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:

11 Sep 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:

1,636,539

1.84%

277,690

0.31%

(2)

Cash-settled derivatives:

and/or controlled:

271,407

0.30%

1,630,225

1.83%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,907,946

2.14%

1,907,915

2.14%

(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

546,098

11.7800 GBP

11.1560 GBP

0.25p ordinary

Sale

442,142

11.7420 GBP

11.0900 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

4,304

11.4058 GBP

0.25p ordinary

SWAP

Decreasing Short

14,385

11.2947 GBP

0.25p ordinary

SWAP

Decreasing Short

4,032

11.3200 GBP

0.25p ordinary

SWAP

Decreasing Long

336

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

1,246

11.3526 GBP

0.25p ordinary

SWAP

Decreasing Long

14,789

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

21,678

11.3482 GBP

0.25p ordinary

SWAP

Increasing Short

25,876

11.3727 GBP

0.25p ordinary

SWAP

Increasing Short

2,690

11.4911 GBP

0.25p ordinary

SWAP

Increasing Short

169

11.4152 GBP

0.25p ordinary

SWAP

Increasing Short

26,729

11.4022 GBP

0.25p ordinary

SWAP

Decreasing Long

1,027

11.4038 GBP

0.25p ordinary

SWAP

Decreasing Long

7,428

11.2457 GBP

0.25p ordinary

SWAP

Increasing Short

659

11.4005 GBP

0.25p ordinary

SWAP

Increasing Short

129,176

11.2971 GBP

0.25p ordinary

SWAP

Opening Short

19

11.2442 GBP

0.25p ordinary

SWAP

Increasing Long

2,911

11.3395 GBP

0.25p ordinary

SWAP

Increasing Long

1,082

11.3395 GBP

0.25p ordinary

CFD

Closing Short

4,996

11.3084 GBP

0.25p ordinary

CFD

Increasing Short

474

11.7807 GBP

0.25p ordinary

CFD

Opening Short

18,711

11.4000 GBP

0.25p ordinary

CFD

Closing Short

6,742

11.3084 GBP

0.25p ordinary

SWAP

Increasing Short

849

11.7809 GBP

0.25p ordinary

SWAP

Increasing Short

1,953

11.3444 GBP

0.25p ordinary

SWAP

Decreasing Short

11,000

11.3261 GBP

0.25p ordinary

SWAP

Closing Short

3,500

11.1672 GBP

0.25p ordinary

SWAP

Opening Short

10,207

11.2476 GBP

0.25p ordinary

SWAP

Increasing Long

2,000

11.1127 GBP

0.25p ordinary

SWAP

Opening Long

5,286

11.2809 GBP

0.25p ordinary

SWAP

Decreasing Short

78,907

11.2067 GBP

0.25p ordinary

SWAP

Decreasing Long

466

11.3168 GBP

0.25p ordinary

SWAP

Decreasing Short

745

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

14,455

11.3833 GBP

0.25p ordinary

SWAP

Decreasing Long

478

11.3060 GBP

0.25p ordinary

SWAP

Decreasing Long

2,346

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

7,983

11.2607 GBP

0.25p ordinary

SWAP

Increasing Short

1,286

11.3475 GBP

0.25p ordinary

CFD

Decreasing Short

2,506

11.3565 GBP

0.25p ordinary

SWAP

Increasing Short

2,000

11.4111 GBP

0.25p ordinary

SWAP

Closing Short

10,207

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

2,221

11.3950 GBP

0.25p ordinary

SWAP

Decreasing Long

450

11.2609 GBP

0.25p ordinary

SWAP

Decreasing Long

249

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

27,174

11.2652 GBP

0.25p ordinary

SWAP

Increasing Short

30

11.3400 GBP

0.25p ordinary

SWAP

Decreasing Short

2,699

11.3519 GBP

0.25p ordinary

SWAP

Decreasing Long

11,250

11.3140 GBP

0.25p ordinary

SWAP

Decreasing Short

27,647

11.3288 GBP

0.25p ordinary

SWAP

Increasing Short

777

11.3804 GBP

0.25p ordinary

SWAP

Closing Short

1,291

11.6345 GBP

0.25p ordinary

SWAP

Opening Long

503

11.6345 GBP

0.25p ordinary

SWAP

Increasing Long

232

11.2057 GBP

0.25p ordinary

SWAP

Decreasing Short

33

11.4000 GBP

0.25p ordinary

SWAP

Increasing Long

358

11.2137 GBP

0.25p ordinary

SWAP

Increasing Long

158

11.1900 GBP

0.25p ordinary

SWAP

Increasing Short

1,740

11.4000 GBP

0.25p ordinary

SWAP

Increasing Long

323

11.4922 GBP

0.25p ordinary

SWAP

Increasing Long

11

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

133,092

11.0900 GBP

0.25p ordinary

SWAP

Increasing Long

764

11.2469 GBP

0.25p ordinary

SWAP

Increasing Long

5,408

11.0900 GBP

0.25p ordinary

SWAP

Increasing Short

4,392

11.3434 GBP

0.25p ordinary

SWAP

Decreasing Long

12,248

11.2439 GBP

0.25p ordinary

SWAP

Increasing Short

2,410

11.3830 GBP

0.25p ordinary

SWAP

Decreasing Long

13,238

11.2397 GBP

0.25p ordinary

SWAP

Decreasing Short

659

11.1650 GBP

0.25p ordinary

SWAP

Closing Long

72,436

11.3001 GBP

0.25p ordinary

SWAP

Opening Short

46,816

11.3001 GBP

0.25p ordinary

SWAP

Increasing Short

6,529

11.3878 GBP

0.25p ordinary

SWAP

Decreasing Short

327

11.3094 GBP

0.25p ordinary

SWAP

Closing Short

46,489

11.2672 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:

14 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213