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:

06 Nov 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:

1,845,257

2.07%

150,252

0.17%

(2)

Cash-settled derivatives:

and/or controlled:

125,668

0.14%

1,838,598

2.06%

(3)

Stock-settled derivatives (including options)

and agreements to purchase/sell:

0

0.00%

0

0.00%

TOTAL:

1,970,925

2.21%

1,988,850

2.23%

(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

897,263

10.9950 GBP

10.9700 GBP

0.25p ordinary

Sale

615,574

10.9950 GBP

10.9700 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

Increasing Long

20,973

10.9700 GBP

0.25p ordinary

SWAP

Decreasing Short

4,365

10.9703 GBP

0.25p ordinary

SWAP

Increasing Short

188

10.9750 GBP

0.25p ordinary

SWAP

Decreasing Short

11

10.9800 GBP

0.25p ordinary

SWAP

Increasing Short

24,660

10.9763 GBP

0.25p ordinary

SWAP

Decreasing Short

22

10.9800 GBP

0.25p ordinary

SWAP

Increasing Short

1,373

10.9732 GBP

0.25p ordinary

SWAP

Increasing Short

510

10.9732 GBP

0.25p ordinary

SWAP

Opening Short

32,975

10.9700 GBP

0.25p ordinary

CFD

Increasing Short

19,283

10.9806 GBP

0.25p ordinary

SWAP

Decreasing Short

5,147

10.9729 GBP

0.25p ordinary

SWAP

Decreasing Short

188

10.9750 GBP

0.25p ordinary

SWAP

Decreasing Short

4,557

10.9700 GBP

0.25p ordinary

SWAP

Increasing Short

36

10.9700 GBP

0.25p ordinary

SWAP

Decreasing Short

105

10.9700 GBP

0.25p ordinary

SWAP

Closing Short

32,975

10.9700 GBP

0.25p ordinary

SWAP

Decreasing Short

3,265

10.9747 GBP

0.25p ordinary

SWAP

Decreasing Short

39

10.9700 GBP

0.25p ordinary

SWAP

Increasing Short

187

10.9800 GBP

0.25p ordinary

SWAP

Decreasing Short

12,356

10.9700 GBP

0.25p ordinary

SWAP

Decreasing Short

49,158

10.9900 GBP

0.25p ordinary

SWAP

Increasing Short

320

10.9800 GBP

0.25p ordinary

SWAP

Increasing Short

612

10.9750 GBP

0.25p ordinary

SWAP

Increasing Short

110

10.9800 GBP

0.25p ordinary

SWAP

Increasing Short

45,826

10.9754 GBP

0.25p ordinary

SWAP

Increasing Short

27

10.9750 GBP

0.25p ordinary

SWAP

Increasing Short

301,702

10.9804 GBP

0.25p ordinary

SWAP

Increasing Short

36

10.9800 GBP

0.25p ordinary

SWAP

Increasing Short

144

10.9800 GBP

0.25p ordinary

SWAP

Decreasing Short

14,320

10.9796 GBP

0.25p ordinary

SWAP

Increasing Short

892

10.9800 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:

09 Nov 2026

Contact name:

Large Holdings Regulatory Operations

Telephone number:

020 3134 7213