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 Aug 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:

0

0.00%

469,522

0.53%

(2)

Cash-settled derivatives:

and/or controlled:

0

0.00%

1,583,328

1.78%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

0

0.00%

2,052,850

2.30%

(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

447,604

11.9200 GBP

11.4000 GBP

0.25p ordinary

Sale

213,984

11.9900 GBP

11.3995 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 Short

1,385

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

822

11.4005 GBP

0.25p ordinary

SWAP

Increasing Short

2,260

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Long

520

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

4

11.6450 GBP

0.25p ordinary

SWAP

Decreasing Short

37

11.8439 GBP

0.25p ordinary

SWAP

Decreasing Long

10,267

11.5283 GBP

0.25p ordinary

SWAP

Increasing Long

78

11.8385 GBP

0.25p ordinary

SWAP

Decreasing Long

414

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

430

11.5651 GBP

0.25p ordinary

SWAP

Increasing Short

1,189

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

3,543

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

2,387

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

127

11.5101 GBP

0.25p ordinary

SWAP

Decreasing Long

10,879

11.6400 GBP

0.25p ordinary

SWAP

Decreasing Long

7,493

11.4583 GBP

0.25p ordinary

SWAP

Closing Long

2,184

11.4244 GBP

0.25p ordinary

SWAP

Decreasing Long

7,384

11.4000 GBP

0.25p ordinary

SWAP

Closing Long

2,800

11.4005 GBP

0.25p ordinary

SWAP

Opening Short

7,365

11.4005 GBP

0.25p ordinary

SWAP

Opening Short

4

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

13,500

11.5619 GBP

0.25p ordinary

SWAP

Increasing Short

194

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

5

11.5400 GBP

0.25p ordinary

SWAP

Closing Short

6

11.5800 GBP

0.25p ordinary

SWAP

Opening Long

1,172

11.5668 GBP

0.25p ordinary

SWAP

Closing Short

2

11.5800 GBP

0.25p ordinary

SWAP

Opening Long

435

11.5668 GBP

0.25p ordinary

CFD

Opening Short

832

11.4010 GBP

0.25p ordinary

CFD

Increasing Long

1,974

11.5167 GBP

0.25p ordinary

CFD

Increasing Short

3,013

11.6282 GBP

0.25p ordinary

SWAP

Decreasing Short

427

11.5730 GBP

0.25p ordinary

SWAP

Increasing Short

161

11.5509 GBP

0.25p ordinary

SWAP

Opening Short

21,664

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

539

11.3995 GBP

0.25p ordinary

SWAP

Decreasing Long

159,933

11.4000 GBP

0.25p ordinary

SWAP

Opening Long

1,602

11.5156 GBP

0.25p ordinary

SWAP

Decreasing Short

143

11.4076 GBP

0.25p ordinary

SWAP

Increasing Short

21,269

11.6844 GBP

0.25p ordinary

SWAP

Decreasing Long

1,137

11.6349 GBP

0.25p ordinary

SWAP

Closing Long

413

11.5174 GBP

0.25p ordinary

SWAP

Opening Short

96

11.5174 GBP

0.25p ordinary

SWAP

Decreasing Short

351

11.5456 GBP

0.25p ordinary

SWAP

Increasing Short

3,095

11.5328 GBP

0.25p ordinary

SWAP

Decreasing Long

3,351

11.4002 GBP

0.25p ordinary

SWAP

Closing Short

7,365

11.5110 GBP

0.25p ordinary

SWAP

Opening Long

3,271

11.5110 GBP

0.25p ordinary

SWAP

Increasing Short

8

11.5296 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.4432 GBP

0.25p ordinary

SWAP

Increasing Short

14,627

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

4,358

11.5880 GBP

0.25p ordinary

SWAP

Decreasing Long

7,415

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Long

89

11.7342 GBP

0.25p ordinary

SWAP

Increasing Short

8,649

11.4000 GBP

0.25p ordinary

SWAP

Increasing Short

2,119

11.6248 GBP

0.25p ordinary

SWAP

Decreasing Long

376

11.5770 GBP

0.25p ordinary

SWAP

Closing Long

3,271

11.6101 GBP

0.25p ordinary

SWAP

Opening Short

1,122

11.6101 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.5076 GBP

0.25p ordinary

SWAP

Decreasing Short

11,491

11.6400 GBP

0.25p ordinary

SWAP

Closing Long

961

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

60

11.5366 GBP

0.25p ordinary

SWAP

Increasing Short

844

11.4930 GBP

0.25p ordinary

SWAP

Increasing Long

1,132

11.5575 GBP

0.25p ordinary

SWAP

Decreasing Short

735

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.5577 GBP

0.25p ordinary

SWAP

Decreasing Short

396

11.8500 GBP

0.25p ordinary

SWAP

Decreasing Short

1,198

11.6672 GBP

0.25p ordinary

SWAP

Increasing Short

5,077

11.5768 GBP

0.25p ordinary

SWAP

Decreasing Long

254

11.5791 GBP

0.25p ordinary

SWAP

Closing Short

387

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.6476 GBP

0.25p ordinary

SWAP

Decreasing Short

262

11.6900 GBP

0.25p ordinary

SWAP

Decreasing Short

5

11.4900 GBP

0.25p ordinary

SWAP

Increasing Long

4,166

11.4027 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.6376 GBP

0.25p ordinary

SWAP

Decreasing Short

2,672

11.9900 GBP

0.25p ordinary

SWAP

Increasing Short

265

11.7050 GBP

0.25p ordinary

SWAP

Decreasing Long

71

11.4000 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.5376 GBP

0.25p ordinary

SWAP

Increasing Short

195

11.4000 GBP

0.25p ordinary

SWAP

Increasing Long

1,251

11.7404 GBP

0.25p ordinary

SWAP

Decreasing Short

6,750

11.6783 GBP

0.25p ordinary

SWAP

Decreasing Short

3,180

11.6437 GBP

0.25p ordinary

SWAP

Decreasing Long

288

11.5931 GBP

0.25p ordinary

SWAP

Decreasing Short

1,863

11.6030 GBP

0.25p ordinary

SWAP

Increasing Long

1,376

11.5606 GBP

0.25p ordinary

SWAP

Decreasing Short

9

11.5462 GBP

0.25p ordinary

SWAP

Decreasing Long

40,230

11.7624 GBP

0.25p ordinary

SWAP

Increasing Long

10,270

11.9104 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:

01 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213