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:

18 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:

1,934,562

2.17%

236,202

0.26%

(2)

Cash-settled derivatives:

and/or controlled:

232,446

0.26%

1,928,296

2.16%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

2,167,008

2.43%

2,164,498

2.43%

(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

187,110

11.2800 GBP

11.1920 GBP

0.25p ordinary

Sale

183,432

11.2711 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

Closing Short

2,771

11.2694 GBP

0.25p ordinary

SWAP

Opening Long

3,878

11.2696 GBP

0.25p ordinary

SWAP

Increasing Long

6,473

11.2399 GBP

0.25p ordinary

SWAP

Decreasing Short

1,859

11.2498 GBP

0.25p ordinary

SWAP

Closing Short

220

11.2700 GBP

0.25p ordinary

SWAP

Opening Long

3,117

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

5,934

11.2460 GBP

0.25p ordinary

SWAP

Decreasing Short

1,391

11.2663 GBP

0.25p ordinary

SWAP

Decreasing Long

1,380

11.2329 GBP

0.25p ordinary

SWAP

Decreasing Short

4,288

11.2694 GBP

0.25p ordinary

SWAP

Increasing Short

426

11.1922 GBP

0.25p ordinary

SWAP

Increasing Short

1,890

11.2500 GBP

0.25p ordinary

SWAP

Closing Short

6

11.2700 GBP

0.25p ordinary

SWAP

Opening Short

7

11.2800 GBP

0.25p ordinary

SWAP

Decreasing Long

341

11.2418 GBP

0.25p ordinary

SWAP

Decreasing Long

127

11.2418 GBP

0.25p ordinary

CFD

Closing Long

251

11.2437 GBP

0.25p ordinary

CFD

Decreasing Short

2,357

11.2393 GBP

0.25p ordinary

CFD

Closing Short

13,296

11.2569 GBP

0.25p ordinary

CFD

Opening Short

6,231

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

1,481

11.2508 GBP

0.25p ordinary

SWAP

Decreasing Short

6,663

11.2592 GBP

0.25p ordinary

SWAP

Increasing Short

13,374

11.2589 GBP

0.25p ordinary

SWAP

Opening Long

5,846

11.2602 GBP

0.25p ordinary

SWAP

Increasing Long

2,771

11.2696 GBP

0.25p ordinary

SWAP

Increasing Long

220

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

1,349

11.2441 GBP

0.25p ordinary

SWAP

Decreasing Long

6,562

11.2384 GBP

0.25p ordinary

SWAP

Decreasing Short

5,376

11.2533 GBP

0.25p ordinary

SWAP

Increasing Short

13,500

11.2078 GBP

0.25p ordinary

SWAP

Decreasing Short

29,018

11.2591 GBP

0.25p ordinary

SWAP

Increasing Long

109

11.2668 GBP

0.25p ordinary

SWAP

Increasing Long

41

11.2668 GBP

0.25p ordinary

CFD

Decreasing Short

3,825

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

41,500

11.2412 GBP

0.25p ordinary

SWAP

Decreasing Long

2,847

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

10,568

11.2649 GBP

0.25p ordinary

SWAP

Decreasing Short

50

11.2350 GBP

0.25p ordinary

SWAP

Decreasing Long

183

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

1,572

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

662

11.2400 GBP

0.25p ordinary

SWAP

Decreasing Long

366

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

278

11.2700 GBP

0.25p ordinary

SWAP

Increasing Short

283

11.2700 GBP

0.25p ordinary

SWAP

Decreasing Short

794

11.2500 GBP

0.25p ordinary

SWAP

Increasing Short

622

11.2350 GBP

0.25p ordinary

SWAP

Increasing Short

1,488

11.2722 GBP

0.25p ordinary

SWAP

Increasing Short

3,572

11.2400 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:

21 Sep 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213