decreasing Short

4,781

9.3145 GBP

0.25p ordinary

SWAP

Decreasing Short

124

9.3208 GBP

0.25p ordinary

SWAP

Decreasing Short

527

9.3450 GBP

0.25p ordinary

SWAP

Decreasing Short

3

9.3675 GBP

0.25p ordinary

SWAP

Decreasing Short

2,800

9.3889 GBP

0.25p ordinary

SWAP

Decreasing Short

332

9.4046 GBP

0.25p ordinary

SWAP

Decreasing Short

3,204

9.4083 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.4378 GBP

0.25p ordinary

SWAP

Decreasing Short

2,344

9.4499 GBP

0.25p ordinary

SWAP

Decreasing Short

4,370

9.4563 GBP

0.25p ordinary

SWAP

Decreasing Short

357

9.4600 GBP

0.25p ordinary

SWAP

Decreasing Short

119

9.4623 GBP

0.25p ordinary

SWAP

Decreasing Short

30

9.4800 GBP

0.25p ordinary

SWAP

Increasing Short

1,018

9.1473 GBP

0.25p ordinary

SWAP

Increasing Short

41,383

9.1560 GBP

0.25p ordinary

SWAP

Increasing Short

7,785

9.1563 GBP

0.25p ordinary

SWAP

Increasing Short

1,114

9.1564 GBP

0.25p ordinary

SWAP

Increasing Short

2,000

9.1569 GBP

0.25p ordinary

SWAP

Increasing Short

254

9.1760 GBP

0.25p ordinary

SWAP

Increasing Short

565

9.1959 GBP

0.25p ordinary

SWAP

Increasing Short

1,801

9.2214 GBP

0.25p ordinary

SWAP

Increasing Short

1,289

9.2244 GBP

0.25p ordinary

SWAP

Increasing Short

4,236

9.2366 GBP

0.25p ordinary

SWAP

Increasing Short

395

9.2369 GBP

0.25p ordinary

SWAP

Increasing Short

2,536

9.2385 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.2420 GBP

0.25p ordinary

SWAP

Increasing Short

2

9.2471 GBP

0.25p ordinary

SWAP

Increasing Short

25,408

9.2476 GBP

0.25p ordinary

SWAP

Increasing Short

1,105

9.2556 GBP

0.25p ordinary

SWAP

Increasing Short

2,043

9.2716 GBP

0.25p ordinary

SWAP

Increasing Short

2,265

9.2727 GBP

0.25p ordinary

SWAP

Increasing Short

67,369

9.2894 GBP

0.25p ordinary

SWAP

Increasing Short

1,517

9.3154 GBP

0.25p ordinary

SWAP

Increasing Short

1,461

9.3227 GBP

0.25p ordinary

SWAP

Increasing Short

3

9.3230 GBP

0.25p ordinary

SWAP

Increasing Short

4,894

9.3269 GBP

0.25p ordinary

SWAP

Increasing Short

599

9.3318 GBP

0.25p ordinary

SWAP

Increasing Short

2

9.3396 GBP

0.25p ordinary

SWAP

Increasing Short

56

9.3850 GBP

0.25p ordinary

SWAP

Increasing Short

38

9.4140 GBP

0.25p ordinary

SWAP

Increasing Short

34

9.4228 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.4381 GBP

0.25p ordinary

SWAP

Increasing Short

28

9.4520 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.4580 GBP

0.25p ordinary

SWAP

Increasing Short

446

9.4676 GBP

0.25p ordinary

SWAP

Increasing Short

137

9.4800 GBP

0.25p ordinary

CFD

Decreasing Short

11,557

9.4196 GBP

0.25p ordinary

CFD

Increasing Short

5,301

9.2574 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:

28 Apr 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213