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:

06 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:

1,176,414

1.30%

787,281

0.87%

(2)

Cash-settled derivatives:

and/or controlled:

750,003

0.83%

1,174,292

1.30%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,926,417

2.12%

1,961,573

2.16%

(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

83,846

9.4480 GBP

9.1190 GBP

0.25p ordinary

Sale

121,094

9.4480 GBP

9.1460 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

340

9.1470 GBP

0.25p ordinary

SWAP

Decreasing Short

604

9.3090 GBP

0.25p ordinary

SWAP

Decreasing Short

149

9.3263 GBP

0.25p ordinary

SWAP

Decreasing Short

862

9.3337 GBP

0.25p ordinary

SWAP

Decreasing Short

184

9.3579 GBP

0.25p ordinary

SWAP

Decreasing Short

1,013

9.3650 GBP

0.25p ordinary

SWAP

Decreasing Short

2,660

9.3676 GBP

0.25p ordinary

SWAP

Decreasing Short

1,445

9.3710 GBP

0.25p ordinary

SWAP

Decreasing Short

400

9.3712 GBP

0.25p ordinary

SWAP

Decreasing Short

436

9.3719 GBP

0.25p ordinary

SWAP

Decreasing Short

429

9.3756 GBP

0.25p ordinary

SWAP

Decreasing Short

2,357

9.3783 GBP

0.25p ordinary

SWAP

Decreasing Short

1,964

9.3806 GBP

0.25p ordinary

SWAP

Decreasing Short

1,077

9.3824 GBP

0.25p ordinary

SWAP

Decreasing Short

559

9.3904 GBP

0.25p ordinary

SWAP

Decreasing Short

4,395

9.3943 GBP

0.25p ordinary

SWAP

Decreasing Short

2,372

9.3944 GBP

0.25p ordinary

SWAP

Decreasing Short

10,787

9.3945 GBP

0.25p ordinary

SWAP

Decreasing Short

181

9.3960 GBP

0.25p ordinary

SWAP

Decreasing Short

1,188

9.3968 GBP

0.25p ordinary

SWAP

Decreasing Short

5,918

9.3983 GBP

0.25p ordinary

SWAP

Decreasing Short

782

9.3995 GBP

0.25p ordinary

SWAP

Decreasing Short

18,345

9.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

10,196

9.4016 GBP

0.25p ordinary

SWAP

Decreasing Short

149

9.4115 GBP

0.25p ordinary

SWAP

Decreasing Short

728

9.4173 GBP

0.25p ordinary

SWAP

Decreasing Short

80

9.4210 GBP

0.25p ordinary

SWAP

Decreasing Short

4,000

9.4320 GBP

0.25p ordinary

SWAP

Increasing Short

1,406

9.1196 GBP

0.25p ordinary

SWAP

Increasing Short

1,407

9.1615 GBP

0.25p ordinary

SWAP

Increasing Short

23

9.2393 GBP

0.25p ordinary

SWAP

Increasing Short

490

9.3493 GBP

0.25p ordinary

SWAP

Increasing Short

2,195

9.3524 GBP

0.25p ordinary

SWAP

Increasing Short

3,270

9.3538 GBP

0.25p ordinary

SWAP

Increasing Short

1,445

9.3710 GBP

0.25p ordinary

SWAP

Increasing Short

112

9.3747 GBP

0.25p ordinary

SWAP

Increasing Short

1,089

9.3800 GBP

0.25p ordinary

SWAP

Increasing Short

195

9.3837 GBP

0.25p ordinary

SWAP

Increasing Short

3,327

9.3944 GBP

0.25p ordinary

SWAP

Increasing Short

262

9.3972 GBP

0.25p ordinary

SWAP

Increasing Short

144

9.3999 GBP

0.25p ordinary

SWAP

Increasing Short

4,847

9.4000 GBP

0.25p ordinary

SWAP

Increasing Short

63

9.4004 GBP

0.25p ordinary

SWAP

Increasing Short

432

9.4022 GBP

0.25p ordinary

SWAP

Increasing Short

96

9.4059 GBP

0.25p ordinary

SWAP

Increasing Short

162

9.4080 GBP

0.25p ordinary

SWAP

Increasing Short

157

9.4106 GBP

0.25p ordinary

SWAP

Increasing Short

292

9.4123 GBP

0.25p ordinary

SWAP

Increasing Short

311

9.4136 GBP

0.25p ordinary

SWAP

Increasing Short

902

9.4192 GBP

0.25p ordinary

SWAP

Increasing Short

157

9.4240 GBP

0.25p ordinary

CFD

Decreasing Short

2,950

9.3181 GBP

0.25p ordinary

CFD

Increasing Short

1,310

9.3678 GBP

0.25p ordinary

CFD

Increasing Short

14,259

9.4008 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:

07 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213