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:

17 Sep 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:

1,920,885

2.15%

226,203

0.25%

(2)

Cash-settled derivatives:

and/or controlled:

222,048

0.25%

1,914,507

2.15%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,142,933

2.40%

2,140,710

2.40%

(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

219,403

11.2600 GBP

11.1900 GBP

0.25p ordinary

Sale

118,029

11.2605 GBP

11.1800 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

281

11.2600 GBP

0.25p ordinary

SWAP

Decreasing Short

4,781

11.2082 GBP

0.25p ordinary

SWAP

Decreasing Short

51

11.2198 GBP

0.25p ordinary

SWAP

Decreasing Long

2,559

11.2600 GBP

0.25p ordinary

SWAP

Closing Long

5,730

11.2600 GBP

0.25p ordinary

SWAP

Opening Short

220

11.2600 GBP

0.25p ordinary

SWAP

Decreasing Short

3,101

11.2385 GBP

0.25p ordinary

SWAP

Increasing Short

961

11.2460 GBP

0.25p ordinary

SWAP

Decreasing Long

11,361

11.2282 GBP

0.25p ordinary

SWAP

Decreasing Short

24,208

11.2594 GBP

0.25p ordinary

SWAP

Increasing Short

13,074

11.2278 GBP

0.25p ordinary

SWAP

Increasing Short

8,299

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

3

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Long

587

11.2479 GBP

0.25p ordinary

SWAP

Decreasing Long

218

11.2479 GBP

0.25p ordinary

CFD

Decreasing Long

4,220

11.2300 GBP

0.25p ordinary

CFD

Decreasing Short

452

11.1886 GBP

0.25p ordinary

CFD

Opening Short

13,296

11.2600 GBP

0.25p ordinary

CFD

Increasing Short

300

11.2400 GBP

0.25p ordinary

SWAP

Increasing Short

1,345

11.2508 GBP

0.25p ordinary

SWAP

Increasing Short

2,897

11.2466 GBP

0.25p ordinary

SWAP

Opening Long

5,803

11.2273 GBP

0.25p ordinary

SWAP

Closing Short

6,133

11.2320 GBP

0.25p ordinary

SWAP

Opening Long

2,640

11.2320 GBP

0.25p ordinary

SWAP

Decreasing Long

716

11.2373 GBP

0.25p ordinary

SWAP

Decreasing Short

1,856

11.2527 GBP

0.25p ordinary

SWAP

Decreasing Short

3,200

11.2460 GBP

0.25p ordinary

SWAP

Decreasing Long

183

11.2600 GBP

0.25p ordinary

SWAP

Decreasing Short

1,188

11.2698 GBP

0.25p ordinary

SWAP

Decreasing Short

1,571

11.2396 GBP

0.25p ordinary

SWAP

Decreasing Short

7

11.2500 GBP

0.25p ordinary

SWAP

Increasing Long

7

11.2000 GBP

0.25p ordinary

SWAP

Increasing Long

2

11.2000 GBP

0.25p ordinary

CFD

Increasing Short

1,812

11.2367 GBP

0.25p ordinary

CFD

Increasing Short

12,319

11.2370 GBP

0.25p ordinary

SWAP

Decreasing Short

491

11.2314 GBP

0.25p ordinary

SWAP

Decreasing Long

183

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

33,318

11.2459 GBP

0.25p ordinary

SWAP

Increasing Short

22,632

11.2543 GBP

0.25p ordinary

CFD

Closing Short

13,296

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

3,200

11.2460 GBP

0.25p ordinary

SWAP

Decreasing Long

289

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

16,027

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

23

11.2300 GBP

0.25p ordinary

SWAP

Decreasing Short

330

11.2348 GBP

0.25p ordinary

SWAP

Decreasing Long

498

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

5,699

11.2519 GBP

0.25p ordinary

SWAP

Decreasing Long

79

11.2600 GBP

0.25p ordinary

SWAP

Increasing Short

34

11.1900 GBP

0.25p ordinary

SWAP

Increasing Short

21,142

11.2248 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:

18 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213