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:

28 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:

1,323,967

1.48%

467,531

0.52%

(2)

Cash-settled derivatives:

and/or controlled:

429,396

0.48%

1,320,211

1.48%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,753,363

1.96%

1,787,742

2.00%

(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

228,541

9.7950 GBP

9.5697 GBP

0.25p ordinary

Sale

73,881

9.7950 GBP

9.5500 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

Increasing Long

357

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

1,379

9.7945 GBP

0.25p ordinary

SWAP

Decreasing Long

5,089

9.7889 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.6400 GBP

0.25p ordinary

SWAP

Increasing Short

387

9.6586 GBP

0.25p ordinary

SWAP

Increasing Short

340

9.6665 GBP

0.25p ordinary

SWAP

Increasing Long

11,060

9.7949 GBP

0.25p ordinary

SWAP

Decreasing Long

1,050

9.7950 GBP

0.25p ordinary

SWAP

Closing Long

945

9.7906 GBP

0.25p ordinary

SWAP

Opening Short

63

9.7906 GBP

0.25p ordinary

SWAP

Increasing Long

526

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

3,686

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

17

9.7970 GBP

0.25p ordinary

SWAP

Closing Long

1,004

9.7950 GBP

0.25p ordinary

SWAP

Opening Short

9,264

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Long

1,786

9.7863 GBP

0.25p ordinary

SWAP

Increasing Long

943

9.6149 GBP

0.25p ordinary

SWAP

Increasing Short

1,735

9.7672 GBP

0.25p ordinary

SWAP

Decreasing Long

807

9.6701 GBP

0.25p ordinary

SWAP

Decreasing Long

8,581

9.7882 GBP

0.25p ordinary

SWAP

Decreasing Long

6,602

9.7829 GBP

0.25p ordinary

SWAP

Opening Long

70

9.6900 GBP

0.25p ordinary

SWAP

Decreasing Long

2,268

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

150

9.6250 GBP

0.25p ordinary

SWAP

Decreasing Long

3,813

9.6825 GBP

0.25p ordinary

SWAP

Decreasing Long

1,418

9.6825 GBP

0.25p ordinary

CFD

Increasing Short

1,075

9.6646 GBP

0.25p ordinary

SWAP

Increasing Short

248

9.6685 GBP

0.25p ordinary

SWAP

Opening Short

50,000

9.5697 GBP

0.25p ordinary

SWAP

Decreasing Long

723

9.7945 GBP

0.25p ordinary

SWAP

Increasing Short

8,969

9.7379 GBP

0.25p ordinary

SWAP

Decreasing Long

18,988

9.6360 GBP

0.25p ordinary

SWAP

Decreasing Long

64

9.7090 GBP

0.25p ordinary

SWAP

Increasing Short

204

9.7050 GBP

0.25p ordinary

SWAP

Decreasing Long

2,570

9.6598 GBP

0.25p ordinary

SWAP

Closing Short

10,153

9.7950 GBP

0.25p ordinary

SWAP

Opening Long

3,686

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

9

9.7687 GBP

0.25p ordinary

SWAP

Increasing Long

904

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

84

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Long

334

9.6334 GBP

0.25p ordinary

SWAP

Decreasing Short

139

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

471

9.6773 GBP

0.25p ordinary

SWAP

Increasing Long

96

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

8

9.6598 GBP

0.25p ordinary

SWAP

Decreasing Long

2,832

9.7327 GBP

0.25p ordinary

SWAP

Increasing Long

1,888

9.7870 GBP

0.25p ordinary

SWAP

Increasing Short

161

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Long

603

9.6485 GBP

0.25p ordinary

SWAP

Decreasing Short

4

9.7636 GBP

0.25p ordinary

SWAP

Decreasing Long

1,945

9.7555 GBP

0.25p ordinary

SWAP

Decreasing Long

400

9.7727 GBP

0.25p ordinary

SWAP

Increasing Short

9,767

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Long

466

9.6077 GBP

0.25p ordinary

SWAP

Increasing Short

388

9.7950 GBP

0.25p ordinary

SWAP

Increasing Long

51

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

1,959

9.6443 GBP

0.25p ordinary

SWAP

Decreasing Long

53

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

1,584

9.6843 GBP

0.25p ordinary

SWAP

Decreasing Long

7,210

9.7950 GBP

0.25p ordinary

SWAP

Increasing Short

8,688

9.6081 GBP

0.25p ordinary

SWAP

Decreasing Long

1,935

9.6586 GBP

0.25p ordinary

SWAP

Decreasing Long

1,405

9.6552 GBP

0.25p ordinary

SWAP

Increasing Long

376

9.6700 GBP

0.25p ordinary

SWAP

Decreasing Long

19,235

9.6310 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:

29 Jul 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213