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:

12 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:

1,105,557

1.22%

819,902

0.91%

(2)

Cash-settled derivatives:

and/or controlled:

782,650

0.86%

1,103,978

1.22%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,888,207

2.08%

1,923,880

2.12%

(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

122,298

9.3920 GBP

8.9394 GBP

0.25p ordinary

Sale

157,491

9.3500 GBP

8.9399 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

1

8.9350 GBP

0.25p ordinary

SWAP

Decreasing Short

1,188

8.9395 GBP

0.25p ordinary

SWAP

Decreasing Short

12,872

8.9399 GBP

0.25p ordinary

SWAP

Decreasing Short

16,416

8.9400 GBP

0.25p ordinary

SWAP

Decreasing Short

574

8.9434 GBP

0.25p ordinary

SWAP

Decreasing Short

5

8.9580 GBP

0.25p ordinary

SWAP

Decreasing Short

10,949

8.9587 GBP

0.25p ordinary

SWAP

Decreasing Short

2,950

8.9597 GBP

0.25p ordinary

SWAP

Decreasing Short

8,833

8.9644 GBP

0.25p ordinary

SWAP

Decreasing Short

1,314

8.9650 GBP

0.25p ordinary

SWAP

Decreasing Short

919

8.9673 GBP

0.25p ordinary

SWAP

Decreasing Short

7,781

8.9975 GBP

0.25p ordinary

SWAP

Decreasing Short

9

9.0049 GBP

0.25p ordinary

SWAP

Decreasing Short

27,874

9.0158 GBP

0.25p ordinary

SWAP

Decreasing Short

2,549

9.0241 GBP

0.25p ordinary

SWAP

Decreasing Short

519

9.0358 GBP

0.25p ordinary

SWAP

Decreasing Short

1,429

9.0488 GBP

0.25p ordinary

SWAP

Decreasing Short

34

9.0542 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.0673 GBP

0.25p ordinary

SWAP

Decreasing Short

106

9.0700 GBP

0.25p ordinary

SWAP

Decreasing Short

406

9.0750 GBP

0.25p ordinary

SWAP

Decreasing Short

105

9.0900 GBP

0.25p ordinary

SWAP

Decreasing Short

399

9.0996 GBP

0.25p ordinary

SWAP

Decreasing Short

1,039

9.1032 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.1050 GBP

0.25p ordinary

SWAP

Decreasing Short

373

9.1309 GBP

0.25p ordinary

SWAP

Decreasing Short

21

9.1602 GBP

0.25p ordinary

SWAP

Decreasing Short

1,429

9.2195 GBP

0.25p ordinary

SWAP

Decreasing Short

3

9.3500 GBP

0.25p ordinary

SWAP

Increasing Short

15,402

8.9400 GBP

0.25p ordinary

SWAP

Increasing Short

3,003

8.9404 GBP

0.25p ordinary

SWAP

Increasing Short

4,573

8.9406 GBP

0.25p ordinary

SWAP

Increasing Short

5

8.9440 GBP

0.25p ordinary

SWAP

Increasing Short

1,052

8.9560 GBP

0.25p ordinary

SWAP

Increasing Short

1,315

8.9650 GBP

0.25p ordinary

SWAP

Increasing Short

853

8.9756 GBP

0.25p ordinary

SWAP

Increasing Short

3,231

8.9799 GBP

0.25p ordinary

SWAP

Increasing Short

2,855

8.9830 GBP

0.25p ordinary

SWAP

Increasing Short

9,964

8.9870 GBP

0.25p ordinary

SWAP

Increasing Short

1,399

8.9902 GBP

0.25p ordinary

SWAP

Increasing Short

10,017

8.9936 GBP

0.25p ordinary

SWAP

Increasing Short

576

8.9988 GBP

0.25p ordinary

SWAP

Increasing Short

336

8.9996 GBP

0.25p ordinary

SWAP

Increasing Short

2,000

9.0009 GBP

0.25p ordinary

SWAP

Increasing Short

1,426

9.0099 GBP

0.25p ordinary

SWAP

Increasing Short

23

9.0104 GBP

0.25p ordinary

SWAP

Increasing Short

581

9.0425 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.0676 GBP

0.25p ordinary

SWAP

Increasing Short

1,084

9.0910 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.1050 GBP

0.25p ordinary

SWAP

Increasing Short

100

9.2205 GBP

0.25p ordinary

SWAP

Increasing Short

5,625

9.3924 GBP

0.25p ordinary

CFD

Decreasing Short

457

9.0114 GBP

0.25p ordinary

CFD

Decreasing Short

138

9.0800 GBP

0.25p ordinary

CFD

Increasing Short

3

8.9400 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:

13 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213