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:

19 Oct 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:

2,275,181

2.55%

117,192

0.13%

(2)

Cash-settled derivatives:

and/or controlled:

97,781

0.11%

2,268,865

2.54%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,372,962

2.66%

2,386,057

2.67%

(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

593,995

10.9400 GBP

10.8759 GBP

0.25p ordinary

Sale

728,045

10.9350 GBP

10.8696 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 Long

419

10.9100 GBP

0.25p ordinary

SWAP

Decreasing Long

1,560

10.9086 GBP

0.25p ordinary

SWAP

Increasing Long

11,624

10.9100 GBP

0.25p ordinary

SWAP

Closing Long

91

10.9151 GBP

0.25p ordinary

SWAP

Increasing Short

30

10.9148 GBP

0.25p ordinary

SWAP

Increasing Short

50

10.9134 GBP

0.25p ordinary

SWAP

Decreasing Short

394

10.9400 GBP

0.25p ordinary

SWAP

Decreasing Short

11,107

10.9094 GBP

0.25p ordinary

SWAP

Increasing Short

34,499

10.9128 GBP

0.25p ordinary

SWAP

Opening Short

1,107

10.9400 GBP

0.25p ordinary

SWAP

Increasing Short

2,118

10.9155 GBP

0.25p ordinary

SWAP

Increasing Short

788

10.9155 GBP

0.25p ordinary

CFD

Decreasing Short

4,771

10.8864 GBP

0.25p ordinary

SWAP

Increasing Short

21,138

10.9111 GBP

0.25p ordinary

SWAP

Closing Short

849

10.8989 GBP

0.25p ordinary

SWAP

Decreasing Short

113,290

10.9036 GBP

0.25p ordinary

SWAP

Closing Long

2,556

10.9194 GBP

0.25p ordinary

SWAP

Opening Short

459

10.9194 GBP

0.25p ordinary

SWAP

Decreasing Short

353

10.9159 GBP

0.25p ordinary

SWAP

Decreasing Short

46

10.9150 GBP

0.25p ordinary

SWAP

Decreasing Short

20

10.9150 GBP

0.25p ordinary

SWAP

Increasing Short

18,249

10.8923 GBP

0.25p ordinary

SWAP

Increasing Short

1,960

10.9100 GBP

0.25p ordinary

SWAP

Decreasing Short

849

10.9163 GBP

0.25p ordinary

CFD

Increasing Short

2,951

10.9281 GBP

0.25p ordinary

SWAP

Decreasing Short

50,000

10.9084 GBP

0.25p ordinary

SWAP

Decreasing Short

11

10.8696 GBP

0.25p ordinary

SWAP

Increasing Short

53

10.8759 GBP

0.25p ordinary

SWAP

Increasing Short

4,801

10.9100 GBP

0.25p ordinary

SWAP

Increasing Short

779

10.9207 GBP

0.25p ordinary

SWAP

Decreasing Short

24,602

10.9100 GBP

0.25p ordinary

SWAP

Increasing Short

1,530

10.9259 GBP

0.25p ordinary

SWAP

Closing Short

512

10.9350 GBP

0.25p ordinary

SWAP

Opening Long

842

10.9350 GBP

0.25p ordinary

SWAP

Decreasing Short

172

10.9137 GBP

0.25p ordinary

SWAP

Increasing Short

127

10.9162 GBP

0.25p ordinary

SWAP

Decreasing Short

605

10.9100 GBP

0.25p ordinary

SWAP

Increasing Short

4,923

10.9100 GBP

0.25p ordinary

SWAP

Closing Long

842

10.8999 GBP

0.25p ordinary

SWAP

Increasing Short

8,136

10.9135 GBP

0.25p ordinary

SWAP

Decreasing Short

208

10.9200 GBP

0.25p ordinary

SWAP

Decreasing Short

9,580

10.9100 GBP

0.25p ordinary

SWAP

Decreasing Short

42,912

10.9100 GBP

0.25p ordinary

SWAP

Decreasing Short

106

10.9170 GBP

0.25p ordinary

SWAP

Increasing Short

4,273

10.9100 GBP

0.25p ordinary

SWAP

Closing Short

10

10.9100 GBP

0.25p ordinary

SWAP

Increasing Short

84

10.9100 GBP

0.25p ordinary

SWAP

Increasing Short

1,160

10.9200 GBP

0.25p ordinary

SWAP

Increasing Short

93

10.9266 GBP

0.25p ordinary

SWAP

Decreasing Short

4,340

10.9031 GBP

0.25p ordinary

SWAP

Increasing Short

28,371

10.9203 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:

20 Oct 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213