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:

22 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:

1,422,462

1.57%

939,657

1.04%

(2)

Cash-settled derivatives:

and/or controlled:

910,030

1.01%

1,421,359

1.57%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,332,492

2.58%

2,361,016

2.61%

(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

178,133

9.8354 GBP

9.6650 GBP

0.25p ordinary

Sale

108,725

9.8400 GBP

9.7027 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

2,813

9.5874 GBP

0.25p ordinary

SWAP

Decreasing Short

5,028

9.7027 GBP

0.25p ordinary

SWAP

Decreasing Short

198

9.7100 GBP

0.25p ordinary

SWAP

Decreasing Short

738

9.7102 GBP

0.25p ordinary

SWAP

Decreasing Short

815

9.7103 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.7150 GBP

0.25p ordinary

SWAP

Decreasing Short

154

9.7250 GBP

0.25p ordinary

SWAP

Decreasing Short

457

9.7265 GBP

0.25p ordinary

SWAP

Decreasing Short

973

9.7323 GBP

0.25p ordinary

SWAP

Decreasing Short

6,705

9.7325 GBP

0.25p ordinary

SWAP

Decreasing Short

12,035

9.7350 GBP

0.25p ordinary

SWAP

Decreasing Short

5,380

9.7400 GBP

0.25p ordinary

SWAP

Decreasing Short

1,829

9.7412 GBP

0.25p ordinary

SWAP

Decreasing Short

2,941

9.7475 GBP

0.25p ordinary

SWAP

Decreasing Short

6,016

9.7527 GBP

0.25p ordinary

SWAP

Decreasing Short

7,274

9.7575 GBP

0.25p ordinary

SWAP

Decreasing Short

2,479

9.7682 GBP

0.25p ordinary

SWAP

Decreasing Short

2,625

9.7700 GBP

0.25p ordinary

SWAP

Decreasing Short

11,294

9.7725 GBP

0.25p ordinary

SWAP

Decreasing Short

142

9.7764 GBP

0.25p ordinary

SWAP

Decreasing Short

1,890

9.7825 GBP

0.25p ordinary

SWAP

Decreasing Short

7,772

9.7875 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.7950 GBP

0.25p ordinary

SWAP

Decreasing Short

255

9.7980 GBP

0.25p ordinary

SWAP

Decreasing Short

763

9.8069 GBP

0.25p ordinary

SWAP

Decreasing Short

6

9.8175 GBP

0.25p ordinary

SWAP

Decreasing Short

7,759

9.8178 GBP

0.25p ordinary

SWAP

Decreasing Short

489

9.8336 GBP

0.25p ordinary

SWAP

Decreasing Short

7,489

9.8350 GBP

0.25p ordinary

SWAP

Decreasing Short

138

9.8401 GBP

0.25p ordinary

SWAP

Increasing Short

2

9.6650 GBP

0.25p ordinary

SWAP

Increasing Short

5,647

9.6830 GBP

0.25p ordinary

SWAP

Increasing Short

3,260

9.7065 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.7125 GBP

0.25p ordinary

SWAP

Increasing Short

31

9.7132 GBP

0.25p ordinary

SWAP

Increasing Short

6,705

9.7325 GBP

0.25p ordinary

SWAP

Increasing Short

12,160

9.7350 GBP

0.25p ordinary

SWAP

Increasing Short

1,299

9.7394 GBP

0.25p ordinary

SWAP

Increasing Short

5,380

9.7400 GBP

0.25p ordinary

SWAP

Increasing Short

3,608

9.7439 GBP

0.25p ordinary

SWAP

Increasing Short

13,941

9.7449 GBP

0.25p ordinary

SWAP

Increasing Short

3,444

9.7464 GBP

0.25p ordinary

SWAP

Increasing Short

2,941

9.7475 GBP

0.25p ordinary

SWAP

Increasing Short

8,383

9.7498 GBP

0.25p ordinary

SWAP

Increasing Short

17,744

9.7538 GBP

0.25p ordinary

SWAP

Increasing Short

7,274

9.7575 GBP

0.25p ordinary

SWAP

Increasing Short

131

9.7650 GBP

0.25p ordinary

SWAP

Increasing Short

976

9.7664 GBP

0.25p ordinary

SWAP

Increasing Short

1,259

9.7669 GBP

0.25p ordinary

SWAP

Increasing Short

739

9.7692 GBP

0.25p ordinary

SWAP

Increasing Short

2,537

9.7700 GBP

0.25p ordinary

SWAP

Increasing Short

11,294

9.7725 GBP

0.25p ordinary

SWAP

Increasing Short

6,033

9.7753 GBP

0.25p ordinary

SWAP

Increasing Short

1,200

9.7788 GBP

0.25p ordinary

SWAP

Increasing Short

1,890

9.7825 GBP

0.25p ordinary

SWAP

Increasing Short

7,772

9.7875 GBP

0.25p ordinary

SWAP

Increasing Short

286

9.7981 GBP

0.25p ordinary

SWAP

Increasing Short

6

9.8175 GBP

0.25p ordinary

SWAP

Increasing Short

107

9.8195 GBP

0.25p ordinary

SWAP

Increasing Short

6,570

9.8251 GBP

0.25p ordinary

SWAP

Increasing Short

6,280

9.8269 GBP

0.25p ordinary

SWAP

Increasing Short

18,629

9.8350 GBP

0.25p ordinary

SWAP

Increasing Short

3,320

9.8354 GBP

0.25p ordinary

SWAP

Increasing Short

126

9.8775 GBP

0.25p ordinary

CFD

Decreasing Short

75

9.7549 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:

25 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213