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:

26 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:

1,439,073

1.59%

940,405

1.04%

(2)

Cash-settled derivatives:

and/or controlled:

911,506

1.01%

1,438,896

1.59%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,350,579

2.60%

2,379,301

2.63%

(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

109,289

9.9519 GBP

9.8250 GBP

0.25p ordinary

Sale

93,426

9.9500 GBP

9.8345 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

425

9.8330 GBP

0.25p ordinary

SWAP

Decreasing Short

3,451

9.8345 GBP

0.25p ordinary

SWAP

Decreasing Short

19,819

9.8350 GBP

0.25p ordinary

SWAP

Decreasing Short

117

9.8383 GBP

0.25p ordinary

SWAP

Decreasing Short

716

9.8393 GBP

0.25p ordinary

SWAP

Decreasing Short

3,000

9.8540 GBP

0.25p ordinary

SWAP

Decreasing Short

425

9.8602 GBP

0.25p ordinary

SWAP

Decreasing Short

2,741

9.8625 GBP

0.25p ordinary

SWAP

Decreasing Short

223

9.8645 GBP

0.25p ordinary

SWAP

Decreasing Short

213

9.8655 GBP

0.25p ordinary

SWAP

Decreasing Short

335

9.8665 GBP

0.25p ordinary

SWAP

Decreasing Short

4,988

9.8720 GBP

0.25p ordinary

SWAP

Decreasing Short

1,497

9.8725 GBP

0.25p ordinary

SWAP

Decreasing Short

1,085

9.8775 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.8798 GBP

0.25p ordinary

SWAP

Decreasing Short

150

9.8800 GBP

0.25p ordinary

SWAP

Decreasing Short

1,680

9.8801 GBP

0.25p ordinary

SWAP

Decreasing Short

1,744

9.8846 GBP

0.25p ordinary

SWAP

Decreasing Short

377

9.8895 GBP

0.25p ordinary

SWAP

Decreasing Short

673

9.8918 GBP

0.25p ordinary

SWAP

Decreasing Short

1,774

9.8933 GBP

0.25p ordinary

SWAP

Decreasing Short

1

9.8950 GBP

0.25p ordinary

SWAP

Decreasing Short

2

9.9000 GBP

0.25p ordinary

SWAP

Increasing Short

216

9.8250 GBP

0.25p ordinary

SWAP

Increasing Short

23,631

9.8350 GBP

0.25p ordinary

SWAP

Increasing Short

1,280

9.8354 GBP

0.25p ordinary

SWAP

Increasing Short

5,000

9.8359 GBP

0.25p ordinary

SWAP

Increasing Short

1,802

9.8424 GBP

0.25p ordinary

SWAP

Increasing Short

1,873

9.8578 GBP

0.25p ordinary

SWAP

Increasing Short

674

9.8595 GBP

0.25p ordinary

SWAP

Increasing Short

10,626

9.8601 GBP

0.25p ordinary

SWAP

Increasing Short

2,741

9.8625 GBP

0.25p ordinary

SWAP

Increasing Short

289

9.8650 GBP

0.25p ordinary

SWAP

Increasing Short

1,639

9.8685 GBP

0.25p ordinary

SWAP

Increasing Short

138

9.8687 GBP

0.25p ordinary

SWAP

Increasing Short

547

9.8700 GBP

0.25p ordinary

SWAP

Increasing Short

570

9.8718 GBP

0.25p ordinary

SWAP

Increasing Short

1,497

9.8725 GBP

0.25p ordinary

SWAP

Increasing Short

1,085

9.8775 GBP

0.25p ordinary

SWAP

Increasing Short

1

9.8801 GBP

0.25p ordinary

SWAP

Increasing Short

194

9.8814 GBP

0.25p ordinary

SWAP

Increasing Short

2,831

9.8891 GBP

0.25p ordinary

SWAP

Increasing Short

637

9.8934 GBP

0.25p ordinary

SWAP

Increasing Short

2,815

9.8945 GBP

0.25p ordinary

SWAP

Increasing Short

782

9.8967 GBP

0.25p ordinary

SWAP

Increasing Short

93

9.9350 GBP

0.25p ordinary

SWAP

Increasing Short

66

9.9380 GBP

0.25p ordinary

SWAP

Increasing Short

142

9.9519 GBP

0.25p ordinary

CFD

Decreasing Short

1,115

9.8651 GBP

0.25p ordinary

CFD

Decreasing Short

136

9.8947 GBP

0.25p ordinary

CFD

Increasing Short

1,580

9.8276 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:

27 May 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213