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:

10 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:

1,650,309

1.85%

395,416

0.44%

(2)

Cash-settled derivatives:

and/or controlled:

389,112

0.44%

1,643,995

1.84%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,039,421

2.29%

2,039,411

2.29%

(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

285,565

11.8000 GBP

11.7359 GBP

0.25p ordinary

Sale

316,319

11.7818 GBP

11.7301 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

702

11.7622 GBP

0.25p ordinary

SWAP

Decreasing Short

2,340

11.7399 GBP

0.25p ordinary

SWAP

Decreasing Short

5,597

11.7580 GBP

0.25p ordinary

SWAP

Increasing Long

246

11.7700 GBP

0.25p ordinary

SWAP

Decreasing Short

963

11.7465 GBP

0.25p ordinary

SWAP

Increasing Long

204

11.7400 GBP

0.25p ordinary

SWAP

Increasing Short

8,613

11.7525 GBP

0.25p ordinary

SWAP

Increasing Short

15,645

11.7530 GBP

0.25p ordinary

SWAP

Increasing Short

4,584

11.7536 GBP

0.25p ordinary

SWAP

Decreasing Short

1,017

11.7691 GBP

0.25p ordinary

SWAP

Increasing Short

450

11.7593 GBP

0.25p ordinary

SWAP

Increasing Long

68,783

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Long

5,616

11.7511 GBP

0.25p ordinary

SWAP

Decreasing Short

344

11.7546 GBP

0.25p ordinary

SWAP

Increasing Short

33,409

11.7573 GBP

0.25p ordinary

SWAP

Increasing Short

244

11.8000 GBP

0.25p ordinary

SWAP

Increasing Long

4,119

11.7522 GBP

0.25p ordinary

SWAP

Increasing Long

1,531

11.7522 GBP

0.25p ordinary

CFD

Decreasing Short

10,599

11.7496 GBP

0.25p ordinary

CFD

Increasing Short

1,534

11.7507 GBP

0.25p ordinary

CFD

Increasing Short

12,105

11.7500 GBP

0.25p ordinary

CFD

Decreasing Short

12,105

11.7500 GBP

0.25p ordinary

CFD

Decreasing Short

2,103

11.7496 GBP

0.25p ordinary

SWAP

Closing Short

10,406

11.7491 GBP

0.25p ordinary

SWAP

Increasing Short

836

11.7509 GBP

0.25p ordinary

SWAP

Increasing Short

50,000

11.7521 GBP

0.25p ordinary

SWAP

Opening Short

9,278

11.7516 GBP

0.25p ordinary

SWAP

Increasing Long

2,000

11.7426 GBP

0.25p ordinary

SWAP

Opening Long

5,255

11.7534 GBP

0.25p ordinary

SWAP

Decreasing Short

646

11.7401 GBP

0.25p ordinary

SWAP

Increasing Short

290

11.7400 GBP

0.25p ordinary

SWAP

Increasing Short

505

11.7359 GBP

0.25p ordinary

SWAP

Decreasing Long

94

11.8000 GBP

0.25p ordinary

SWAP

Increasing Long

67,408

11.7400 GBP

0.25p ordinary

SWAP

Increasing Short

7,483

11.7405 GBP

0.25p ordinary

SWAP

Increasing Short

1,089

11.7725 GBP

0.25p ordinary

SWAP

Closing Short

2,686

11.7473 GBP

0.25p ordinary

CFD

Decreasing Short

2,375

11.7492 GBP

0.25p ordinary

CFD

Closing Short

24,260

11.7500 GBP

0.25p ordinary

CFD

Closing Short

396

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

5,663

11.7499 GBP

0.25p ordinary

SWAP

Decreasing Short

97

11.7600 GBP

0.25p ordinary

SWAP

Decreasing Short

15,847

11.7504 GBP

0.25p ordinary

SWAP

Increasing Short

3,760

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

589

11.7581 GBP

0.25p ordinary

SWAP

Decreasing Long

245

11.7541 GBP

0.25p ordinary

SWAP

Increasing Short

5,379

11.7431 GBP

0.25p ordinary

SWAP

Decreasing Short

428

11.7400 GBP

0.25p ordinary

SWAP

Closing Short

9,181

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

1,129

11.7818 GBP

0.25p ordinary

SWAP

Decreasing Short

49

11.7488 GBP

0.25p ordinary

SWAP

Increasing Long

105

11.7483 GBP

0.25p ordinary

SWAP

Decreasing Short

8,424

11.7623 GBP

0.25p ordinary

SWAP

Decreasing Short

1,793

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

141

11.7550 GBP

0.25p ordinary

SWAP

Increasing Short

98

11.7469 GBP

0.25p ordinary

SWAP

Decreasing Long

284

11.7677 GBP

0.25p ordinary

SWAP

Decreasing Short

4,736

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

219

11.7718 GBP

0.25p ordinary

SWAP

Increasing Long

42

11.7600 GBP

0.25p ordinary

SWAP

Decreasing Short

713

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

565

11.7573 GBP

0.25p ordinary

SWAP

Increasing Long

144

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

7,949

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

98

11.7469 GBP

0.25p ordinary

SWAP

Increasing Long

1,754

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

439

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Long

84,594

11.7500 GBP

0.25p ordinary

SWAP

Decreasing Short

1,453

11.7400 GBP

0.25p ordinary

SWAP

Decreasing Long

449

11.7600 GBP

0.25p ordinary

SWAP

Increasing Long

94

11.7550 GBP

0.25p ordinary

SWAP

Decreasing Long

130

11.7544 GBP

0.25p ordinary

SWAP

Increasing Long

15,993

11.7518 GBP

0.25p ordinary

SWAP

Decreasing Long

1,119

11.7697 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:

11 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213