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:

15 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:

1,221,602

1.35%

977,767

1.08%

(2)

Cash-settled derivatives:

and/or controlled:

941,538

1.04%

1,219,098

1.35%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,163,140

2.39%

2,196,865

2.43%

(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

312,215

10.0905 GBP

9.1100 GBP

0.25p ordinary

Sale

325,791

10.0920 GBP

9.1100 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

38

9.1150 GBP

0.25p ordinary

SWAP

Decreasing Short

187

9.1594 GBP

0.25p ordinary

SWAP

Decreasing Short

863

9.1729 GBP

0.25p ordinary

SWAP

Decreasing Short

504

9.2090 GBP

0.25p ordinary

SWAP

Decreasing Short

206

9.2150 GBP

0.25p ordinary

SWAP

Decreasing Short

44

9.2167 GBP

0.25p ordinary

SWAP

Decreasing Short

40

9.2169 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.2350 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.3150 GBP

0.25p ordinary

SWAP

Decreasing Short

3,897

9.3305 GBP

0.25p ordinary

SWAP

Decreasing Short

41

9.3949 GBP

0.25p ordinary

SWAP

Decreasing Short

65,468

9.3956 GBP

0.25p ordinary

SWAP

Decreasing Short

28,978

9.4277 GBP

0.25p ordinary

SWAP

Decreasing Short

41,018

9.5404 GBP

0.25p ordinary

SWAP

Decreasing Short

4

9.7148 GBP

0.25p ordinary

SWAP

Decreasing Short

1,316

9.8062 GBP

0.25p ordinary

SWAP

Decreasing Short

9,031

9.8580 GBP

0.25p ordinary

SWAP

Decreasing Short

9

9.8677 GBP

0.25p ordinary

SWAP

Decreasing Short

306

9.8949 GBP

0.25p ordinary

SWAP

Decreasing Short

754

9.9132 GBP

0.25p ordinary

SWAP

Decreasing Short

1,449

9.9455 GBP

0.25p ordinary

SWAP

Decreasing Short

37,231

9.9587 GBP

0.25p ordinary

SWAP

Decreasing Short

13,807

10.0157 GBP

0.25p ordinary

SWAP

Decreasing Short

74

10.0255 GBP

0.25p ordinary

SWAP

Decreasing Short

1,350

10.0354 GBP

0.25p ordinary

SWAP

Decreasing Short

526

10.0481 GBP

0.25p ordinary

SWAP

Decreasing Short

1,032

10.0894 GBP

0.25p ordinary

SWAP

Decreasing Short

27,503

10.0900 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.2100 GBP

0.25p ordinary

SWAP

Increasing Short

70

9.2200 GBP

0.25p ordinary

SWAP

Increasing Short

7

9.2950 GBP

0.25p ordinary

SWAP

Increasing Short

2,670

9.3790 GBP

0.25p ordinary

SWAP

Increasing Short

244

9.3919 GBP

0.25p ordinary

SWAP

Increasing Short

578

9.4259 GBP

0.25p ordinary

SWAP

Increasing Short

4,372

9.4602 GBP

0.25p ordinary

SWAP

Increasing Short

1,691

9.4745 GBP

0.25p ordinary

SWAP

Increasing Short

803

9.4808 GBP

0.25p ordinary

SWAP

Increasing Short

26,918

9.5042 GBP

0.25p ordinary

SWAP

Increasing Short

3,001

9.5510 GBP

0.25p ordinary

SWAP

Increasing Short

2,455

9.5525 GBP

0.25p ordinary

SWAP

Increasing Short

2,999

9.5749 GBP

0.25p ordinary

SWAP

Increasing Short

45,604

9.6458 GBP

0.25p ordinary

SWAP

Increasing Short

37,448

9.6792 GBP

0.25p ordinary

SWAP

Increasing Short

4

9.7151 GBP

0.25p ordinary

SWAP

Increasing Short

1,591

9.7255 GBP

0.25p ordinary

SWAP

Increasing Short

666

9.9508 GBP

0.25p ordinary

SWAP

Increasing Short

61,950

9.9535 GBP

0.25p ordinary

SWAP

Increasing Short

19

9.9650 GBP

0.25p ordinary

SWAP

Increasing Short

2,409

10.0450 GBP

0.25p ordinary

SWAP

Increasing Short

4,768

10.0570 GBP

0.25p ordinary

SWAP

Increasing Short

18,706

10.0900 GBP

0.25p ordinary

SWAP

Increasing Short

843

10.0905 GBP

0.25p ordinary

CFD

Decreasing Short

406

9.2835 GBP

0.25p ordinary

CFD

Increasing Short

708

9.2131 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:

18 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213