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:

05 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:

1,186,640

1.31%

760,259

0.84%

(2)

Cash-settled derivatives:

and/or controlled:

719,342

0.79%

1,181,828

1.30%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,905,982

2.10%

1,942,087

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

147,953

9.3800 GBP

9.1040 GBP

0.25p ordinary

Sale

140,680

9.3606 GBP

9.0850 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

812

9.1080 GBP

0.25p ordinary

SWAP

Decreasing Short

1,149

9.1150 GBP

0.25p ordinary

SWAP

Decreasing Short

1,314

9.1235 GBP

0.25p ordinary

SWAP

Decreasing Short

631

9.1245 GBP

0.25p ordinary

SWAP

Decreasing Short

2,860

9.1246 GBP

0.25p ordinary

SWAP

Decreasing Short

121

9.1248 GBP

0.25p ordinary

SWAP

Decreasing Short

4,886

9.1249 GBP

0.25p ordinary

SWAP

Decreasing Short

12

9.1264 GBP

0.25p ordinary

SWAP

Decreasing Short

3,747

9.1275 GBP

0.25p ordinary

SWAP

Decreasing Short

5,059

9.1280 GBP

0.25p ordinary

SWAP

Decreasing Short

516

9.1284 GBP

0.25p ordinary

SWAP

Decreasing Short

266

9.1300 GBP

0.25p ordinary

SWAP

Decreasing Short

329

9.1475 GBP

0.25p ordinary

SWAP

Decreasing Short

554

9.1883 GBP

0.25p ordinary

SWAP

Decreasing Short

2,170

9.2003 GBP

0.25p ordinary

SWAP

Decreasing Short

15,370

9.2208 GBP

0.25p ordinary

SWAP

Decreasing Short

850

9.2267 GBP

0.25p ordinary

SWAP

Decreasing Short

768

9.2288 GBP

0.25p ordinary

SWAP

Decreasing Short

456

9.2307 GBP

0.25p ordinary

SWAP

Decreasing Short

9,600

9.2426 GBP

0.25p ordinary

SWAP

Decreasing Short

331

9.2439 GBP

0.25p ordinary

SWAP

Decreasing Short

2,082

9.2483 GBP

0.25p ordinary

SWAP

Decreasing Short

252

9.2633 GBP

0.25p ordinary

SWAP

Decreasing Short

4,867

9.2826 GBP

0.25p ordinary

SWAP

Decreasing Short

3,593

9.3047 GBP

0.25p ordinary

SWAP

Decreasing Short

230

9.3249 GBP

0.25p ordinary

SWAP

Decreasing Short

467

9.3266 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.3288 GBP

0.25p ordinary

SWAP

Decreasing Short

775

9.3500 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.3578 GBP

0.25p ordinary

SWAP

Decreasing Short

820

9.3597 GBP

0.25p ordinary

SWAP

Decreasing Short

15

9.3792 GBP

0.25p ordinary

SWAP

Decreasing Short

49

9.3863 GBP

0.25p ordinary

SWAP

Increasing Short

254

9.1040 GBP

0.25p ordinary

SWAP

Increasing Short

958

9.1223 GBP

0.25p ordinary

SWAP

Increasing Short

46,630

9.1280 GBP

0.25p ordinary

SWAP

Increasing Short

1,421

9.1292 GBP

0.25p ordinary

SWAP

Increasing Short

5,747

9.1320 GBP

0.25p ordinary

SWAP

Increasing Short

1,329

9.1524 GBP

0.25p ordinary

SWAP

Increasing Short

4,565

9.1602 GBP

0.25p ordinary

SWAP

Increasing Short

98

9.1753 GBP

0.25p ordinary

SWAP

Increasing Short

398

9.1953 GBP

0.25p ordinary

SWAP

Increasing Short

1,464

9.2204 GBP

0.25p ordinary

SWAP

Increasing Short

1,110

9.2419 GBP

0.25p ordinary

SWAP

Increasing Short

1,099

9.2507 GBP

0.25p ordinary

SWAP

Increasing Short

8,132

9.2553 GBP

0.25p ordinary

SWAP

Increasing Short

575

9.2878 GBP

0.25p ordinary

SWAP

Increasing Short

254

9.3014 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.3240 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.3291 GBP

0.25p ordinary

SWAP

Increasing Short

67

9.3467 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.3581 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.3840 GBP

0.25p ordinary

CFD

Decreasing Short

2,533

9.1272 GBP

0.25p ordinary

CFD

Decreasing Short

1,492

9.2483 GBP

0.25p ordinary

CFD

Increasing Short

4,844

9.1224 GBP

0.25p ordinary

CFD

Increasing Short

2

9.2050 GBP

0.25p ordinary

CFD

Increasing Short

303

9.3381 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:

06 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213