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:

21 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:

1,985,328

2.23%

220,876

0.25%

(2)

Cash-settled derivatives:

and/or controlled:

217,221

0.24%

1,979,059

2.22%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,202,549

2.47%

2,199,935

2.47%

(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

187,215

11.3200 GBP

11.2320 GBP

0.25p ordinary

Sale

121,033

11.3573 GBP

11.2300 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

240

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

857

11.2487 GBP

0.25p ordinary

SWAP

Decreasing Long

1,460

11.2700 GBP

0.25p ordinary

SWAP

Opening Short

994

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Long

1,681

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

6,549

11.2635 GBP

0.25p ordinary

SWAP

Increasing Short

5,304

11.2593 GBP

0.25p ordinary

SWAP

Opening Short

2,278

11.2710 GBP

0.25p ordinary

SWAP

Decreasing Long

2,364

11.2452 GBP

0.25p ordinary

SWAP

Decreasing Short

12,287

11.2694 GBP

0.25p ordinary

SWAP

Increasing Short

11,705

11.2322 GBP

0.25p ordinary

SWAP

Decreasing Short

7,039

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Short

1

11.2700 GBP

0.25p ordinary

SWAP

Increasing Long

973

11.2568 GBP

0.25p ordinary

SWAP

Increasing Long

362

11.2568 GBP

0.25p ordinary

CFD

Opening Short

137

11.2479 GBP

0.25p ordinary

CFD

Increasing Short

2,030

11.2606 GBP

0.25p ordinary

CFD

Closing Short

2,406

11.2439 GBP

0.25p ordinary

SWAP

Increasing Short

4,932

11.2525 GBP

0.25p ordinary

SWAP

Decreasing Long

133

11.2500 GBP

0.25p ordinary

SWAP

Increasing Short

4,574

11.2694 GBP

0.25p ordinary

SWAP

Increasing Short

113

11.3034 GBP

0.25p ordinary

SWAP

Decreasing Long

5,698

11.2511 GBP

0.25p ordinary

SWAP

Increasing Short

9,145

11.2562 GBP

0.25p ordinary

SWAP

Increasing Short

27,000

11.2378 GBP

0.25p ordinary

SWAP

Increasing Short

2,734

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

181

11.2500 GBP

0.25p ordinary

SWAP

Increasing Short

293

11.2650 GBP

0.25p ordinary

SWAP

Decreasing Long

364

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

13,500

11.2522 GBP

0.25p ordinary

SWAP

Decreasing Short

13,243

11.2589 GBP

0.25p ordinary

SWAP

Decreasing Short

2,026

11.2420 GBP

0.25p ordinary

SWAP

Decreasing Short

136

11.2537 GBP

0.25p ordinary

SWAP

Decreasing Long

1,529

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

1,795

11.2677 GBP

0.25p ordinary

SWAP

Decreasing Short

2,282

11.2500 GBP

0.25p ordinary

SWAP

Decreasing Short

935

11.2449 GBP

0.25p ordinary

SWAP

Decreasing Long

2,737

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

3,059

11.2472 GBP

0.25p ordinary

SWAP

Decreasing Short

184

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Long

143

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

1,980

11.2400 GBP

0.25p ordinary

SWAP

Closing Short

1,429

11.2400 GBP

0.25p ordinary

SWAP

Opening Long

5,514

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Long

211

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Long

48

11.2800 GBP

0.25p ordinary

SWAP

Increasing Long

146

11.2465 GBP

0.25p ordinary

SWAP

Closing Long

5,612

11.2500 GBP

0.25p ordinary

SWAP

Opening Short

11,350

11.2500 GBP

0.25p ordinary

SWAP

Decreasing Short

5,625

11.2505 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:

22 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213